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Singapore Empty Homes May Climb to Highest Since 1998

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Sam King had a pleasant surprise when the lease on his Singapore apartment came up for renewal late last year. For the first time in six years, King was able to negotiate a lower rent with his landlord.

“It has turned into a tenant’s market,” said the 29-year-old sales director at an aviation services company, who got a 10 percent reduction in the rent on his two-bedroom penthouse in the east of Singapore. His landlord also agreed to split some renovation costs, and provide new curtains and lights.