Here’s why Holland Village homes are losing their appeal for expats

Discover which districts have become more popular.

Expatriate life in Singapore used to revolve around the trendy Holland Village. The storied district was once popular among foreign assignees in search of local homes, but Holland Village—and by extension, the entire District 10—has steadily lost its dominance as expats' residential area of choice.

According to Juliann Teo, head of residential leasing at JLL, expats' leasing trends have shifted significantly over the past decade. Whereas assignees used to favour homes in the Holland Village area, more expats now prefer to live in Districts 1, 2, 4, 8 and 13.

"Traditionally, expatriates used to favour the Holland Village area whereby amenities, supplies from back home were available easily. It was also the environment to get to know more expatriates residing in Singapore. Since supplies can be ordered and friends can be connected online these days, the expatriates need not be confined to the location in which they reside in," Teo said in an interview with SBR.

JLL’s data show that from 2006 to 2015, expat leasing demand for District 10 homes have risen by 110%, a far cry from the steep rental volume growth in other areas. Further, leasing demand in District 10 was virtually stagnant from 2008 to 2011, a period when rental volume almost doubled in Districts 1, 8 and 13.

The data also show that leasing volume in District 1—covering Boat Quay, Chinatown, Cecil Street, Havelock Road, Marina Square, Raffles Place and Suntec City—surged by 751% from 2006 to 2015. Meanwhile, leasing volume in District 2—covering Anson Road, Neil Road, Shenton Way and Tanjong Pagar—jumped by an equally impressive 652% in the same time period. 

"[Districts 1&2 are] more popular due to the completion of large commercial schemes such as MBFC and expatriates prefer to be in close proximity with their work venue," Teo noted.

"[There is also] more residential stock available as compared to years ago when living in the CBD was confined to only few residential projects," she added.

As for District 4, Sentosa Cove has become widely popular due to its unique lifestyle offerings and spectacular ocean views. The addition of new projects on Sentosa Cove also fuelled the increased interest from expatriates.

JLL's data show that leasing volume in District 4 has held up despite stringent cooling measures, with volume jumping by 480% over 10 years. A total of 2,424 homes were also leased in the district in 2015, an improvement from 2097 homes in 2014.

Surprisingly, other districts which used to be shunned by expats have become steadily more popular over the years, namely Districts 8 and 13. Leasing volume in District 8 rose by 425% over the decade, while leasing volume in District 13 jumped by 365% over the same period.

"[These districts have] brand new, smaller sized apartments completed which are ideal for singles, couples and small families since location is central," Teo noted.

She added that the increase in expat leasing interest in these districts is possibly also in line with companies who prefer to relocate singles employees or those with small families in order to keep their cost manageable. The completion of the Circle Line also improved accessibility, making these locations more popular.

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