S'pore Apartment Rents Are 9th Highest

Source : The Straits Times, Apr 17, 2008

GLOBAL PROPERTY SURVEY

SINGAPORE is the ninth most expensive place to rent a three-bedroom apartment, according to a survey.

Rents surged by 33 per cent last year, boosted by companies expanding operations at a time of limited supply of property, said the survey report, which was released yesterday.

A three-bedroom unit in popular expatriate areas such as Orchard Road costs about US$4,460 (S$6,046) a month on average to rent, compared with about US$3,364 in 2006.

But Singapore's rents are far below those of Hong Kong, which is the world's most expensive place to rent a three-bedroom apartment.

The annual survey by human resources firm ECA International collected rental costs in 92 locations last September and converted them to US dollars.

A three-bedder in Hong Kong rents for about US$9,700 a month, compared with Asia's average of US$3,820 and a global average of US$2,950.

Moscow was second on the global list, followed by New York, Tokyo, London and Mumbai, with Seoul in seventh place. Caracas in Venezuela took eighth spot, with Singapore one notch ahead of Ho Chi Minh City.

ECA International Hong Kong general manager Lee Quane said demand for high-end apartments in the territory had driven up rents.

If it is a bargain you want, try Karachi in Pakistan, the world's cheapest place to rent an apartment.

JOYCE TEO