SINGAPORE: “The property market is nuts,” wrote one Reddit user who said that he had decided to leave Singapore because life has become too expensive.
To his surprise, the one-bedroom condominium he had been renting for $2,200 a month was snapped up quickly at a huge markup.
“I was renting my 1 bedroom condo for 2.2k a month in Boon Keng. The agent advertised the unit for 3.8k and found a new tenant who signed for 3.9k within 2 weeks!,” wrote u/redditisnewtomeokay on r/Singapore on Monday (Feb 27).
As high property prices are now an important issue in Singapore, the thread went viral, getting over 400 comments in less than 24 hours.
One netizen wrote that he is also renting in Boon Keng, and that he used to pay $3,500 for a three-bedroom flat. Since his lease is up soon, the rent has been increased to $5,500 for two years.
“I said no way we can afford that. Landlord found someone is willing to 6k for this apartment. Apparently some Chinese couple signed the lease for 6k, then later they are going to divide the living room to another 2 rooms… I don’t know man. I think it is really time to leave Singapore. It is just getting ridiculous.”
Another was shocked that a one-bedroom Boon King flat was so expensive.
One expressed concern for younger Singaporeans, writing that they’re “stuck in the cycle where they are unable to afford” a roof over their heads.
“$2.5K rent still does not allow me to have a nice studio with proper kitchen where I can freely bake, decorate my home to make it ‘home’. Coming back from a long work day to a small rat hole (that costs $2.5k…) is very depressing for an introvert whose 80% of the personal time is indoor…,” another opined.
“The rental in SG has always been high but now it’s SF/NYC/London prices, without the higher wages that working in those cities bring,” one wrote.
Another chimed in, “Most are roti prata on the ground by either agent or LL himself – creating urgency. We also planning to move out already. Years of yearly increment followed up with this cost rising.”
“Basically I’ll be forced to stay in my parent’s house for the rest of my life. By the time I reach 35, it’ll be impossible to even buy a BTO, no matter how much grants I can receive. At this point might as well use the downpayment money to renovate my parent’s house,” wrote one Reddit user.
The South China Morning Post reported earlier this month that the average rental price for homes in Singapore has surpassed that of Hong Kong.
The report compared rental charges in three major locations and found that the average monthly rent in Singapore’s central region increased by 29.7% to S$5.77 per square foot as of December 2022, while Hong Kong’s average rent for a similar region was HK$33.54 (equivalent to S$5.70).
/TISG
Rental prices in Singapore surpass Hong Kong, the world’s most expensive housing market
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Queenstown HDB flat sells for record $1.08 million following benchmark condo sales – Singapore News