Despite the rising number of foreign workers in Singapore, rents of Singapore residential homes continue to drop further, according to CNBC report.
Based on Ministry of Manpower (MOM) data, list of foreign workers in Singapore, except domestic helpers, jumped by more than 22,000 in year 2015 for yearly basis. However this record is still very different from the 149,000 foreign workers recorded in year 2008 before introducing more stringent rules on overseas workers took effect.
Despite more foreign workers are coming, the rental index of government has reported a decline of about 10% since year 2013, while landlords, particularly those leasing out high-grade homes, have encountered bigger rental drops.
According to experts, one factor that effect the rent drops is the new wave of expatriates earn less than previous working groups.
New workers could primarily be a "S Pass" holders instead of employment pass holders. The previous worker earn about $2,200 per month, and latter have a minimum of $3,300 monthly salary, COO of Rikvin Singapore, Satish Bakhda noted.