SINGAPORE: The outlook for landed home rentals in Singapore is expected to improve in 2025, driven by a more optimistic economic climate, according to recent reports from PropNex that were published by the Singapore Business Review.
Record-breaking deals in 2024
PropNex revealed that the second half of 2024 saw a total of 1,999 leasing contracts for landed homes, amounting to a combined value of over $21.3 million.
The most significant deal was for a prestigious Good Class Bungalow (GCB) in the Bishopsgate area, which commanded a hefty monthly rent of $120,000, translating to an annual rental income of more than $1.4 million.
Steady leasing demand despite challenges
From January to October 2024, around 4,205 landed home leasing contracts were signed, collectively worth nearly $43.4 million. This marked a slight increase in the number of leases compared to the same period in 2023, which saw 4,180 contracts valued at $46.8 million.
However, despite the overall growth, demand for luxury landed homes may experience a slowdown due to stricter scrutiny surrounding high-value rental agreements.
With an improving economic outlook, the market for landed home rentals is poised for a stronger rebound in 2025, although the luxury segment may face some headwinds.
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