Rents for posh and super-posh flats steeply slipped 1.9% to $5.27psf

Versus 4Q13's 0.6% fall.

According to Colliers International, rents of luxury/super-luxury apartments continued to decline in 1Q 2014.

The leasing market slowed considerably as tenants took their time to commit in view of the multitude of choices available from both newly completed and upcoming residential developments.

"With a tenant’s market in play, landlords were more open to rent negotiations. This led average monthly gross rents of luxury/super-luxury apartments to decline by a steeper 1.9% QoQ to $5.27 per sq ft per month as of 1Q 2014, compared to the 0.6% fall in 4Q 2013," Colliers International said.

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