Dormitory rentals set to continue rising amid higher demand, supply crunch
According to a new report on foreign worker dormitories in Singapore, bed rental rates are expected to rise by 5% to 8% this year. The report by the Dormitory Association of Singapore Limited and real estate consultancy Knight Frank said dorm occupancy reached near-full levels in the second half of 2024. Demand is expected to remain strong as industries from the construction, marine shipyard and process segments prepare to hire more foreign workers. However, bed supply is predicted to fall as existing dorms have to be refurbished to meet higher regulatory standards.
According to a new report on foreign worker dormitories in Singapore, bed rental rates are expected to rise by 5% to 8% this year. The report by the Dormitory Association of Singapore Limited and real estate consultancy Knight Frank said dorm occupancy reached near-full levels in the second half of 2024. Demand is expected to remain strong as industries from the construction, marine shipyard and process segments prepare to hire more foreign workers. However, bed supply is predicted to fall as existing dorms have to be refurbished to meet higher regulatory standards.
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