With the release of the Singapore Property Market Report Q4 2023, we see that rental demand pressures brought about by the COVID-19 pandemic are declining. Accordingly, asking rental prices are decreasing and should soften further as the housing supply increases and pressure from domestic demand eases.
So, will rental prices for HDB and private properties come down in 2023? Seems like it is a yes for non-landed private property. All signs indicate that the non-landed private property rental market has peaked.
In the last quarter, about 9,000 private residential units (including ECs) were completed. Following that, about 20,400 private homes should be completed in 2023, marking the greatest annual supply completion since 2017. Another 8,959 units are expected in 2024. As supply is increased, this should exert additional downward pressure on prices.
Want to find out which condos for rent in Singapore are popular with renters right now? Here’s our review of the 10 most popular condos for rent in Q3 2023.
Top 10 Most Popular Condos for Rent in Q3 2023
1. Riverfront Residences: Award-Winning Mega Scale Condo in Hougang
The Riverfront Residences condo at Hougang Avenue 7 in District 19 was highly commended as the Best Mega Scale Condo Architectural Design (Singapore) and the Best Mega Scale Condo Development (Singapore) at the 2019 PropertyGuru Asia Property Awards.
This leasehold condo, which is slated to be completed in 2024, offers 1,472 units ranging from 463 to 2,110 sq ft in a green-oriented design and 56-storey twin-tower structure. Tenants will enjoy various facilities that include a badminton hall, eco-pond, harvest gardens, and captivating vistas of Singapore.
You will be close to public transportation, with Hougang MRT station and several bus stops in close proximity. Schools like Holy Innocents’ High School and shopping outlets such as The Midtown and Hougang Mall are conveniently accessible.
Browse all Riverfront Residences units for rent on PropertyGuru.
2. Affinity at Serangoon: Green Living in Mega Scale Condo in Serangoon
Another much-lauded development is Affinity at Serangoon, which swept “Highly Commended” accolades at the 2019 PropertyGuru Asia Property Awards for Best Mega Scale Condo Architectural Design (Singapore), Best Mega Scale Condo Development (Singapore), Best Residential Green Development (Singapore), and Best Universal Design Development (Singapore).
This 99-year leasehold condominium in District 19 features seven 14-storey towers with a total of 1,052 residential units. Located along Serangoon North Avenue 1, tenants are close to the bustling Serangoon neighbourhood that offers sprawling shopping centres, restaurants, cafes, and entertainment options such as Chomp Chomp Food Centre at Serangoon Gardens, NEX, and more.
For parents and parents-to-be, the condominium also offers proximity to schools such as Serangoon Garden Secondary School, Cambridge @ Serangoon Gardens and Bowen Secondary School.
Browse all Affinity at Serangoon units for rent on PropertyGuru.
3. Parc Oasis: Close to Chinese Garden and Many Conveniences
Parc Oasis, a leasehold condominium completed in 1995, comprises a total of 950 units ranging from 1-bedroom to 4-bedroom configurations.
Situated in Jurong East in the Jurong Lake District on the western side of Singapore, Parc Oasis tenants can enjoy the tranquillity offered by the nearby Chinese Garden and Jurong Lake Gardens. They also have access to a range of condominium facilities, including a barbecue area, clubhouse, gym, playground, sauna, squash court, tennis courts, driving range, jogging track, and swimming pool. The convenience of public transportation is notable, with the Chinese Garden MRT station just a three-minute walk away.
In close proximity, there are popular shopping destinations such as Westgate, JEM, and IMM, providing a diverse array of retail, dining, and entertainment options. Families with school-going children will find several schools in the vicinity, including Fuhua Secondary School, Jurong Primary School, Shuqun Secondary School, and Yuhua Primary School.
Browse all Parc Oasis units for rent on PropertyGuru.
4. The Sail @ Marina Bay: Unrivalled Views of the Singapore Skyline with Sheltered Commute in the Heart of CBD
The Sail @ Marina Bay has fast become an iconic feature of the Singapore skyline since its completion in 2008. Developed by City Development Ltd, this remarkable project comprises 1,111 units spread across 69 storeys, offering unparalleled vistas of the island nation. Right from the comfort of their home, tenants can enjoy glimpses of captivating light and water shows, as well as fireworks displays during National Day and New Year’s Eve.
Ideal for those who appreciate both luxury living and who work in the financial hub of District 1, this property provides direct underground passages to Downtown and Raffles Place MRT stations, ensuring a comfortable and sheltered commute, free from the elements and humidity.
From this superb location, it is also convenient to make daily visits to Marina Bay Sands (MBS) Singapore for shopping and dining at award-winning restaurants. Additionally, the delectable satay and teh tarik at Lau Pa Sat are easily within reach.
Browse all The Sail @ Marina Bay units for rent on PropertyGuru.
5. Avenue South Residence: Lush Living in the Downtown Core
While the Downtown Core is predominantly characterised by concrete and glass, lush greenery also thrives. You’ll find a lush landscape within Avenue South Residence, honoured as the Best Mega-Scale Condo Development and developed by UOL Group Limited, UIC Limited, and Kheng Leong Company in Bukit Merah. The condo is tailored to suit the lifestyles of urban dwellers with a penchant for nature and was just completed in 2023.
The colossal 56-storey twin-tower residence, though imposing in scale, embraces a green-oriented structure and design that softens its presence. Featuring sky terraces, sun-shading screens, and pocket gardens, it exudes a distinctive character. Families with children can enjoy various garden-based recreational activities, including an eco-pond and harvest gardens.
Moreover, the condo’s function rooms offer views of the Greater Southern Waterfront area, providing additional avenues for appreciating nature.
Browse all Avenue South Residence units for rent on PropertyGuru.
6. City Square Residences: Perfect Combination of Freehold, Food and Function
City Square Residences remains a sought-after condominium for rental, even after its completion in 2009. Featuring 910 units spread across 30 storeys, this freehold development by City Development Limited offers rental units which are close to MRT stations.
The condo is just a six-minute walk from Farrer Park MRT station on the North-East Line (NEL) and 10 minutes from Jalan Besar MRT station on the Downtown Line (DTL). Tenants enjoy convenient access to the Central Business District (CBD), Orchard Road shopping belt, and the vibrant Little India district, which includes the 24-hour Mustafa Centre, City Square Mall, and Farrer Park Hospital.
For those with a penchant for diverse dining experiences, the area provides a plethora of options. From Indian eateries to chic cafes in the Jalan Besar vicinity, residents can also explore popular local eateries such as Swee Choon Tim Sum Restaurant and Beach Road Scissor-Cut Curry Rice. Trendy cafes along Owen Road are also a short stroll away for those looking to savour a variety of culinary delights.
Browse all City Square Residences units for rent on PropertyGuru.
7. The Woodleigh Residences: Comfortable Family Living With Ease of Access to Amenities and Schools
The Woodleigh Residences, a leasehold condo development in District 13, was completed in 2022. It offers a total of 667 units across 13 storeys, featuring three unit types with sizes ranging from 570 to 1,475 sq ft.
What draws renters to this project is its accessibility. Enjoy close proximity to Woodleigh, Potong Pasir, and Bartley MRT stations, as well as bus stops and easy access to Orchard Road via Central Expressway and Bendemeer Road within 10 to 15 minutes.
The amenities make living here a no-brainer as well. The Poiz Centre is nearby and for families, schools in the vicinity include Cedar Girls’ Secondary School, Cedar Primary School, Maris Stella High School, Maris Stella Primary School, Stamford American International School, and Stamford American International School Singapore.
Browse all The Woodleigh Residences units for rent on PropertyGuru.
8. Kent Ridge Hill Residences: Tranquil Site in the West Coast area with Strata-Landed Properties
Situated along South Buona Vista Road, Kent Ridge Hill Residences is a leasehold condo spanning a 320,000 sq ft area. It was formerly occupied by Vista Park Apartments. The development comprises 498 condo units, ranging from 1 to 5 bedrooms, and an additional 50 strata-landed properties distributed across five-storey blocks.
Kent Ridge Hill Residences earned the title of Best New Private Condo Development (Singapore) and received high commendation for Best New Private Condo Architectural Design (Singapore) at the PropertyGuru Singapore Asia Property Awards 2019.
In addition to its accolades, the condominium is held in esteem for its tranquil West Coast location and its close proximity to green spaces such as Kent Ridge Park and West Coast Park. Noteworthy is its convenient access to international schools and the National University of Singapore (NUS), with Pasir Panjang MRT station on the Circle Line (CCL) just a 10-minute walk away.
Browse all Kent Ridge Hill Residences for rent on PropertyGuru.
9. Eight Riversuites: Living the High Life Just Steps Away from the Kallang River
Unwind alongside the serene flow of the Kallang River, right next to your rented sanctuary at Eight Riversuites. Nestled in Whampoa, this leasehold condominium in District 12 is conveniently close to well-known neighbourhoods like Potong Pasir, Toa Payoh, Novena, and Farrer Park.
Developed by UE Development (Bendemeer) Pte. Ltd., Eight Riversuites was completed in 2016, boasting 862 units across 29 storeys. A convenient connector seamlessly links residents to Boon Keng (on the North East Line) and Geylang Bahru (on the Downtown Line) MRT stations, providing a direct train route to the city.
The Whampoa and Bendemeer neighbourhoods are renowned for their delectable hawker fare, bustling markets, and accessibility to park connectors, offering residents the perfect opportunity for a rejuvenating jog or cycle to clear their minds.
Browse all Eight Riversuites units for rent on PropertyGuru.
10. Normanton Park: New Condo with Fantastic City-Fringe Location
Normanton Park clinched the Best Mega-Scale Condo Development (Singapore) and the Best Mega-Scale Condo Landscape Architectural Design (Singapore) at the 2021 PropertyGuru Asia Property Awards. The condo consists of 1,840 residential units, 22 two-storey strata terrace houses and eight commercial units.
This 99-year leasehold mixed-use development sits at 3 Normanton Park, a convenient location near the AYE close to the West Coast and Kent Ridge area. The property offers excellent connectivity at a relatively affordable price. It is located about a 17-minute walk from Kent Ridge MRT station.
Browse all Normanton Park units for rent on PropertyGuru.
Which Condo for Rent in Singapore Should You Go For?
In Q3 2023, top condos for rent in Singapore shared these traits:
- Similar trend to the most popular condos for rent in Q2 2023, most of the condos that made the list were in the Outside Central Region (OCR) and were further away from the city centre. In Q3 2023, six were in the OCR and three in the RCR; only one was in the Core Central Region (CCR). In Q2 2023, there were four in the OCR, four in the RCR, and two in the CCR.
- Nine out of 10 of the top condos for rent in Singapore were large developments (more than 500 units each and over 1,000 units). The only one that wasn’t classified as a large development was Kent Ridge Hill Residences. Still, Kent Ridge Hill Residences had 498 units and is not a small development.
- About half of the condos on the list are newly completed or close to completion.
- Some of the popular condos that remained on the list are Parc Oasis, The Sail @ Marina Bay, City Square Residences, and Kent Ridge Hill Residences. These perennial favourites probably retained their spots due to their branding, location or proximity to amenities.
The Singapore Property Market Report Q4 2023 indicates that there are signs of a softening rental property market. Still, asking rents remain high. If you’re looking to rent and none of the properties on this list meet your requirements, browse all condo units for rent on PropertyGuru.
For more property news, content and resources, check out PropertyGuru’s guides section.
Looking for a new home? Head to PropertyGuru to browse the top properties for sale in Singapore.
Need help financing your latest property purchase? Let the mortgage experts at PropertyGuru Finance help you find the best deals.