Rent analysis: Punggol tops list, with 40-41% rise in median rent across HDB flat types since Q3 last year
Singapore’s rental market is on a tear, particularly in the 3rd quarter of 2022, which is no understatement.
The signs have been there since 2020 when COVID, circuit-breaker, home-based schooling and work-from-home policies forced many to explore temporary housing options like renting.
Yet, in 2022, as office workers return to the workplace and kids back to school, rental prices continue to rise unabated.
Between Q3 2021 and Q3 2022, average rent prices in Singapore (all properties) rose 36.18%, a double-digit surge compared to the Q3-to-Q3 comparisons for 2018-2019 (-0.23%), 2019-2020 (1.78%) and 2020-2021 (-3.61%).
This should ring some alarm bells for the authorities.
If we drill down to just the first nine months of 2022, we can see that the average psf price for rents in Singapore has risen 21.92%.
In other words, a 1,000-square-foot condo apartment would see its average rent price rise from S$3.76 psf (S$3,760 per month) in January to S$4.58 psf (S$4,580) in September – a whopping S$820 rise in just nine months.
That’s a lot of money spent just to stay under one roof – considering households also face inflation, higher interest rates and an impending 8% GST in 2023 and 9% in 2024.
This also explains why existing tenants are renewing their leases for 2-year terms to lock in their rental prices before their landlords have a change of heart (or minds) to increase rent prices even more.
HDB Median Rent
Last week, HDB released median rents by town and flat type for Q3 2022.
The Q3 2022 numbers only tell part of the story. Let’s look at median rents for 4-room HDB flats across previous quarters to better understand how severe rental prices have surged for HDB flats.
Median Rents for 4-room HDB Flats | ||||||
Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q3 to Q3 | |
Central | 2800 | 2800 | 3000 | 3050 | 3500 | 25.00% |
Queenstown | 2750 | 2730 | 2900 | 2900 | 3450 | 25.45% |
Clementi | 2500 | 2550 | 2600 | 2700 | 3100 | 24.00% |
Bukit Merah | 2600 | 2670 | 2800 | 2900 | 3000 | 15.38% |
Kallang/ Whampoa | 2500 | 2550 | 2600 | 2700 | 2900 | 16.00% |
Jurong East | 2200 | 2200 | 2300 | 2350 | 2800 | 27.27% |
Toa Payoh | 2300 | 2500 | 2450 | 2600 | 2800 | 21.74% |
Punggol | 2000 | 2100 | 2300 | 2500 | 2800 | 40.00% |
Serangoon | 2300 | 2300 | 2300 | 2500 | 2750 | 19.57% |
Bishan | 2400 | 2400 | 2500 | 2600 | 2730 | 13.75% |
Sengkang | 2100 | 2100 | 2200 | 2300 | 2700 | 28.57% |
Marine Parade | 2200 | 2480 | 2300 | 2430 | 2650 | 20.45% |
Ang Mo Kio | 2200 | 2300 | 2350 | 2400 | 2600 | 18.18% |
Choa Chu Kang | 2000 | 2000 | 2050 | 2200 | 2600 | 30.00% |
Geylang | 2400 | 2400 | 2500 | 2400 | 2600 | 8.33% |
Hougang | 2030 | 2150 | 2200 | 2200 | 2600 | 28.08% |
Jurong West | 2150 | 2200 | 2200 | 2400 | 2600 | 20.93% |
Bukit Panjang | 2000 | 2000 | 2100 | 2300 | 2550 | 27.50% |
Bedok | 2200 | 2250 | 2200 | 2400 | 2500 | 13.64% |
Bukit Batok | 2100 | 2100 | 2100 | 2400 | 2500 | 19.05% |
Pasir Ris | 2050 | 2100 | 2200 | 2300 | 2500 | 21.95% |
Tampines | 2200 | 2200 | 2300 | 2350 | 2500 | 13.64% |
Woodlands | 1900 | 2000 | 2100 | 2300 | 2500 | 31.58% |
Yishun | 2000 | 2000 | 2100 | 2250 | 2500 | 25.00% |
Sembawang | 1900 | 2000 | 2100 | 2200 | 2450 | 28.95% |
So here are some findings:
Across all estates (with the exception of Bukit Timah, which has no rental transactions), median rents have risen across the board over the past year.
The highest Q3-to-Q3 rise for 4-room flats is in Punggol, which rose from S$2,000 to S$2800, a 40% increase!
Similarly, when we looked at the median rents for 3-room and 5-room HDB flats between Q3 2021 and Q3 2022, Punggol tops both lists with a S$1,950 to S$2,750 rise for 3-rooms (41.03%) and S$2,000 to S$2,800 for 5-rooms (40%).
The next highest quarter-to-quarter rise for 4-room flats is in Woodlands, which rose from S$1,900 to S$2,500, a 31.58% increase. This is followed by Choa Chu Kang, which rose from S$2,000 to S$2,600, a 30% rise.
The lowest quarter-to-quarter rise is Geylang, which rose from S$2,400 to S$2,600, an 8.33% rise. It is also the only estate on the list to have risen by a single-digit percentage. Bedok and Tampines are the next lowest, rising from S$2,200 to S$2,500, or 13.64%.
In terms of estate type, the Q3-to-Q3 rise for 4-room flats in non-mature estates is from 19.05% to 40%, with the highest rises in Choa Chu Kang, Woodlands and Punggol. For mature estates, it’s 8.33% to 20.45%, with the highest rises in Clementi, Central and Queenstown.
For 3-room flats, non-mature estates registered a range between 14.29% to 41.03% – with the highest rises in Yishun, Hougang and Punggol. Mature estates saw a range between 15% to 26.32%, with the highest rises in Tampines, Queenstown and Bishan.
For 5-room flats, non-mature estates registered median rent increases from 13.64% to 40%, with the highest rises in Woodlands, Sengkang and Punggol. For mature estates, the range is from 14% to 29.63%, with the highest rises in Tampines, Bishan and Clementi.
This shows that most median rent increases are in non-mature estates, with Punggol and Woodlands consistently on top. For mature estates, the rise is more evenly spread out, with Queenstown, Tampines and Clementi being on top.
Seeing double with rental trendlines: HDBs, Condos and ECs in Punggol
Since Punggol has the highest median rent rise (40-41%!) from Q3 2021 to Q3 2022, we think it’s apt to look deeper at the estate itself.
We can see from the chart that while rent transaction volumes for HDB flats in Punggol have decreased since their historical highs in Q1 and Q2 of 2021, average rent prices in the corresponding period have increased.
This is due to lower supply (eg. from locked-in leases), as demand for renting across all flat types went up. The chart also shows consistent demand for larger flat sizes (5-rooms over 4-rooms).
In fact, between Q3 2021 and Q3 2022, 2-, 3-, 4-, 5-room and executive HDB flats in Punggol saw their average rent prices rise by 11.13%, 37.76%, 29.38%, 24.44% and 31.41% respectively.
Similarly, for private condos (excluding ECs), the average rental prices for all apartment sizes have increased across the board.
For example, 1-bedroom condo units in Punggol saw an 11.31% increase between Q3 2020 and Q3 2021 but rose 26.70% between Q3 2021 and Q3 2022. These are from Watertown and Parc Centros.
For the 2-, 3- and 4-bedroom apartments, average rental prices rose 30.27%, 33.23% and 33.06%, respectively, over Q3 2021-Q3 2022. These are mostly from A Treasure Trove, Parc Centros, River Isles, Watertown and Flo Residence.
For 5-bedroom+ apartments, as there are only four recorded transactions, prices are far more erratic. Still, there’s a 40% rise between Q3 2020 and Q2 2022. These are from A Treasure Trove and Parc Centros.
Finally, for executive condominiums (ECs) in Punggol, we see 2- and 3-bedroom EC units commanding higher average rent increases compared to 4-bedroom units over the past year.
Between Q3 2021 and Q3 2022, 2- and 3-bedders saw average rent prices rise 27.51% and 25.86%, respectively – signifying their popularity. Four-bedroom units rose at a much lower 2.68% over the same period, but that’s after some volatility due to lower supply.
What’s notable here is that transaction volumes for 3-bedroom EC units are on the rise, with 35 units rented in Q3 2022 as opposed to about 17 in Q3 2021. This trendline bucks what we’ve seen for HDBs and private condos – where volumes decreased due to short supply.
Most of these supplies are from Prive, Waterbay, Twin Waterfalls, Riverparc Residence, Waterwoods, The Terrace and Ecopolitan.
For 5-bedroom+ units, due to a much lesser supply, average rents surged 33.33% between Q3 2020 and Q3 2022. There were only four rental transactions from Waterbay and Ecopolitan.
Q3 2022 vs 2021: HDB, condo and EC rental transactions in Punggol
Top Recent (Q3 2022/October 2022) Rental Prices and Transactions in Punggol and Transacted Rents for the same room type in the area 12 months ago | ||||||||
Room Type | Project(s) | Recent Transaction Date | Monthly Rent (S$) | Project(s) | Transaction Date A Year Ago | Monthly Rent (S$) | S$ Increase between Periods Compared | Percentage Increase |
2-room HDB | 222A Sumang Lane | Oct 2022 | 2100 | 209C Punggol Place | August 2021 | 1900 | 200 | 10.53% |
3-room HDB | 212A Punggol Walk, 312A Sumang Link | Aug-Oct 2022 | 3200 | 672C Edgefield Plains | July 2021 | 2350 | 850 | 36.17% |
4-room HDB | 305D, 619B, 624B Punggol Drive, 668A, 661C Edgedale Plains, 624B Punggol Central | September/ October 2022 | 3700 | 306C Punggol Place | July 2021 | 3000 | 700 | 23.33% |
5-room HDB | 171C Edgedale Plains | Oct 2022 | 4000 | 120A Edgedale Plains | Aug 2021 | 3250 | 750 | 23.08% |
Executive | 117 Edgefield Plains | Oct 2022 | 3900 | 118 Edgefield Plains | July 2021 | 2600 | 1300 | 50.00% |
1-bedroom 550-sqft Private Condo | Aug 2022 | 3500 | August 2021 | 2,700 | 800 | 29.63% | ||
2-bedroom, 950-sqft Private Condo | Sept 2022 | 4300 | August 2021 | 3,400 | 900 | 26.47% | ||
3-bedroom, 1,250-sqft Private Condo | July 2022 | 5100 | July 2021 | 3,400 | 1,700 | 50.00% | ||
4-bedroom, 1,350-sqft Private Condo | Sept 2022 | 5800 | July 2021 | 3550 | 2250 | 63.38% | ||
3-bedroom, 950-sqft EC | Sept 2022 | 4500 | Aug 2021 | 2950 | 1550 | 52.54% | ||
4-bedroom, 1,450-sqft EC | July 2022 | 5000 | Aug 2021 | 3600 | 1400 | 38.89% | ||
5-bedroom, 1,450-sqft EC | Aug 2022 | 4800 | N/A | N/A | N/A | N/A | N/A |
The chart above gives us a good snapshot of how rental prices for different flat and room types in the Punggol estate have risen over the past year.
For example, a year ago, a 2-room flat in 209C Punggol Place was rented out for S$1,900. Last October, a 2-room HDB flat in 222A Sumang Lane, just 1.5 kilometres away, was recently rented out for S$2,100 per month – a 10.53% rise.
Similarly, a year ago in July, a 3-room flat at 672C Edgefield Plains was rented out for S$2,350. About a year later, two separate 3-room HDB flats – one at 212A Punggol Walk and another at 312A Sumang Link – roughly 2km away – were rented out for S$3,200 each – an S$850 increase, or 36.17% more.
The shocker came from an Executive HDB flat in Edgefield Plains, which saw rent rose by S$1,300 (50%) from S$2,600 a year ago to S$3,900!
This is the same at private condos.
A 3-bedroom 1,250-sqft condo at A Treasure Trove was rented out for S$3,400 one year ago. In July 2022, it went for S$5,100 a month – a 50% increase. Also, a 4-bedroom 1,350-sqft condo at Parc Centros was rented out for S$3,550 in July last year. Last September, a similar unit was rented out for S$5,800 – a whopping S$2,250 increase, or 63.38%!
The story’s the same for ECs. A 3-bedroom, 950-sqft EC unit at Twin Waterfalls was rented out for S$2,950 in August last year. Last September, someone rented a similar unit for S$4,500 – a 52.54% increase.
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The situation in Punggol across all flat and room types is just a snapshot of how rent in Singapore could get out of hand if not monitored and reigned in quickly.
Already, October 2022 rental figures show that average rents for HDB flats have increased by 4.64% since August.
While we’ve yet to capture and finalise rental figures for private condos and ECs in October, we reckon the percentage rise could only go up as the 30 September cooling measures have forced many caught by the restrictions to consider renting.
Good news for landlords – not so good news if you’re a tenant or looking to be one.
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Properties for rent in Punggol
FULLY FURNISHED
Watertown
69 Punggol Ctrl · D19
1
1
570 sqft
$3,800
PARTIALLY FURNISHED
Watertown
73 Punggol Ctrl · D19
1
1
560 sqft
$3,600
Watertown
73 Punggol Ctrl · D19
1
1
560 sqft
$3,600
652 Punggol Central
Singapore 820652 · D19
3
2
1,184 sqft
$4,500
DIVERSITY FRIENDLY
130 Edgedale Plains
Singapore 820130 · D19
3
2
1,195 sqft
$3,800
DIVERSITY FRIENDLY
Waterbay
47B Edgefield Plains · D19
0
1
300 sqft
$2,650
FULLY FURNISHED
135 Edgedale Plains
Singapore 820135 · D19
2
2
980 sqft
$3,500
Watertown
79 Punggol Ctrl · D19
1
1
603 sqft
$4,000
FULLY FURNISHED
167D Punggol East
Singapore 824167 · D19
3
2
980 sqft
$3,400
274D Punggol Place
Singapore 824274 · D19
3
2
1,001 sqft
$3,900
FULLY FURNISHED
166B Punggol Central
Singapore 822166 · D19
3
2
1,227 sqft
$4,100
PARTIALLY FURNISHED
Parc Centros
80 Punggol Ctrl · D19
3
2
1,162 sqft
$5,000
FULLY FURNISHED
Watertown
73 Punggol Ctrl · D19
1
1
574 sqft
$3,800
PARTIALLY FURNISHED
Watertown
69 Punggol Ctrl · D19
1
1
581 sqft
$3,600
DIVERSITY FRIENDLY
Watertown
65 Punggol Ctrl · D19
1
1
581 sqft
$3,900
Parc Centros
92 Punggol Ctrl · D19
1
1
474 sqft
$3,200
FULLY FURNISHED
231A Sumang Lane
Singapore 821231 · D19
3
2
1,227 sqft
$4,000
DIVERSITY FRIENDLY
106A Punggol Field
Singapore 821106 · D19
3
2
1,184 sqft
$3,950
The Terrace
88 Edgedale Plains · D19
3
3
1,076 sqft
$5,600
217D Sumang Walk
Singapore 824217 · D19
3
2
990 sqft
$3,900
Properties for rent in the Outside of Central Region (OCR)
FULLY FURNISHED
417 Canberra Road
Singapore 750417 · D27
3
2
1,184 sqft
$3,700
PARTIALLY FURNISHED
889B Woodlands Drive 50
Singapore 732889 · D25
3
2
1,216 sqft
$4,000
FULLY FURNISHED
289C Bukit Batok Street 25
Singapore 652289 · D23
3
2
1,302 sqft
$4,200
PARTIALLY FURNISHED
The Wisteria / Wisteria Mall
596 Yishun Ring Rd · D27
3
2
969 sqft
$4,300
PARTIALLY FURNISHED
North Park Residences
15 Yishun Ctrl 1 · D27
4
3
1,205 sqft
$6,700
FULLY FURNISHED
The Topiary
19 Fernvale Lane · D28
3
3
1,055 sqft
$5,000
FULLY FURNISHED
745 Woodlands Circle
Singapore 730745 · D25
3
2
1,313 sqft
$3,800
DIVERSITY FRIENDLY
845 Woodlands Street 82
Singapore 730845 · D25
3
2
904 sqft
$3,600
FULLY FURNISHED
354 Kang Ching Road
Singapore 610354 · D22
4
2
1,200 sqft
$4,200
354 Kang Ching Road
Singapore 610354 · D22
4
2
1,300 sqft
$4,300
PARTIALLY FURNISHED
413 Yishun Ring Road
Singapore 760413 · D27
3
2
1,100 sqft
$3,400
Highgate
68 Toh Tuck Rd · D21
3
3
1,485 sqft
$5,900
FULLY FURNISHED
329 Bukit Batok Street 33
Singapore 650329 · D23
2
2
1,205 sqft
$2,800
Hillview Regency
26 Bt Batok East Ave 2 · D23
2
2
964 sqft
$4,500
Westwood Residences
190 Westwood Ave · D22
3
3
1,034 sqft
$5,000
DIVERSITY FRIENDLY
Westwood Residences
190 Westwood Ave · D22
3
3
1,034 sqft
$5,000
PARTIALLY FURNISHED
209 Yishun Street 21
Singapore 760209 · D27
3
2
1,302 sqft
$4,500
637 Yishun Street 61
Singapore 760637 · D27
3
2
904 sqft
$3,900
362 Yishun Ring Road
Singapore 760362 · D27
2
2
797 sqft
$3,200
FULLY FURNISHED
The Floravale
236 Westwood Ave · D22
3
3
1,240 sqft
$4,800
Properties for rent in the Non-mature Estates
FULLY FURNISHED
417 Canberra Road
Singapore 750417 · D27
3
2
1,184 sqft
$3,700
PARTIALLY FURNISHED
889B Woodlands Drive 50
Singapore 732889 · D25
3
2
1,216 sqft
$4,000
PARTIALLY FURNISHED
332C Anchorvale Link
Singapore 543332 · D19
3
2
1,205 sqft
$4,200
FULLY FURNISHED
289C Bukit Batok Street 25
Singapore 652289 · D23
3
2
1,302 sqft
$4,200
PARTIALLY FURNISHED
Trussville
Paya Lebar Cres · D19
4
6
2,971 sqft
$8,500
FULLY FURNISHED
Watertown
69 Punggol Ctrl · D19
1
1
570 sqft
$3,800
FULLY FURNISHED
Fontaine Parry
69 Poh Huat Rd · D19
2
2
904 sqft
$4,000
PARTIALLY FURNISHED
The Wisteria / Wisteria Mall
596 Yishun Ring Rd · D27
3
2
969 sqft
$4,300
PARTIALLY FURNISHED
North Park Residences
15 Yishun Ctrl 1 · D27
4
3
1,205 sqft
$6,700
FULLY FURNISHED
The Topiary
19 Fernvale Lane · D28
3
3
1,055 sqft
$5,000
FULLY FURNISHED
745 Woodlands Circle
Singapore 730745 · D25
3
2
1,313 sqft
$3,800
DIVERSITY FRIENDLY
La Fiesta
64 Sengkang Square · D19
3
3
990 sqft
$4,800
DIVERSITY FRIENDLY
845 Woodlands Street 82
Singapore 730845 · D25
3
2
904 sqft
$3,600
PARTIALLY FURNISHED
Watertown
73 Punggol Ctrl · D19
1
1
560 sqft
$3,600
Watertown
73 Punggol Ctrl · D19
1
1
560 sqft
$3,600
FULLY FURNISHED
354 Kang Ching Road
Singapore 610354 · D22
4
2
1,200 sqft
$4,200
354 Kang Ching Road
Singapore 610354 · D22
4
2
1,300 sqft
$4,300
PARTIALLY FURNISHED
413 Yishun Ring Road
Singapore 760413 · D27
3
2
1,100 sqft
$3,400
PARTIALLY FURNISHED
The Tembusu
107D Tampines Rd · D19
2
2
753 sqft
$4,500
FULLY FURNISHED
329 Bukit Batok Street 33
Singapore 650329 · D23
2
2
1,205 sqft
$2,800
Properties for rent in the Mature Estates
FULLY FURNISHED
Espada
48 St. Thomas Walk · D9
1
1
355 sqft
$3,800
DIVERSITY FRIENDLY
Margaret Ville
20 Margaret Dr · D3
1
1
463 sqft
$4,200
PARTIALLY FURNISHED
Ardmore Residence
7 Ardmore Pk · D10
4
4
3,186 sqft
$37,000
PARTIALLY FURNISHED
Seaside Residences
16 Siglap Link · D15
3
3
1,087 sqft
$6,500
FULLY FURNISHED
The Glades
20 Bedok Rise · D16
2
2
667 sqft
$4,800
DIVERSITY FRIENDLY
The Garden Residences
11 Serangoon Nth View · D19
2
2
829 sqft
$5,200
DIVERSITY FRIENDLY
Parc Esta
900 Sims Ave · D14
3
2
926 sqft
$6,500
PARTIALLY FURNISHED
Parc Esta
914 Sims Ave · D14
3
2
958 sqft
$6,500
PARTIALLY FURNISHED
The Alcove
10 Lor 27 Geylang · D14
3
3
1,377 sqft
$5,500
PARTIALLY FURNISHED
The Scotts Tower
38 Scotts Rd · D9
1
1
646 sqft
$5,050
PARTIALLY FURNISHED
Skyline @ Orchard Boulevard
23 Angullia Pk · D9
4
5
3,100 sqft
$25,500
PARTIALLY FURNISHED
The Meyerise
93 Meyer Rd · D15
4
4
1,819 sqft
$9,900
DIVERSITY FRIENDLY
Amber Skye
8 Amber Rd · D15
2
2
1,119 sqft
$6,000
FULLY FURNISHED
The Glades
16 Bedok Rise · D16
3
3
1,022 sqft
$5,800
PARTIALLY FURNISHED
Gambir Ridge
Gambir Ridge · D19
2
2
710 sqft
$3,600
PARTIALLY FURNISHED
Avila Gardens
15 Flora Rd · D17
3
2
1,303 sqft
$4,800
PARTIALLY FURNISHED
Greenwood Mews
Greenwood Ave · D11
5
5
3,175 sqft
$13,800
PARTIALLY FURNISHED
Orchard Scotts
7 Anthony Rd · D9
3
5
2,508 sqft
$13,000
FULLY FURNISHED
Heritage View
6 Dover Rise · D5
3
3
1,313 sqft
$7,777
PARTIALLY FURNISHED
Seaside Residences
10 Siglap Link · D15
2
2
764 sqft
$5,500
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