Sunday Times reported that Singapore is experiencing a rental boom that has surpassed the previous boom in 2000.
The boom is said to be due to “strong demand from foreigners”. However, it has not reached the record set in 1998.
According to the rental figures cited in the ST article, a small 2-bedroom is fetching a monthly rental of $4,300 or about $5.10 per square foot. Compare this to the “3.5 times” formula mentioned in my previous post. However, when I calculated the average per-square-foot rental for all the examples cited in the ST article, I got the average to be 3.48 surprisingly.