The number of shoebox units (small apartments) in Singapore will increase from 2,500 currently to 9,700 by 2015, the government said. Currently around 8 out of 10 shoebox apartments are located in the city. These units appeal to singles and expats with lower transportation costs and travelling time to their workplace. But analysts question the appeal of such units in the heartlands where HDB flats are in...
Small-sized Apartments
Minister for National Development Mr Khaw Boon Wan said on Monday that he would not hesitate to intervene in shoe-box unit market should there be clear evidence of unsustainable investor demand. Mr Khaw added that the Ministry of National Development (MND) is watching the situation closely. He however cautioned that it would be hard to intervene at present as the market for shoe-box units in the...
When I first raised my concerns about the proliferation of shoebox homes with a Ministry of National Development official in an informal meeting early last year, he wanted justifications for action and a size definition of what constituted a shoebox unit. Today, I am not sure if the official has finally got "satisfactory answers" to his questions but recent events hint that the days of the shoebox unit...
Demand for small sized apartments also known as shoebox units may be waning. These units spanning less than 500 square feet seem to be a hit with property buyers recently. Analysts said the popularity of these units in the rental market will only be tested in 2013, when the bulk of these units will be ready and put up for rent. Smaller apartments have been flooding the property market in recent...
Small apartments in Singapore saw prices grow more than twice as fast as those of larger apartments in the Central Region last year. Prices of larger apartments outside of the Central Region also showed the same trend which, although similar to 2010 figures, was more noticeable last year. The sub-index for small apartments on the island (which covers those of up to 506 sq ft) climbed 11.8 percent in 2011,...
Prices of completed shoebox apartments peaked in August and dropped three percent in November, according to the flash estimates from NUS’ Institute of Real Estate Studies. Month-on-month, prices of these units dropped 0.2 percent in November. The flash estimates also showed that prices of larger apartments in both Central and Non-Central regions continued to rise in the previous month. Since 2010, the...
The price of shoebox units are on the rise but concerns over affordability in this segment could see prices softening. The Singapore Residential Price Index (SRPI) by the National University of Singapore (NUS), which tracks the price movement of new small apartments, rose 3.1 per cent in August (month-on-month), after falling 0.5 per cent in July. The increase is more significant when compared to the...
Shoebox units outperformed other condos as an investment last month, according to website iProperty.com. Prices for the minute flats, normally measuring less than 500 square feet, rose 14 per cent to an average S$1,549 per square foot (psf) in August 2011 from a year ago. In contrast, psf prices increased 4.9 per cent for condominiums measuring between 501 to 1,500 square feet; and rose 9.9 per cent for...
The National University of Singapore's Institute of Real Estate Studies (IRES) will introduce a separate index - apart from its main Singapore Residential Price Index (SRPI) - to measure the prices of "shoe box" units, saying their price volatility has a significant impact on overall housing prices. "Our analysis presents evidence that small units increase house price volatility. Further, price changes of...
From January to May last year, prices of small apartment and condominium units rose 11.1 per cent compared to apartments and condominium units (or non-landed homes) in the prime and non-prime regions which saw lower gains of 5.4 per cent and 6.2 per cent respectively. According to data from the Institute of Real Estate Studies (IRES) at the National University of Singapore, prices of small units grew 6.9...