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When I was doing my university studies in Melbourne, one thing that irked me about the student accommodations I was living in was the monthly internet data cap – it was way too low. You could always buy more, but for a chronic internet gremlin like myself, that would’ve been really expensive.
Luckily, the property was close enough to the university’s law building, and I stumbled upon the realization that I could tap into the free campus connection from where I was staying.
The only catch was that I had to set up shop in a slightly awkward corner of my room and keep the window open, even during the winter months. But that was a price I was willing to pay for unlimited YouTube videos.
Anyway, I’m pretty sure the tenants of the co-living firms in today’s premium article don’t need to jump through such hoops – Singapore’s property scene is booming despite rising inflation, and we explore why.
Today we look at:
- Singapore’s co-living scene living the good life
- The latest logistics firm to join the unicorn club
- Other newsy highlights such as a new accelerator program in Thailand and Apple’s plans to produce Apple Watches and MacBooks in Vietnam
Premium summary
Our house, in the middle of the street
Image credit: Timmy Loen
Another minor peeve I had with my student accommodations in Melbourne was that washing machines and dryers were available, but they each cost A$2 (US$1.38) per use. Call me a tightwad, but I wasn’t willing to spend that much cash on the regular. I just washed all my clothes by hand in my bathroom and hung them out to dry.
Saving at such a minute level probably isn’t anywhere near a top concern for Singapore’s co-living tenants, given the rising rental rates.
- Getting expensive: Singapore has seen the biggest hike in rental values for the first six months of 2022 in the world, tying with New York. According to government data, home rents have hit a seven-year high, despite the city-state’s population decreasing in the last two years.
- Restrictions as a catalyst: Hmlet, a local co-living firm, has seen increased demand for its flexible living services. It attributes this demand to expats, particularly those coming from China and Hong Kong. Notably, about 70,000 residents have moved out of Hong Kong this year due to the city’s strict Covid-19 protocols.
- Rent is but one consideration: “Most expats value employment opportunities, low-income taxes, stable governance, and a safe and well-connected environment,” said Darius Cheung, CEO of proptech firm 99 Group. However, RedSeer partner Roshan Raj Behera believes that a prolonged phase of high rentals could push expat junior-level tech talent to consider alternatives like Indonesia and Vietnam.
Read more: Co-living firms rise above Singapore’s rent hike
Rocketing into unicorn status
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