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THE surging rents in prime locations that have had expatriates screaming for the best part of a year look to be easing, with some condominiums already registering falls of up to 12 per cent.
The declines are expected to intensify over the next three to six months, reversing a trend that saw some rents double or treble during the property peak last year.
Consultant Jones Lang LaSalle (JLL) said increased supply from newly built condominiums and a weakening economy are behind the projected prime rent slide, although rents in other parts of Singapore should stay largely stable.
Expats have also been voting with their feet and abandoning pricey prime areas and moving to fringe locations - and nudging rents there up a little in the process, said Dr Chua Yang Liang, the firm's head of research (South East Asia).
Rents in the East Coast area, for example, rose 1.4 per cent in the first quarter but are now tipped to grow at a slower pace or even stay unchanged.
This is in contrast to prime areas, where landlords are feeling the chill of the new economic headwinds.
Read the full story in Thursday's edition of The Straits Times.
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