Singapore has been the business success story of the last few decades. 13.6 million international visitors arrived last year in SG while merchandise trade stood at S$1,285.9 billion in the same period. So, it’s no surprise that the island nation attracts large numbers of corporate visitors and executives yearly, spurring demand for long-term apartments here. Business travellers now increasingly want home-like accommodation for extended stays in Singapore. 

Even the Government noted the growing need for a comfortable, flexible, and cost-effective long-term stay in Singapore. The underlying message is pretty clear- long-term serviced apartments are here to stay, considering rapidly rising corporate demand. Let’s do a deep dive into the same below. 

The Rise of Long-Term Serviced Apartments in Singapore

A 25% year-on-year increase in demand for long-term accommodation has been noted.  What’s driving all this growth? Business relocation is a key accelerator of momentum in the long-term corporate housing segment in SG. With its status as a global business hub, several executives and professionals are relocating here to work on new projects and often bringing their families along. 

Another reason is the increase in expat assignments, often for extended durations and relating to new launches, projects, on-site expertise, etc. Digital nomadism and the growth in remote working have also contributed towards soaring demand for long-stay corporate accommodation in Singapore. There’s an entire class of travellers who now desire tailored accommodation for long stays in Singapore, with companies/clients willing to pay for them. 

How Does Long-Term Accommodation Benefit You 

Long-term accommodation in Singapore comes with numerous advantages, which include: 

• Affordability: You'll find serviced apartments at attractive rates for longer stays, making them better choices than hotels. 
• Easy Shifts: Moving in couldn't be simpler! These are fully furnished spaces which you can move into at any time. They are thus for instant relocation to SG, offering comfy and plush environments for guests. 
• Location: Long-stay serviced apartments in Singapore are also advantageous if you consider the location perspective. They're located near prime areas in the city and enable quicker commutes to places of business. Then there are nightlife and dining zones nearby along with tourist landmarks too. 
• Flexible & Customizable: Get flexible and tailored accommodation for the short & long term without maintenance, hefty deposits, and other formalities. Guests can come and go freely while selecting apartments with the chosen number of bedrooms. 
• Home-Like Environment: The experience is just like being at home, with comfortable surroundings, ample space, and great amenities. From Wi-Fi and televisions to kitchens and televisions, there's everything that one can possibly need here. 
• Smooth Transitions: Relocation becomes smoother once you land in Singapore. These are fully furnished and ready apartments that you can shift into instantly. This gives you much-needed breathing space to settle in before getting everything else done. 
• Sustainable Choices: With more global corporates focusing on eco-friendliness and sustainability, the corporate housing market reflects these evolving preferences as well. You’ll find apartments with environment-friendly and energy-efficient utilities and fixtures, along with lower carbon footprints for your stay in SG. TheSqua.re, for instance, has a proprietary EcoGrade score that it assigns to each of its apartment rentals, helping you choose a stay that fits your sustainability needs.

Why Companies Prefer Long-Term Serviced Apartments in Singapore for Their Employees

A long-term apartment rental in Singapore makes sense for companies/corporates at multiple levels. 78% of companies offering corporate housing already report higher employee satisfaction, while the arrangement also ensures several other benefits. Let's take a closer look.

• Companies naturally have multiple benefits to enjoy in the segment. These include bulk bookings, group discounts, exclusive packages, and whatnot!
• They can also reduce travel costs significantly in the bargain. When employees stay in prime areas, they have to commute less. What this does is lower stress and boost employee wellbeing and overall productivity a lot.
• The cost benefits are also unmatched if you consider the same durations at hotels or conventional rental units.
• Corporate housing also ensures comfort and home-like freedom for employees. This leads to higher satisfaction and becomes a major incentive for them in turn.
• Corporate housing of this kind also keeps morale high, boosting employee mental health and making relocation simpler to deal with. What's more, it works as a motivator and helps companies retain skilled talent. This is imperative in an age of remote and flexible work.
• Home-like amenities like kitchens, laundry, separate living areas and bedrooms also help employees to maintain normal routines throughout their relocation. 
• Several apartments have flexible lease terms and temporal flexibility, which helps when companies do not have fully-defined projects by way of time or even for younger professionals during probationary periods. 
• CHPA data also shows how almost 40% of extended stays in the corporate housing segment are aimed at relocating executives. This clearly shows how a large number of employees are going for this as an incentive, particularly those in leadership positions.

What Does The Future Hold For Corporate Housing in Singapore? 

The future's looking fabulous for the global corporate housing market. In fact, there are projections of a 6.5% CAGR between 2024 and 2029 as per reports. Much of this will spill over positively to Singapore too. The prospect of offering these as office perks and the cost benefits are hard to beat! What's more, with companies getting in heavily on the employee well-being and talent retention game.

And there are brands like TheSqua.re that are also shaping this segment in Singapore and across the globe. It's led to more tailored offerings with attractive leases, amenities, and services. Sounds appealing? If you're also looking for a premier long-term stay in Singapore, head to TheSqua.re and get your booking done right away.