Property Leasing in Singapore Part 1

For those who are considering to lease a property in Singapore, you may want to know the following:

1. Room Rentals

For those who want to have affordable rentals, the prices ranges fr $200 per person (based on room sharing basis) or cosy master bedrooms with ensuite at $1000+ per room per month. The contract usually starts from 6months to a year. A month’s deposit applies, with utilities such as aircon and electricity included usually. There are many direct tenants and landlords via online portals but be careful that all leases comes with a contract with payment and clauses spelt out carefully.

2. Whole apartments

For those who want to rent a whole unit for your family or as a group of friends, the options include renting HDB flats for the budget conscious or private housing. For HDB flats which are public housing, one must keep note as there are many rules regulating the rental of the place. It includes the profiles of the tenants as well as the landlords, as well as the duration of the lease. The contract usually is longer and more comprehensive. Stamp Duties need to be paid as well by the tenant. It is essential to engage a trusted realtor or consult a friend who is versed in the terms and conditions. Rentals for HDB flats ranges from $1.5K to $3K+ in prime districts.

For those who have a better budget, renting a private apartment or condominium with facilities is actually an ideal option for the well-traveled and the busy executive. The usual facilities include a pool and a gym, with tennis courts and squash courts in bigger and older developments. If one engaged a trusted and competent realtor, most of the issues involved in a lease agreement can be settled with easily. If one decide to go on his own, be sure to note the terms in the lease duration, the terms and conditions as well as the handover date. One may also note that in Singapore, co-broking is common in leasing. Thus it will be preferred to have a realtor to represent the tenant in case of any clash of interests of the leases.

To be continued…

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