This condition came up when tenants transfer to more affordable condos located at central area, and usually moving for brand-new units, property experts noted.
According to Mr Eugene Lim of ERA Realty, projects at suburban area, as well as projects without large-scale facilities, may lose out chasing for tenants. Old condominium developments are also losing tenants over newer Singapore Property.
The 36-storey D’Leedon in Farrer Road, completed in 4th quarter of 2014, recorded an average rent of S$4,288 or S$3.57 psf per month in 2nd quarter. The rent of D’Leedon were still lower compared to rents at 5 year-old estate of Waterfall Gardens located nearby with S$3.92 psf median rent per month in 2nd quarter.
Rent at suburban areas are facing more pressure compared to those located at the central area, however bigger units at central city may also feel the pressure, since only few tenants can manage an approximate S$10,000 monthly rent.