Wednesday, March 21, 2012

Shoebox flats continue to be popular

Straits Times: Wed, Mar 21
ABOUT one in seven homes sold by developers last year was a shoebox apartments, signalling that the trend of shrinking homes is here to stay.

These units - they are up to 500 sq ft in size - tend to cost under $1 million, a factor that has made them a big component of the local market.

Buyers snapped up a record 2,037 new ones last year, according to analysis by consultancy R'ST Research.

The transactions include 138 shoebox units sold at Spottiswoode 18 near Outram MRT station, 99 at Skysuites@Anson, and 79 at The Interweave in Kim Keat Road.

Including resales and subsales, the figure grows to 2,400 - also a record - as high prices led to buyers picking up smaller apartments instead.

The level of sales is more than seven times the numbers recorded in 2008 and 20 per cent more than in 2010.

Experts note that shoebox buyers are often investors hoping to rent out the units or young single professionals...

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Martin Koh/ Sherry Tang
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