Sunday, April 1, 2012

Homes shrink as prices rise

Straits Times: Sat, Mar 31
SINGAPORE home buyers are squeezing into ever smaller homes in order to be able to afford that prized apartment.

Figures show the median size of new homes sold in the three months to today is now a very cosy 667 sq ft - a touch smaller than a squash court.

The latest figure is a hefty 24 per cent smaller than the same figure a quarter earlier, according to analysis by consultancy CBRE. This trend is made even more stark compared with the median home size of 1,141 sq ft in the second quarter of 2010.

The median size of new suburban homes is slightly larger than the 667 sq ft, standing at 721 sq ft this quarter, but it is also well down from the 915 sq ft in the three months before.

Experts say the main draw of small units is their affordable overall price, which is also attractive to investors. The new data seems to back up their claim.

The median price of all new non-landed private homes is about $790,000 in the first quarter, down sharply from $960,000 in the quarter before, in tandem with shrinking sizes.

In general, however, median unit prices have risen to $1,179 per sq ft (psf) from $1,084 psf in the same period...

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Martin Koh/ Sherry Tang
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