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Owner Ervinna Neo turned to a self-storage unit at Lock+Store Serangoon North because her house could no longer hold her Hello Kitty inventory. She chose Lock+Store due to the reliability of the company and the affordable rates.
She has been using the self-storage space since Jan 2015. She loves the flexibility of going there anytime she wants, and the bulk parcel drop-off service by SingPost is located within the same building. She can retrieve the goods from her storage unit and mail them to her buyers straightaway. As a result her clients have given her feedback that she provides efficient service. Rainbow Lab retails their products on Carousell.
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Some analysts are interpreting the latest statistics as signs that the property market is still robust, but the units were transacted before the latest round of cooling measures was announced. By how much would property sales plunge? This remains to be seen. According to the Straits Times report, the mass market led the surge and according to a Property Guru report, “the costliest unit sold for the month came from The Marq On Paterson Hill, at a whopping price of S$6,841 psf. Meanwhile, 11 high-end units at Scotts Square, located along Scotts Road, were sold at a median price of S$4,333 psf. In total, 77 units were sold at a median price of above S$2,000 psf, of which 44 transacted at a median price of above S$3,000 psf.” The outlook is not so rosy for high-end units as analysts predict they would be the hardest hit by the latest draconian measures.
This appears to be the conclusion of research by Savills Singapore, at least in the short term. Savills’ research posited that total leasing volume this year could hit a new high of between 44,000 and 45,500 transactions. Leasing demand for Q4 is expected to reach between 10,000 and 10,500 transactions. In general, industry experts are divided about the impact on the rental market. Credo Real Estate executive director Ong Teck Hui is quoted in a Business Times article (10 Dec 11) as saying that 2012 would see increased downward pressure on rents and the leasing market.
‘Rental demand comes mainly from expatriates and foreigner workers, and this is expected to moderate in 2012 when the economy slows,’ he said.
Png Poh Soon, head of research at Knight Frank Singapore, was quoted in the same article as saying that ‘Notwithstanding a possible increase in leasing queries and demand, we will not expect the rates to increase significantly as new supply coming on stream next year and year after next will result in
offsetting effects on rentals,’ he said.
If the economic performance next year is within expectations (growth of 1-3 per cent), we can expect rents to improve by up to 3 per cent for 2012; conversely, rentals might fall by some 3-5 per cent under a pessimistic scenario, he added.
The verdict is still out on the impact of the recently announced stamp duty increase on the leasing market here.