Chart of the Day: Rents for posh condos dipped 0.2% to $4.86 per sq ft
Could it be due to stiffer competition?
According to Savills, the average monthly rent of high-end condominiums they tracked continued to soften for the eighth consecutive quarter, dipping by 0.2% QoQ to S$4.86 per sq ft per month.
"The subdued leasing performance in luxury homes could be due to more intense competition resulting from oversupply in the high-end market, combined with big-budget tenants placing more constraints on accommodation expenses," Savills said.