Conversely, The Laurels and The Vermont on Cairnhill, with a large number of one and two bedroom units, 39% on The Vermont, and 45% on the Laurels, are favoured by more junior business tenants, either single people or those who are married but who have come to Singapore to work, leaving the family in their home country.
Wandervale EC Vacancy Rates
Ms. Wong explained that companies in this economic environment are seeking to lower costs by not offering complete relocation packages for Wandervale EC. The foreign employee comes alone to Singapore, without the family, nor does the company provide housing, but pays an annual accommodation payment allowing him or her to sign a personal lease agreement.
Ms. Wong further explained that increasingly, expatriate employees are hired simply for the time that their skills are needed and thus they arrive in Singapore alone, sign a year’s lease on an apartment, and then travel in the area for their work. The families of such expat employees often visit for holidays and so they prefer to rent apartments, which are situated close to Orchard Road’s shopping and entertainment district in Wandervale EC.
Wandervale EC Sim Lian
However, although the travelling ex patriate business people contribute to the number of dark windows in apartments, in two of the developments in the Wandervale EC Choa Chu Kang, Canberra Residences and NV Residences are suburban developments and are affected by more local conditions.
According to an R’ST Research analysis of the data on units purchased from the developers 64% of the buyers in NV Residences and 70% in the Canberra Residences gave Housing Development Board addresses for Wandervale Showflat. Executive Director for residential developments at CBRE Joseph Tan proffers the view that at least 50% of these buyer would have, in more normal times, sold their Housing Development Board apartments nearer to the completion date for the condominiums.
Wandervale Sim Lian EC Choa Chu Kang
However, with the prices for HDB properties being depressed in the last year, those buyers not needing to sell their HDB apartment in order to buy the condominium, would probably wait to sell their HDB flat until prices improve, remaining in the HDB flat in the meantime.