Singapore, April 19:

Hong Kong has the world’s priciest apartment rents, with the lease for a three-bedroom unit costing more than $9,700 on average a month, a survey released today stated.

Singapore, which positions itself as a Southeast Asian business hub, saw Asia’s biggest year-on-year rental increase of more than 30 per cent last year, the survey by human resources firm ECA International show-ed. The survey covered 2007 and is based on lease prices for a three-bedroom apartment in popular expatriate areas.

Asian cities, led by Hong Kong, accounted for six out of the top 10 locations that have the world’s most expensive rentals for three-bedroom apartments, the survey stated.

Other Asian cities in the top 10 global list are Mumbai which ranked sixth, Seoul seventh, Singapore ninth, and Ho Chi Minh City 10th.

Monthly rentals in Asia were on average $3,820, well above the global level of $2,950, said ECA International. Globally, Moscow ranked second, followed by New York City, Tokyo, and London in fifth spot, said ECA International.

“A robust economy and increased demand for high-end accommodation have been instrumental in driving rental prices up,” said Lee Quane, ECA International’s GM in Hong Kong.

Hong Kong apartment rents of $9,734 were more than double Asia’s average and reflected

the geographical advantage of the Chinese territory for foreign firms wanting to build a base in the region.

A three-bedroom apartment in Singapore rented for $4,460 a month on average last year, compared with $3,364 in 2006.