{"id":11386,"date":"2022-12-23T15:52:45","date_gmt":"2022-12-23T07:52:45","guid":{"rendered":"https:\/\/expat.metroresidences.com\/sg\/?p=11386"},"modified":"2022-12-30T11:01:48","modified_gmt":"2022-12-30T03:01:48","slug":"will-the-serviced-apartments-boom-last-in-2023","status":"publish","type":"post","link":"https:\/\/expat.metroresidences.com\/sg\/explore\/will-the-serviced-apartment-boom-last-in-2023\/","title":{"rendered":"Will the Serviced Apartments Boom last in 2023?"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; overlay_strength=&#8221;0.3&#8243; shape_divider_position=&#8221;bottom&#8221;][vc_column column_padding=&#8221;padding-4-percent&#8221; column_padding_position=&#8221;all&#8221; background_color=&#8221;#fefeff&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;10px&#8221; top_margin=&#8221;-20%&#8221; width=&#8221;5\/6&#8243; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; column_border_width=&#8221;none&#8221;]<div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div><div class=\"divider-wrap\"><div style=\"margin-top: 5px; width: 100px; height: 10px; margin-bottom: 5px;\" data-width=\"100\" data-animate=\"yes\" data-animation-delay=\"\" data-color=\"accent-color\" class=\"divider-small-border\"><\/div><\/div>[vc_custom_heading text=&#8221;Will the Serviced Apartment Boom last in 2023?&#8221; font_container=&#8221;tag:h1|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221; css=&#8221;.vc_custom_1671765991471{margin-bottom: 20px !important;}&#8221;][vc_custom_heading text=&#8221;TL;DR\u2014Just maybe, if they stick to their guns.&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766147613{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span data-preserver-spaces=\"true\">What. a. year. According to Savills,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.edgeprop.sg\/property-news\/savills-private-residential-rents-highest-levels-24-years\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0private residential rents were at the highest<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0since the start of the Urban Redevelopment Authority&#8217;s time series in 4Q1998. Yet Singapore&#8217;s serviced apartment market persevered. Right at the top of the year,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.edgeprop.sg\/property-news\/st-residences-opens-20-unit-rental-development-balestier\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0ST Residences opened a 20-unit rental development in Balestier.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/ascott-acquire-oakwood-worldwide-mapletree-investments\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ascott acquired Oakwood in July 2022.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.edgeprop.sg\/property-news\/lhn-group%E2%80%99s-co-living-brand-coliwoo-continue-breakneck-expansion\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Coliwoo<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.edgeprop.sg\/property-news\/assembly-place-1000-rooms-today-targeting-3000-end-next-year\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0The Assembly Place<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0are still expanding. But will the serviced apartments boom last through 2023? Here&#8217;s our take.<\/span><\/p>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766776959{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2><strong>Table of Contents<\/strong><\/h2>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li><a href=\"#1-the-world-2023\"><strong>The World in 2023<\/strong><\/a><\/li>\n<li><a href=\"#2-singapore-2023\"><strong>Singapore in 2023<\/strong><\/a><\/li>\n<li><a href=\"#3-the-cooldown-begins\"><strong>The Cooldown Begins<\/strong><\/a><\/li>\n<li><a href=\"#4-what-to-expect-2023\"><strong>What to Expect in 2023<\/strong><\/a><\/li>\n<li><a href=\"#5-big-pivot-serviced-apartments\"><strong>The Big Pivot for Serviced Apartments?<\/strong><\/a><\/li>\n<li><a href=\"#top-notch-singapore-serviced-apartments-metroresidences\"><strong>Top-Notch Singapore Serviced Apartments at MetroResidences<\/strong><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-shipping-container-crane.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-shipping-container-crane.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-shipping-container-crane-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-shipping-container-crane-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-shipping-container-crane-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-shipping-container-crane-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences - singapore serviced apartments - shipping container crane\" \/><\/div><\/div><div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766823930{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2 id=\"1-the-world-2023\"><strong>The World in 2023<\/strong><\/h2>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671767057747{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span data-preserver-spaces=\"true\">In the big picture, things look to be shaken up.<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnn.com\/2022\/12\/07\/china\/china-covid-restrictions-explainer-intl-hnk\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0China has only recently eased its COVID-19 restrictions.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0But<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nature.com\/articles\/d41586-022-04382-0\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0the transition looks to be rocky<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0as there is an incoming surge of new infections. Not to mention, vaccinations among older people in China have remained even post-pandemic.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/10\/27\/asia-pacific-will-lead-global-economic-growth-in-2023-sp-says.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0Europe and North America will face a recession in early 2023 because of reduced consumer spending as high inflation persists<\/span><\/a><span data-preserver-spaces=\"true\">. Those economies will also experience the impact of softening demand and tightening financial conditions on housing markets and capital investment. These conditions will likely affect global trade and capital flows as these economies account for over half of the world&#8217;s output.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But the picture in the Asia Pacific might look a bit better. The region is well-positioned for growth with the help of efficient supply chains, regional free-trade agreements, and competitive costs.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/221128-economic-research-global-slowdown-will-hit-not-halt-asia-pacific-growth-12573068\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">India, Indonesia, and the Philippines will lift growth<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0as those regions experience strong consumption levels in their more domestically-led economies. However, export-led economies, such as South Korea and Taiwan,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theedgemarkets.com\/article\/asia-pacific-regions-economic-growth-lose-steam-2023-amid-challenging-global-outlook-says\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0might experience softer growth<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in the face of weaker demand in the global economy.<\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-downtown-singapore-skyline.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-downtown-singapore-skyline.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-downtown-singapore-skyline-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-downtown-singapore-skyline-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-downtown-singapore-skyline-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-downtown-singapore-skyline-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences - singapore serviced apartments - downtown singapore skyline\" \/><\/div><\/div><div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766840904{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2 id=\"2-singapore-2023\"><strong>Singapore in 2023<\/strong><\/h2>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671767181390{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span data-preserver-spaces=\"true\">The nation-state might be a bright spot in all the gloom.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.pwc.com\/sg\/en\/publications\/aprealestemerging.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Singapore has received capital investments that would have been directed to Japan, Hong Kong and China.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0In addition, real estate investments in Singapore buoyed its economy, where investment volumes soared by 47% YOY to US$9.1 billion.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, inflation might roil this rosy outlook. Some local developers are feeling the burn from rising material and manpower costs. One even noted a 15% increase.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nevertheless, Singapore&#8217;s growth will still have to face global headwinds too.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.channelnewsasia.com\/world\/us-fed-trim-rate-hikes-fight-inflation-3125276\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">The Federal Reserve&#8217;s monetary tightening<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is stoking fears of a recession in most global economies. Also, the<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.channelnewsasia.com\/business\/wto-warns-real-recession-risk-some-major-economies-3076226\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0true cost of the war in Ukraine<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0may yet be fully realised by next year.<\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"900\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/Rental-Index-Of-Residential-Properties-1995-Q1-to-2022-Q3-1.png\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/Rental-Index-Of-Residential-Properties-1995-Q1-to-2022-Q3-1.png 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/Rental-Index-Of-Residential-Properties-1995-Q1-to-2022-Q3-1-300x225.png 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/Rental-Index-Of-Residential-Properties-1995-Q1-to-2022-Q3-1-1024x768.png 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/Rental-Index-Of-Residential-Properties-1995-Q1-to-2022-Q3-1-768x576.png 768w\" sizes=\"auto, 100vw\" alt=\"Rental Index Of Residential Properties - 1995 Q1 to 2022 Q3 (1)\" \/><\/div><\/div><div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766866196{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2 id=\"3-the-cooldown-begins\"><strong>The Cooldown Begins<\/strong><\/h2>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671767665662{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span style=\"font-weight: 400\">What will happen to the rental market in Singapore in 2023? It&#8217;s anybody&#8217;s guess. There are a wide variety of factors that can affect rent and value, so we can only work with correlations and our assumptions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Historically, rental rates dipped with the onslaught of a recession. But COVID-19 created a unique set of circumstances. Delayed construction has led to supply constraints in Singapore. Meanwhile, demand for long-term rentals for <\/span><span style=\"font-weight: 400\">Singapore&#8217;s serviced apartments<\/span><span style=\"font-weight: 400\"> and apartment rentals has increased as the nation brushes off pandemic restrictions. Buoyed by demand from both local and global tenants<\/span><a href=\"https:\/\/www.channelnewsasia.com\/singapore\/housing-rent-prices-expats-70-increase-landlords-tenants-3060231\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">, the market saw skyrocketing prices<\/span><\/a><span style=\"font-weight: 400\"> that made headline after headline.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But with turbulent geopolitics and a global economic slowdown, global businesses in Singapore may be tightening their purse strings. The softening of Singapore&#8217;s growth could exacerbate that as well. The United Overseas Bank (UOB) Group<\/span><a href=\"https:\/\/sbr.com.sg\/economy\/news\/singapore-economy-grow-markedly-slower-in-2023-report\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> expects the gross domestic product (GDP) growth to slow to 0.7% in 2023,<\/span><\/a><span style=\"font-weight: 400\"> as key end markets in Singapore enter a recession. Manufacturing and external-oriented services, such as wholesale trade, transport, and finance, will face a hit to their growth levels.<\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-singapore-marina-bay-skyline.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-singapore-marina-bay-skyline.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-singapore-marina-bay-skyline-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-singapore-marina-bay-skyline-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-singapore-marina-bay-skyline-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-singapore-marina-bay-skyline-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences - singapore serviced apartments - singapore marina bay skyline\" \/><\/div><\/div><div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766885151{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2 id=\"4-what-to-expect-2023\"><strong>What to Expect in 2023<\/strong><\/h2>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671767716156{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span style=\"font-weight: 400\">Short-term rentals and the hospitality sector can expect sustained occupancy levels. The recovery of the leisure and business air travel sectors will continue to fill up <\/span><span style=\"font-weight: 400\">hotel rooms<\/span><span style=\"font-weight: 400\"> in Singapore. JLL, the global commercial real estate services company,<\/span><a href=\"https:\/\/www.edgeprop.sg\/property-news\/investors-cautious-2023-and-investment-volumes-could-fall-5-10-jll?utm_source=Telegram\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> expects the hospitality market to experience a 6% year-on-year increase in investments for 2023<\/span><\/a><span style=\"font-weight: 400\">, extending its 10-15% year-on-year increase this year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But in light of a negative outlook on growth, rental rates could plateau and taper off. <\/span><span style=\"font-weight: 400\">Business travellers<\/span><span style=\"font-weight: 400\"> coming into Singapore may cut short their stays or take their overseas work online. Moreover, the tech sector has seen layoffs after layoffs from both global players and local upstarts. <\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-jewel-changi-airport.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-jewel-changi-airport.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-jewel-changi-airport-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-jewel-changi-airport-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-jewel-changi-airport-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-jewel-changi-airport-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences - singapore serviced apartments - jewel changi airport\" \/><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671767739812{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span style=\"font-weight: 400\">Long-term <\/span><span style=\"font-weight: 400\">apartment rentals in Singapore<\/span><span style=\"font-weight: 400\"> will bear the brunt of this. <\/span><span style=\"font-weight: 400\">The serviced apartment<\/span><span style=\"font-weight: 400\"> business has been buoyed by local demand for most of 2022, which is historically rare. More people have been looking for temporary accommodation as they wait for the completion of new homes.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The new year will bring in more supply of residential homes as well. A total of 38 residential projects are due for completion, adding 16,000 new units to the market. So those staying in <\/span><span style=\"font-weight: 400\">Singapore condos and apartment rentals<\/span><span style=\"font-weight: 400\"> can be cautiously hopeful of some relief before the end of next year.<\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-condo-rental.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-condo-rental.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-condo-rental-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-condo-rental-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-condo-rental-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-condo-rental-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences - singapore serviced apartments - condo rental\" \/><\/div><\/div><div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766906827{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2 id=\"5-big-pivot-serviced-apartments\"><strong>The Big Pivot for Serviced Apartments?<\/strong><\/h2>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671767894271{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span data-preserver-spaces=\"true\">How will serviced apartments thrive in the new year? Online meetings have yet to replace on-site ones. Travel will continue to be a cost of doing business. But as corporations reduce travel frequency, corporate stays might have longer durations next year. Business travellers might extend these trips with their annual leave for a little vacation before they return.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">What&#8217;s more, with<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/expat-life\/explore\/has-singapore-learnt-its-lessons-for-short-term-rentals\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0short-term rentals being well-regulated,<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0long-stay serviced apartments in Singapore are well-positioned to experience another robust year. Serviced apartments usually offer better compliance, security and structure; coveted features for most corporations.<\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-chinatown-streets-with-hotels-and-shops.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-chinatown-streets-with-hotels-and-shops.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-chinatown-streets-with-hotels-and-shops-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-chinatown-streets-with-hotels-and-shops-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-chinatown-streets-with-hotels-and-shops-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/12\/metroresidences-singapore-serviced-apartments-chinatown-streets-with-hotels-and-shops-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences - singapore serviced apartments - chinatown streets with hotels and shops\" \/><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671768107184{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span data-preserver-spaces=\"true\">They&#8217;re often located in convenient locations, offering<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/expat-life\/explore\/finding-the-best-singapore-apartment-rentals-for-your-family\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0easy access to amenities for families<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and digital nomads alike. Moreover, serviced apartments offer extra creature comforts in the form of fully-furnished interiors, wi-fi, and fully-equipped kitchens.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/expat-life\/explore\/top-5-smart-home-gadgets-every-jetsetter-needsall-under-300\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">It doesn&#8217;t take much to convert these apartment rentals in Singapore to smart homes either.<\/span><\/a><\/p>\n<p><span data-preserver-spaces=\"true\">To sustain accommodation rates, serviced apartment providers may need to shift more of their focus to ensuring customer loyalty in the form of extra perks or services. Ascott leads the pack with this,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.capitaland.com\/en\/about-capitaland\/newsroom\/news-releases\/international\/2022\/mar\/Ascott-upgrades-ASR-more-rewards-members-bookings-via-direct-channels.html#:~:text=To%20give%20ASR%20members%20a,point%2Dfor%2Dpoint%20matching.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0upgrading its signature Ascott Star Rewards<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to include more exclusive benefits such as priority check-ins, birthday discounts, unique welcome amenities and signature gifts.<\/span><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.channelnewsasia.com\/singapore\/co-living-spaces-rental-prices-lyf-3095286\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Industry players may expect a little more windfall before new homes enter the market.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0But a holistic approach towards enhancing customer stays will go a long way in securing business in uncertain times.<\/span>[\/vc_column_text]<div class=\"img-with-aniamtion-wrap \" data-max-width=\"100%\" data-border-radius=\"none\"><div class=\"inner\"><img loading=\"lazy\" decoding=\"async\" data-shadow=\"none\" data-shadow-direction=\"middle\" class=\"img-with-animation \" data-delay=\"0\" height=\"800\" width=\"1200\" data-animation=\"fade-in\" src=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/09\/metroresidences_serviced_apartments_singapore_cityscape.jpg\" srcset=\"https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/09\/metroresidences_serviced_apartments_singapore_cityscape.jpg 1200w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/09\/metroresidences_serviced_apartments_singapore_cityscape-300x200.jpg 300w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/09\/metroresidences_serviced_apartments_singapore_cityscape-1024x683.jpg 1024w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/09\/metroresidences_serviced_apartments_singapore_cityscape-768x512.jpg 768w, https:\/\/expat.metroresidences.com\/sg\/wp-content\/uploads\/sites\/4\/2022\/09\/metroresidences_serviced_apartments_singapore_cityscape-900x600.jpg 900w\" sizes=\"auto, 100vw\" alt=\"metroresidences_serviced_apartments_singapore_cityscape\" \/><\/div><\/div><div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671766923898{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]\n<h2 id=\"top-notch-singapore-serviced-apartments-metroresidences\"><strong>Top-Notch Singapore Serviced Apartments at MetroResidences<\/strong><\/h2>\n[\/vc_column_text][vc_column_text css_animation=&#8221;fadeIn&#8221; css=&#8221;.vc_custom_1671768132127{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]<span data-preserver-spaces=\"true\">As we take another step into the era of uncertainty, a sense of familiarity and stability takes centre stage in our living spaces and working spaces. Looking for your home away from home? Our Singapore apartment rentals and serviced apartments are perfect for a longer period of stay. We have properties in luxury developments across Singapore&#8217;s most coveted addresses: <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/serviced-apartments\/bugis\/4338\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bugis<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/serviced-apartments\/bukit-timah\/3873\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bukit Timah<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/serviced-apartments\/tanjong-pagar\/b12194\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Shenton Way,<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.metroresidences.com\/sg\/serviced-apartments\/novena\/1964\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Novena<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All of our apartments adhere to our strict Property Standards that account for the comfort and cleanliness of all our listed serviced apartments. Our fully-furnished apartments come with amenities like wi-fi, air conditioners, and a fully-equipped kitchen.<\/span>[\/vc_column_text]<div class=\"divider-wrap\"><div style=\"height: 10px;\" class=\"divider\"><\/div><\/div>[nectar_btn size=&#8221;small&#8221; open_new_tab=&#8221;true&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;none&#8221; url=&#8221;https:\/\/www.metroresidences.com\/sg\/#contact-us&#8221; text=&#8221;Let&#8217;s Get in Touch&#8221;][\/vc_column][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_position=&#8221;all&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; width=&#8221;1\/6&#8243; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_widget_sidebar enable_sticky=&#8221;true&#8221; sidebar_id=&#8221;blog-sidebar&#8221;][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; overlay_strength=&#8221;0.3&#8243; shape_divider_position=&#8221;bottom&#8221;][vc_column column_padding=&#8221;padding-4-percent&#8221; column_padding_position=&#8221;all&#8221; background_color=&#8221;#fefeff&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;10px&#8221; top_margin=&#8221;-20%&#8221; width=&#8221;5\/6&#8243; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; column_border_width=&#8221;none&#8221;][vc_custom_heading text=&#8221;Will the Serviced Apartment Boom last in 2023?&#8221; font_container=&#8221;tag:h1|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;&#8230;<\/p>\n","protected":false},"author":15,"featured_media":11388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[139,63,86,68,212],"class_list":["post-11386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-explore","tag-chinatown-serviced-apartments","tag-serviced-apartment","tag-serviced-apartment-singapore","tag-serviced-apartments","tag-singapore-serviced-apartments"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/posts\/11386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/comments?post=11386"}],"version-history":[{"count":2,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/posts\/11386\/revisions"}],"predecessor-version":[{"id":11396,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/posts\/11386\/revisions\/11396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/media\/11388"}],"wp:attachment":[{"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/media?parent=11386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/categories?post=11386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/expat.metroresidences.com\/sg\/wp-json\/wp\/v2\/tags?post=11386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}