SINGAPORE: The rental market for luxury properties, particularly Good Class Bungalows , slashes monthly rentals in response to a muted premium housing market.
Similarly, the Bishopsgate GCB, previously leased at a record-breaking S$150,000 per month, remains vacant following the legal issues of its tenant, Vang Shuiming. After substantial renovations costing S$1.2 million, including upgrades to the home automation system, kitchens, and an addition of a wine storage room, the GCB was listed at S$60,000 per month in late 2021.
The shift in rental prices is attributed to a more cautious market environment following the government’s crackdown on money laundering cases. Mr Alan Cheong from Savills Singapore says tenants paying monthly rents between S$80,000 and S$120,000 often want to buy the property once they become citizens.
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