Developers provide for more units of 500 sq ft or less
A study by property consultancy CB Richard Ellis (CBRE) has confirmed what everyone suspected – small apartments have become more common. And their sales hit a record-high this year. But whether owners or tenants can get used to tighter living space is another matter, says CBRE.
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The firm looked at caveats lodged between January and September and found that 412 new non-landed residential units measuring 500 sq ft or less had been sold – 38 per cent more than the 299 sold in the whole of last year.
The number of small units taken up has risen steadily for several years. In 2006 and 2007, 171 and 275 such apartments were sold respectively.
‘Developers are providing more of these small-format units and home-buyers are snapping them up, especially in 2009,’ said CBRE Research executive director Li Hiaw Ho. ‘The rise of small-format units has served to bolster overall transaction volume in the residential market.’ Continue reading
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