Luxury home rentals to rise between 5-7% in 2011

And projects receiving temporary occupation permits continued to rise which could exert some pressure on future rents.

According to Savills Research, 2,401 private residential units received TOPs in Q2 2011.

Here’s more from Savills Research Singapore:

In Q2, 2,401 private residential units received TOPs, comprising 2,238 non-landed units and 163 landed units. Major new completions include Kovan Residences (253 units), Hilltops (241 units), The Residences at W Singapore (228 units), Rosewood Suites (200 units), Cliveden at Grange (110 units), Park Natura (192 units), 8 on Claymore (85 units), Zenith (85 units), Shelford Suites (77 units), Luma (75 units) and Illuminaire on Devonshire (72 units). These projects were mostly located in the CCR and OCR.

With firm hiring intentions, leasing demand is expected to remain stable in 2011. Top foreign executives living in Singapore will probably renew their leases for another one to two years. Executives from the banking and financial, pharmaceutical, and petrochemical sectors will continue to relocate here as Singapore remains a safe investment haven in the region.

The influx of completed homes in recent months may exert some short-term pressure on future rents. As such, the full-year rental growth should stabilise, with luxury residential home rentals rising between 5% and 7% for 2011. This may moderate to 2% to 3% for 2012.

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