Former JCube will be located next door to Jurong Regional Centre, and strategically optimised with the regions on either side to create an integrated and sustainable development. The project is set to be a major centre of activity for the west of Singapore.

Despite a 7.2% q-o-q increase in private residential rents in the first quarter of 2023, Singapore’s rental market is showing signs of slowing. Savills Research estimates that private residential rents will soften in the second half of 2023, a forecast underpinned by the declining leasing market.

According to URA figures, private rental transactions fell by 11.7% year-on-year in the first quarter, while HDB rental applications dropped by 5.2%. Additionally, rents of high-end non-landed residential properties only rose modestly by 4.7% quarter-on-quarter to $6.11 psf.

It appears that the slowing demand is more likely due to economic factors than high rents, as pockets of slack in rental demand have emerged since mid-February – particularly for properties with rental amounts under $10,000.

Looking to the future, Savills Research expects rents to soften due to an increase in supply – with 17,600 private new homes estimating to complete in 2023 compared to the 9,000 units last year – as well as weakening demand caused by economic challenges in tech and other industries.

Marcus Loo, CEO of Savills Singapore, says that the greater availability of rental properties should give locals and expatriates the opportunity to reconsider their accommodation plans.

Alan Cheong, head of Research and Consultancy at Savills Singapore, has maintained the rental growth forecast for 2023 at 5% to 10% for mid-tier and mass market segments. As for luxury apartments, it is expected for rents to rise 10% to 15%, primarily driven by high-net-worth foreigners who may turn to renting instead of buying in light of the new Additional Buyer’s Stamp Duty (ABSD) levy.