Increase in rental demand linked to COVID-19 related construction delays: Desmond Lee
The delays led to a demand for temporary accommodation.
Minister for National Development Desmond Lee said COVID-19-related construction delays to residential development projects played a part in the increase in rental demand in recent quarters.
In his response to the Parliament, Lee said the delays led to the demand for temporary accommodation that, in turn, pushed up residential rental demand.
Lee added that “broad-based demand arising from the robust recovery from COVID-19” also contributed to the increase.
The minister, meanwhile, assured that the government is monitoring the property market "closely" given that it may affect Singaporeans and global talent who need to rent.
“To facilitate fair tenancy contracts, CEA publishes publicly available resources, such as Tenancy Agreement templates, as well as information on checks that all parties should perform during the rental transaction process,” Lee said.
“In the event of a breach of contract, there are established legal procedures for aggrieved parties to seek recourse through civil action,” he added.