Chart of the Day: Rents for posh condos shrank a tad 0.6% to $4.85psf

But no one's surprised.

Savills reported that according to the Urban Redevelopment Authority (URA), the island-wide rental index of private residential properties slipped by 0.5% in the fourth quarter, registering the first drop since Q3/2009.

Similarly, the average monthly rent of high-end condominiums tracked by Savills slid 0.1% QoQ and 0.6% YoY to S$4.85 per sq ft.

Here's more from Savills:

This was anticipated due to the lukewarm demand for such homes seen during the year-end festive season, as well as competition created by new supply.

As economies across the globe gradually recover, rents of high-end homes may hold up this year when more companies, particularly those from the US and eurozone regain their confidence and may increase their headcounts to expand business in Singapore.

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