Private properties of the high-end non-landed category saw a surge of approx. 8% in its monthly rents for quarter to quarter in 2nd quarter of 2022. This is the highest quarterly increase since the 1st quarter of 2014. Moreover, this also registers the quarterly growth across 6th consecutive quarters of monthly rental growth which applies to high-end private residential new condominiums. Despite decreasing in the private properties leasing volume, the monthly rental is seeing an increasing trend. The reason for such reduction in the leasing transaction volume is not so much of slowdown in rental demand but perhaps due to the limits in completion as a result of much delays in the construction process attributed to the shortage of labour and many other factors brought about by the covid lockdown for the last 2 years. As a result of such increasing rental trends, tenants are moving out of prime locations for cheaper rents elsewhere.
CDL latest @ Newport Tower