Rents are rising moderately in Singapore but haven't seen the rapid increases of mass-market property purchase prices. New developments, such as Skypark and Ardmore II, have commanded higher rates and boosted the overall average. In the year to date through August, 1,520 new apartments were completed in the core postal districts of 9, 10 and 11. According to Jones Lang LaSalle (JLL), rents edged ahead 1.1 per cent in the third quarter to S$4.65 (HK$27.84) per square foot. The most-popular and expensive central districts led the boost, with rents declining in the East Coast. Rates there fell 4.3 per cent. Fourteen thousand units are due for completion between now and 2015. That's an average of 2,500 apartments per year, JLL notes, 11/2 times the average 1,600 units that came on the market per year over the past decade. Serviced apartments in Singapore fared better than the hotel industry during the financial crisis. Revenue per available room fell 15 per cent for serviced apartments, much better than the 40 per cent decline suffered by hotels, according to industry tracker The Apartment Service. Overall, the serviced apartment sector maintained occupancy rates of 75 per cent to 80 per cent last year, compared with 50 per cent to 60 per cent for hotels. The average nightly rate at a Singapore serviced apartment was HK$2,395 for a one-bedroom unit as of the end of last year, according to The Apartment Service, and HK$52,934 for a month. Those prices were down 5 per cent, compared with the previous year, but still higher than in Hong Kong, where prices averaged HK$1,450 per night or HK$39,800 per month.