{"id":6126,"date":"2016-06-06T02:45:57","date_gmt":"2016-06-05T18:45:57","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=6126"},"modified":"2022-07-01T04:02:32","modified_gmt":"2022-06-30T20:02:32","slug":"rent-decline-foreign-worker-profile","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/rent-decline-foreign-worker-profile\/","title":{"rendered":"Rent drop culprit: A different foreign worker profile"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Even though the number of foreign workers continues to rise, a change in the group&#8217;s\u00a0make up has resulted in steep rent declines, property agents said.<\/p>\n<p>\u201cWe are seeing more foreigners looking to rent,\u201d Land Vista Property Network agent\u00a0Kelly Tang Robinson told <a href=\"http:\/\/www.cnbc.com\/2016\/05\/31\/singapore-rents-driven-lower-despite-rising-numbers-of-foreign-workers.html\">CNBC<\/a>. \u201cThere&#8217;s almost like zero relocation here (among\u00a0bankers),\u201d she said.\u00a0Workers from the financial sector are traditionally well-paid. Expatriates of today\u00a0typically come from pharmaceutical and chemical sectors, she added.<\/p>\n<figure id=\"attachment_6127\" aria-describedby=\"caption-attachment-6127\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-6127\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/06\/hdbhouse.jpg\" alt=\"Rent declines are set to continue in the coming months given the large supply of housing slated to be completed\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/06\/hdbhouse.jpg 672w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/06\/hdbhouse-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/06\/hdbhouse-440x294.jpg 440w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-6127\" class=\"wp-caption-text\">Rent declines are set to continue in the coming months given the large supply of housing slated to be completed<\/figcaption><\/figure>\n<p>\u201cThey&#8217;re from everywhere,\u201d quipped Mr Chandran V.R., managing director at\u00a0Cosmopolitan Real Estate, who observed a drop in clients with relocation benefits\u00a0that included paid housing.<\/p>\n<p>Banks in Singapore have been cutting back on foreigners and are hiring locals\u00a0instead, said Mr Satish Bakhda, chief operations officer at Rikvin Singapore, which\u00a0helps companies start branches and obtain work permits in the city-state.<\/p>\n<p>\u201cWith the banking economy not doing so well, it&#8217;s better to use locals as they have to\u00a0pay more for foreigners,\u201d he explained.<\/p>\n<p>Established banks such as Barclays and Nomura have been laying off staff globally,\u00a0spurred by a bleak economic climate. Some of these cuts have hit Singapore&#8217;s\u00a0financial sector.<\/p>\n<p>Foreign worker numbers, excluding domestic helpers, increased by more than 22,000\u00a0last year, according to the Ministry of Manpower. It declined to give further details on\u00a0professions and salaries.<\/p>\n<p>Mr Bakha believes that many of these new work permits were granted to \u201cS Pass\u201d\u00a0employees, who earn at least $2,200 a month, instead of \u201cemployment pass\u201d workers\u00a0who make a minimum of $3,300.<\/p>\n<p>Rents have dropped by 10 per cent since 2013, official statistics showed. By the end\u00a0of the year, 20,000 more private homes will be completed. A total of 15,000 are set to\u00a0be completed in 2017.<\/p>\n<p>Read <a href=\"http:\/\/www.cnbc.com\/2016\/05\/31\/singapore-rents-driven-lower-despite-rising-numbers-of-foreign-workers.html\">CNBC<\/a> for the full report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even though the number of foreign workers continues to rise, a change in the group&#8217;s\u00a0make up has resulted in steep rent declines, property agents said. \u201cWe are seeing more foreigners looking to rent,\u201d Land Vista Property Network agent\u00a0Kelly Tang Robinson told CNBC. \u201cThere&#8217;s almost like zero relocation here (among\u00a0bankers),\u201d she said.\u00a0Workers from the financial sector&hellip;<\/p>\n","protected":false},"author":17,"featured_media":54305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[57131,53590],"tags":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- 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