Weak residential leasing persists in Singapore

Singapore

THE residential leasing market stayed weak in June as a huge supply of condo units continued to jostle for a limited pool of tenants - a trend that consultants say will not let up, with a record number of condo projects to be completed these two years.

SRX Property said rents for private condos and apartments fell 0.5 per cent in June from the month before; these were led by a 0.8 per cent drop in rents in the city, and a 0.7 per cent drop for those in suburban areas. Rents in the city-fringe areas were unchanged.