FoundOnEdgeProp: Three-bedders near MRT with rents below $5,000 per month
By Elizabeth Choong
/ EdgeProp Singapore |
The Quartz is located within walking distance of Buangkok MRT Station. (Photo: EdgeProp Singapore)
Singapore (EDGEPROP) – Since 2021, housing rents in Singapore have risen sharply due to increased demand and limited supply of available rental homes.
Despite having the lowest current average rent of $4.84 psf per month, condos in Outside Central Region (OCR) showed the strongest increase of 48.9% since 2021, followed closely by condos in Rest of Central Region (RCR), which increased by 47.1% to $5.78 psf per month. Rents for condos in Core Central Region (CCR) are the highest at $6.48 psf per month but increased the least at 42.4%.
To help tenants combat their rental woes, we combed through the condo rental listings on EdgeProp and found several rental listings for three-bedders that are near an MRT station and have asking rents of under $5,000 per month.
Listings near Dakota MRT Station
At the time of writing, there were three rental listings for condo units near Dakota MRT Station with asking rents of under $5,000 per month. Of the three listings, two of them are for The Sunny Spring, and the remaining listing is for Primedge.
Both developments are located in District 14 and are a short walk from each other. They are also situated near the recently launched The Continuum, Grand Dunman, and Tembusu Grand.
Other nearby amenities include Old Airport Road Food Centre, Paya Lebar Quarter, City Plaza, Kinex, Etonhouse International School (Broadrick), and Goodman Arts Centre.
The sole listing for Primedge was for a three-bedroom corner unit that is on the penthouse level. The 979 sq ft unit had an asking rent of $4,900 per month.
Outdoor space of the unit at Primedge (Photo: EdgeProp Singapore)
Of the two developments, The Sunny Spring is older, having obtained temporary occupation permit (TOP) in 1998, compared to Primedge which obtained TOP in 2014. The age of The Sunny Spring might be the reason for the average rent of the development trending below Primedge, as well as other condos in District 14.
Since 2014, average rent for condos in District 14 has grown by 38% to the current rent of $4.84 psf per month. The current average rent for Primedge is higher at $5.88 psf per month but has grown at a slower pace of 23%. The Sunny Spring has the lowest current rent of $3.54 psf per month and the weakest growth of 14%.
Despite being older, families might prefer The Sunny Spring because it is a larger development with 338 units and numerous facilities, such as a swimming pool, a gym, BBQ pits, a clubhouse, and a playground. Primedge is a 36-unit development with only a swimming pool and a gym. Additionally, the available units in The Sunny Spring are larger in size despite having similar asking rents as Primedge.
Lots of choices in District 19
At the time of writing, there were four rental listings for Jewel @ Buangkok and a listing for The Quartz. Both developments are located beside each other along Compassvale Bow in District 19 and within a 500m radius of Buangkok MRT Station. Other nearby amenities include Hougang Green Shopping Mall, Compass One, Punggol Park, and the upcoming Sengkang Grand Mall.
The asking rents for Jewel @ Buangkok ranged from $4,500 to $4,900 per month. The cheapest listing had an asking rent of $4,500 per month and was for a low-floor three-bedder that is 872 sq ft, making it the smallest unit among the four listings. The listing for the largest unit was for a 1,195-sq ft mid-floor unit with an asking rent of $4,900 per month.
The sole listing for The Quartz was for a 1,077-sq ft high-floor unit with an asking rent of $4,900 per month.
Tenants who prefer newer developments might want to consider Jewel @ Buangkok, which obtained TOP in 2016, while The Quartz obtained TOP in 2009. Both developments have approximately 600 units and numerous facilities such as a swimming pool, a clubhouse, a gym, tennis courts, and a playground.
The average rent for Jewel @ Buangkok is higher than The Quartz and its counterparts in District 19. Since 2016, the average rent for Jewel @ Buangkok has grown by 52% to the current average rent of $5.25 psf per month. Despite having a lower current rent of $4.09 psf per month, the average rent for The Quartz grew at a stronger pace of 66%. Condos in District 19 experienced comparatively weaker growth at 57% to the current rent of $4.42 psf per month.
At the time of writing, there were two rental listings for three-bedders in Bayou Residence and one such listing for Gambir Ridge. Both developments are located within walking distance of Bartley MRT Station and within a 1km radius of each other.
Both listings for Bayou Residence were for mid-floor units that are 904 sq ft. The cheaper listing had an asking rent of $4,300 per month, while the second listing had an asking rent of $4,500 per month.
The sole listing for Gambir Ridge was for a slightly smaller mid-floor unit. The 900-sq ft unit had an asking rent of $4,300 per month.
Bayou Residence and Gambir Ridge are small developments located in District 19. Bayou Residence consists of 29 units, while Gambir Ridge has 77 units. These developments are suitable for tenants who prioritize their privacy.
Bayou Residence obtained TOP in 2008, making it older than Gambir Ridge, which obtained TOP in 2015. The relatively younger age of Gambir Ridge has contributed to its higher rental rates. Since 2016, the average rent for Gambir Ridge ($4.53 psf per month) has consistently been higher than the average rents for Bayou Residence ($3.16 psf per month) and condos in District 19 ($4.42 psf per month).
However, both developments have experienced slower rental growth compared to their counterparts in the same district. Since 2016, the average rent for condos in District 19 has grown by 57%, significantly surpassing the growth rates for Bayou Residence (28%) and Gambir Ridge (47%).
Go to District 23 for larger units
At the time of writing, there were two rental listings for Northvale and one rental listing for The Warren. Both developments are located beside each other and are opposite Choa Chu Kang MRT Station. Other nearby amenities include Lot One, Choa Chu Kang Public Library, Choa Chu Kang Bus Interchange, Kranji Expressway, and Choa Chu Kang Park.
The sole listing for The Warren had the highest asking rent of $4,998 per month. The listing was for a low-floor unit of 1,259 sq ft.
The cheaper of the two listings for Northvale was for a 1,270-sq ft unit with an asking rent of $4,800 per month. The more expensive listing had an asking rent of $4,900 per month but it is for a larger unit of 1,367 sq ft. Both listings were for high-floor units.
The average rents for both developments are below their counterparts in District 23, which could be due to the slower pace of rental growth resulting from the age of the developments. Since 2012, the average rents of Northvale (TOP in 1998) and The Warren (TOP in 2004) have only grown by 13% and 17% respectively, while the average rent for condos in District 23 has grown by 46%.
Furthermore, the average rent for condos in District 23 surpassed that of Northvale and The Warren in 2017. The current average rent for condos in District 23 is $3.96 psf per month, significantly higher than Northvale ($3.12 psf per month) and The Warren ($3.47 psf per month). This is good news for tenants who wish to live in District 23 and do not mind staying in an older development.
Check out the latest listings near Jewel @ Buangkok, The Quartz, Bayou Residence, Gambir Ridge, Northvale, The Warren, Dakota MRT Station, Buangkok MRT Station, Choa Chu Kang MRT Station
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