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‘Shoebox’ units may wilt under URA’s gaze

Posted on 15 Oct 2009 | Comments Off

Recent applications for apartments below 300 sq ft understood to have been rejected

The new breed of ’shoebox’ private apartments may have caught the imagination, but don’t expect them to invade the housing landscape. Some may not even get the planning authority’s approval, going forward, if recent decisions are any guide.

Earlier this month, Singapore saw its smallest ever apartment unit – at 258 square feet – being put on the market at the Suites@Guillemard project. While this made headlines, BT understands that the Urban Redevelopment Authority (URA) recently turned down some applications involving apartments below 28 square metres (or about 300 sq ft).

Apart from the size, the layout of the proposed micro units may also have been a factor. For instance, if an apartment does not adequately provide for a kitchen, it may resemble a hotel room rather than a residential development.

When contacted, URA said that it does not stipulate that private housing units should be of a minimum size or that a development should have a certain mix of unit sizes. However, it said: ‘We have observed that some developers have been building smaller apartment units. Continue reading →

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Posted in Property Market / Real Estate

Tagged Shoebox Units, Singapore Property, Small-sized Apartments, Suites @ Guillemard, Suites@Guillemard, URA, Urban Redevelopment Authority

Think out of the shoe box: Analysts

Posted on 10 Oct 2009 | Comments Off

If you are thinking of investing in small apartments measuring less than 500 sq ft because they are cheaper, you may want to think again, according to property experts.

As there are only a few “shoe box” housing units available on the market, and with a popularity that’s still in the early stages, analysts said the returns on investment in these properties could be limited.

“This is a non-standard investment which, in terms of size, may not appeal to some tenants,” said Cushman and Wakefield Singapore managing director Donald Han.

“If you’re thinking of leasing out and holding this as an asset typical to any studio-sized residential apartment, then this is something very different.”

Such “shoe box” apartments have been popular with property buyers recently, as sales of such units this year have hit an all-time high of 412, up from 299 last year and 275 in 2007. In 1995, there was only one such transaction.

The investment returns for such small-sized apartments depend on tenants’ preference for these types of units. And analysts said that in times of a market downturn, potential tenants tend to hold the bargaining power. Continue reading →