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Singapore’s residential leasing market would not be affected by the reopening of land borders with Malaysia, according to property experts. New house sales are expected to rise as a result of the loosening of security restrictions at sales galleries.
The reopening of the border will not have a major impact on the rental market.
There would be no significant effect on Singapore’s residential leasing market from the reopening of land borders with Malaysia, according to real estate experts. According to The Business Times, more people are expected to arrive and go, which will increase the number of rental arrangements.
When rental contracts expire on 1 April, many Malaysians may decide not to renew their leases because of the new rules on vaccination.
The majority of Malaysians working in Singapore choose to rent HDB apartments, although they still make up just a tiny percentage of the total leasing market.” According to Wong Siew Ying, PropNex’s Head of Research and Content, their possible withdrawal from the rental sector will not have a substantial influence on the market.
However, Lee Sze Teck, at Huttons Asia, believes that the opening of borders would make it simpler for Singapore enterprises to bring in international staff, which will increase demand.
For her part, Christine Sun, Senior Vice-president of Research and Analytics at OrangeTee & Tie has predicted a “further rise” in Singapore rental prices as a result of Malaysian employees’ increasing demand.
The demand for rental properties in Singapore is expected to continue in 2022, according to the PropertyGuru Singapore Property Market Report Q1 2022. Young couples impacted by BTO delays and the growing pattern of millennials personnel moving out of their family for privacy are projected to continue to push rental flat volume.
New house sales will be bolstered by a reduction in safety standards at sales galleries
According to The Business Times, property experts believe that relaxing security procedures at sales galleries and travel bans would help improve demand for new private residences.
The Urban Redevelopment Authority’s Controller of Home recently sent out a circular to housing developers announcing that group sizes at display galleries would be increased to 10 people beginning March 29th.
The display galleries’ capacity restriction has been reduced from 10 sq m per person to 8 sq m per person for crowds of more than 1,000 persons at a time.
Increasing the number of people who can visit sales galleries, according to analysts, might boost sales.
Ismail Gafoor, CEO of PropNex, anticipates the lifting of travel restrictions to draw more international purchasers to the Core Central Region, which will help residential constructions (CCR).
In the meanwhile, OrangeTee & Tie’s Senior Vice-President of Research and Analytics, Christine Sun, thinks that some developers may take advantage of the good news by accelerating their launches, while others may relaunch their current projects with unsold units.
Buyers who aren’t accustomed with virtual tours or prefer in-person inspections will be delighted to learn about this development. New condos and executive condominiums (ECs) will be available for purchase from this list of anticipated debuts in 2022.