If you are looking for a high-class accommodation, this is a good news to you. According to Channel News Asia. Property developers are renting out en bloc units at half the usual price. Many new property projects have been put on hold due to the economic uncertainty. In the meantime, developers are renting out the existing units, acquired over the last two years, to cover their costs.
These so-called en bloc projects, they're pretty old - perhaps more than 20 or 30 years old - and coupled with the fact that usually the owners did not do too much to maintain the houses, so the conditions of these en bloc developments are actually quite poor. So in order to be able to attract tenants, developers may have to repaint or do some maintenance to the houses.
And it will be a tenants' market with overall rents expected to fall, as some 30,000 brand new units will come onstream over the next two years.
14 years ago
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