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A wave of newly completed condominiums is bumping up the supply of rental homes in the market, forcing landlords to lower their asking rents to beat the stiff competition.
More cuts might be on the way as the number of private homes to be completed this year is projected to jump 62 per cent from last year, property consultants say.
Homemaker Angelin Loh, 46, who bought her 1,184 sq ft three-bedder there for $1.07 million in January last year, said she was unable to lease her unit for three months after collecting the keys in February.
Source: Straits Time