Increase in rental prices for properties near int’l schools

SINGAPORE: Residential properties near international schools are seeing an increase in rental prices.

Over the past four years, the international student population has grown some 25 per cent — from 32,000 to 40,000.

Opened just three years ago, the Stanford American International School (SAIS) is already planning to quadruple their student population from 630 to 2,500.

Property companies said rental prices of premises near international schools, such as in Ulu Pandan and Woodlands, often peak just before the school term begins in August.

In July this year, rental prices for non—landed properties were 7 per cent higher than the monthly average.

For landed properties, the increase was 2 per cent.

Agents said expat tenants nowadays tend to go for smaller homes and this could be the result of shrinking allowances.

Alan Cheong, director, Savills Singapore, said: "With the euro crisis in full swing, I think a lot of incomers, new incomers, have their rental budgets clipped by companies. Consequently they’ll be trying to make that whatever limited budget go a longer way.

"Some do not have car allowances, so they will want to live closer to the international schools for the sake of their children."

— CNA/cc