After eight years in Hong Kong, Jonathan Benarr is moving to Singapore for a new set of attractions.
He told CNBC that Hong Kong was the fun place to be.
He said that Singapore is a shining light after two years.
Some residents from Hong Kong have moved to Singapore because of strict Covid restrictions, and there are signs that rental demand has gone up.
Private home rents increased 4.2% in the first quarter of this year, compared to a rise of 2.6% in the previous quarter.
Leonard Tay, head of research at real estate agency Knight Frank Singapore, said that there may be some people in Hong Kong who are looking to relocate to Singapore.
Interest from Hong Kong isn't the only reason rents are going up. Rental prices in Singapore were already moving higher due to demand from various sources, including young adults moving out of their parents' homes and people looking for interim housing because of construction delays.
People arriving in Hong Kong need to stay in a hotel for at least seven days and take multiple Covid tests. Since September, Singapore has dropped its requirements. Visitors will no longer need to take Covid tests after Tuesday.
Benarr is the group director of real estate at The Mandala Group.
He said that what was once a progressive city is no longer interested in being part of the international conversation.
The British man is moving to Singapore permanently after packing up his apartment in Hong Kong.
In response to CNBC's request for comment, Hong Kong's Information Services Department pointed to a speech by Chief Executive Carrie Lam in late March where she said Hong Kong needs to balance between virus risks and Covid measures.
She said that this was to allow the city to continue addressing the social and development needs of Hong Kong.
We need to consider the people's tolerance in designing the best public health measure for Hong Kong.
Visitor arrivals from Hong Kong to Singapore doubled from January to February this year.
Official data shows that the figure rose in March.
Industry players say that some of the arrivals intend to settle in Singapore and have turned to co-living spaces or serviced apartments.
Hmlet said there was anexponential increase in bookings in January 2022, which they attribute to demand from Hong Kongers anticipating the imminent tightening of public health protocols.
Hmlet said inquiries from Hong Kong jumped 25% from December to January.
Giselle Makarachvili, the company's chief executive officer, said that theBooking pace from Hong Kong has dipped slightly in February and March but remained higher than previous months.
A ban on dining in from 6 pm daily was imposed in Hong Kong in January in order to slow the spread of Covid.
The city tightened restrictions in February, though they were slightly loosened last Thursday.
The company told CNBC that there was a spike in inquiries and bookings around the end of February, but that has since slowed.
According to data from Hmlet and Far East Hospitality, some arrivals from Hong Kong are making bookings for as little as two weeks.
Hmlet's CEO said that most bookings from Hong Kong are for permanent relocation to Singapore.
A group of members whose original travel intent was for business but eventually converted to permanent stays were noted.
70% of Hong Kong bookings were for three-month stays, the minimum required. Longer-term stays of between six and 12 months made up 30% of the bookings.
The CEO said that 80% of Hmlet homes are for families with young children.
This indicates that while guests may relocate for work, they are looking to bring their families along as well.
According to Tan Chia Hui, head of operations for hotels and serviced residences, Far East Hospitality has received a mix of bookings from both travelers and businesses looking for interim accommodations for their employees.
For bigger units with between two and four bedrooms, the corporate bookings are usually for a period of one to three months.
She said that this indicates that guests are looking to bring their families along as well.
In the fourth quarter of the year, WeWork saw a jump in sales and inquiries from Hong Kong-based companies.
International financial institutions in Hong Kong are looking for flexible workspace in Singapore, according to Just Co.
People who live in Hong Kong have made extended trips back home in recent months due to the relative freedom that people in the Southeast Asian city now enjoy.
The Singaporean who works in the banking industry said that the main thing was the restrictions.
He was in Singapore for about a month, and he said there was some degree of normality.
There isn't much evolution in how Hong Kong is handling it, and therefore it doesn't give us much hope for change in the government.
When Hong Kong announced in February that it planned to test its entire population for Covid three times, another Singaporean, who wanted to be known only as Leung, bought a one-way ticket to Singapore.
He felt that the government had lost it and he had to leave.
In the past, maybe I could have entertained … staying long enough to be a Hong Kong PR, but for now, I think with the current situation, it’s unlikely that I will do so.Singaporean who works in banking
Some people in Singapore wanted to visit their home country to see their family and friends.
One Singaporean who works in finance in Hong Kong said it was a good opportunity to visit loved ones, especially when the Covid situation in the Chinese city worsened earlier this year.
She said that her friends used Singapore as a base for short-term business or personal trips to the U.S. and Europe.
If he were in Hong Kong, he wouldn't be able to cross the border into Malaysia to visit his family.
Groups of four can now gather at any one time, and restaurant hours have been extended to 10 p.m.
But that is not something to celebrate, said Leung, who returned to Hong Kong in April.
Limits on social gatherings have been removed in Singapore. The cut-off for alcohol sales was lifted recently.
Hong Kong's rules are going to be less extreme, but there is still a long way to go.
I think it will be a strong enough reason to leave Hong Kong if this continues.
The Singaporean who works in banking and stayed in Singapore for a month said he doesn't plan to leave Hong Kong immediately, but Covid and political upheaval in the city have made him think about his long-term plans to stay.
In the past, I could have entertained staying in Hong Kong for a while, but I think with the current situation, it's unlikely that I will do that.
He is open to the idea of moving back to Singapore.
If the numbers are correct, it will align with my career goals. He said it was a good time to move.
All Rights Reserved © 2024
