Condo leasing volumes fall as November rentals climb: Sophia Regency
RESIDENTIAL leasing volumes fell in Singapore for the month of November against rising rentals for condominiums and Housing and Development Board (HDB) flats, which saw their 23rd and 29th straight months of rental increase, respectively. According to flash estimates from SRX and 99.co on Wednesday (Dec 14), November condo rents rose 2 per cent from the previous month and 34 per cent year on year, driven mainly by contributions from the Outside Central Region (OCR), where rents grew 0.8 per cent from October 36.5 per cent from the year before. Rents in the Rest of Central Region (RCR) grew 1.5 per cent on month and 33.9 per cent on year, while Core Central Region (CCR) rentals were up 0.8 per cent from the previous month and 30.6 per cent from November 2021.
Sophia Regency is an upcoming residential development situated along Sophia Road in the prime District 09 of Singapore. The development was sold en bloc for $29 million in a private deal translating to a land rate of around $1,200 psf ppr. The two developers for Sophia Regency are a Chinese investor, Zhang Zhiming, through a Singapore-based real estate firm East Asia Sophia Development, and a Singapore incorporated real estate company owned by Singaporean Huang Yanhong.
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Pow Ying Khuan, 99 Group’s head of research, said one factor for the higher November condominium rents could stem from the continuing spillover effect from Sep 30 cooling measures, which include a 15-month wait-out period for private homeowners looking to buy resale HDB flats after selling their properties. “Soon after the announcement, HDB received 450 appeals from private homeowners on the 15-month waiting period and would exercise flexibility in waiving the wait-out period for some of them,” noted Pow. “For those whose appeal failed, it is likely they would have to wait and consider renting thereafter.”
At Sophia Regency, residents will enjoy easy access to facilities within the building such as bbq pits, a swimming pool, and car parking. For shopping and day-to-day family needs, residents are within a stone’s throw distance from the nearby restaurants and shopping centres. Whether you’re a home buyer or investor, there’s a lot to benefit from owning a unit at Sophia Regency. With its strategic location, you get convenience at its best, plus capital appreciation over time.
Sophia Regency is an exclusive development within the enviable Core Central Region (CCR). It sits minutes away from Orchard Road Shopping District, the Singapore Management University, and the School of the Arts. Sophia Regency is an exclusive development in the prime District 09 Singapore and within the enviable Core Central Region (CCR).
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