Amid the Covid-19 outbreak, among the few bright spots for the Singapore property market in March 2020 has been the increased rental requirement for HDB apartments. The most important reason behind the growth in leasing demand is that the lockdown in Malaysia, which forced thousands of Malaysians to find temporary lodging in Singapore. Meanwhile, the renewals of existing leases were also a contributing element.
The Ryse Residences Pasir Ris is located next to the existing Pasir Ris MRT station (EW1), the development enjoys a strategic location that gives its residents remarkable convenience accessing the nearby amenities and facilities.
In accordance with 99. Co transaction information, the March 2020 HDB lease quantity –3,537 units–surpassed the prior month’s figure–3,145 units–by 12.5%.
And we appeared deeper and discovered that not each HDB city saw a spike in leasing demand. Studying 99. Co’s HDB lease search quantity for March 2020 (for entire unit rentals), we discovered that certain cities received much more attention than others.
Yishun: High HDB leasing requirement among Malaysian renters?
Concerning leasing requirement, Yishun was heads and shoulders above the rest, with an astounding 134.1% boost in search volume for HDB rental apartments in March 2020 in comparison to the preceding month. Second put Woodlands, using a 80.2% growth, was not even close.
In the opposite end of the spectrum, Choa Chu Kang fared worst, using a 67.0% decrease in month-on-month search quantity for HDB rentals. Neighbouring Bukit Panjang submitted the 2nd most significant fall, with hunt volume decreasing 57.6%.
Why did some cities garner more attention from other people, particularly one of Malaysian tenants? Let us summarise the features of the best 3 in-demand HDB cities for March 2020, in the circumstance of this Covid-19 circuit breaker interval:
In-demand HDB city #1: Yishun
Change in HDB leasing requirement in March 2020: +134.1% (vs Feb 2020)
MRT Stations: two (Yishun and Khatib)
Having come of age in the last couple of decades, Yishun is presently a fully-developed mansion with every amenity a renter could request. The enormous Northpoint City mall in Yishun Central is well-complemented with a community of neighborhood malls and amenity clusters like Junction Nine, Chong Pang and Khatib, so citizens will not run the chance of hungry through the circuit breaker.
Additionally, there are ample parks (like the scenic Lower Seletar Reservoir) for solo diversion and exercise throughout the circuit breaker interval, also Khoo Teck Puat hospital on standby for an emergency health care demands.
So let us put aside the past; Yishun is still among the cheapest and available location to rent in Singapore that’s called the hub for great food at the North.
In-demand HDB city #2: Woodlands
Change in HDB leasing requirement in March 2020: +80.2% (vs Feb 2020)
Asking Malaysians why they’d rent a house in Woodlands is similar to asking for the answer to 1+1. For starters, Woodlands is your closest HDB city to Johor Bahru; Malaysians who was able to go to Singapore from JB regular prior to the lockdown might easily settle into a locale they’re already comfortable with, such as understanding where to buy $1.30 dim sum.
Additionally, lease in Woodlands is among the lowest priced in Singapore. Many HDB apartments in Woodlands are also in reasonable walking distance to a MRT station, particularly with the recent introduction of Woodlands North and Woodlands South MRT Stations.
In-demand HDB city #3: Marine Parade
Change in HDB leasing requirement in March 2020: +52.7% (vs Feb 2020)
MRT Stations: None now; 2 under construction
Marine Parade is among the smallest HDB cities in Singapore, yet its one of the hottest. HDB apartments here are situated within walking distance to the beachfront East Coast Park, and lots of units really enjoy a sea view. This place is a favorite among Malaysian PMETs, that can cover the higher rental for those flats .
The deficiency of MRT channels for the time being is not a problem, because PMETs would maintain work-from-home style and there is ample amenities in town, for example Parkway Parade shopping center and Katong. Trust us, the listing of GrabFood options you would get if you are living here is long; you will literally have the ability to purchase from a different restaurant daily throughout the elongated CB period.