https://malaysia.news.yahoo.com/singapore-condos-smaller-smaller-developers-022133343.html
Fri, 31 January 2025 at 10:21 am GMT+8·2-min read
SINGAPORE, Jan 31 — New condominiums in Singapore have been shrinking over the past 15 years, a trend analysts attribute to developers adapting to loan curbs, property cooling measures, and changing demographic needs.
Straits Times cited global commercial real estate services firm Cushman & Wakefield saying the median size of new non-landed private homes fell by 10.6 per cent from 1,012 sq ft in 2010 to 904 sq ft in 2024.
“Even though some developments have smaller kitchens, living and dining areas, their layout is designed to overlap, allowing for flexible and interchangeable use.
“For instance, the kitchen space can be converted into dining space, should they require more space for hosting,” said Marcus Chu, the chief executive of real estate agency ERA Singapore.
The reduction in median unit sizes was most pronounced in prime districts, where sizes fell 20.6 per cent to 829 sq ft in 2024 from 1,044 sq ft in 2010.
Suburban condos saw a 13.4 per cent decrease to 904 sq ft, while city fringe units declined 4.5 per cent to 904 sq ft.
This comes as measures introduced by the Urban Redevelopment Authority (URA) in 2012 and 2019 sought to limit the number of small units in residential projects to prevent excessive downsizing.
Additional rules implemented in 2023 require developers to ensure that at least 20 per cent of new central area units have a net internal area of at least 70 sq m.
According to another real estate agency OrangeTee, sales of new shoebox units dropped to 254 in 2024, a 90.6 per cent decline from the 2012 peak of 2,709 units.
Meanwhile, real estate consultancy Cistri’s associate director Edwin Loo said the latest regulations, including the harmonisation of floor-area definitions, ensure that private homes remain liveable and discourage developers from maximising saleable areas at the expense of functionality.
In Singapore, new condos get smaller and smaller as developers try to keep price down
Malay MailFri, 31 January 2025 at 10:21 am GMT+8·2-min read
SINGAPORE, Jan 31 — New condominiums in Singapore have been shrinking over the past 15 years, a trend analysts attribute to developers adapting to loan curbs, property cooling measures, and changing demographic needs.
Straits Times cited global commercial real estate services firm Cushman & Wakefield saying the median size of new non-landed private homes fell by 10.6 per cent from 1,012 sq ft in 2010 to 904 sq ft in 2024.
“Even though some developments have smaller kitchens, living and dining areas, their layout is designed to overlap, allowing for flexible and interchangeable use.
“For instance, the kitchen space can be converted into dining space, should they require more space for hosting,” said Marcus Chu, the chief executive of real estate agency ERA Singapore.
The reduction in median unit sizes was most pronounced in prime districts, where sizes fell 20.6 per cent to 829 sq ft in 2024 from 1,044 sq ft in 2010.
Suburban condos saw a 13.4 per cent decrease to 904 sq ft, while city fringe units declined 4.5 per cent to 904 sq ft.
This comes as measures introduced by the Urban Redevelopment Authority (URA) in 2012 and 2019 sought to limit the number of small units in residential projects to prevent excessive downsizing.
Additional rules implemented in 2023 require developers to ensure that at least 20 per cent of new central area units have a net internal area of at least 70 sq m.
According to another real estate agency OrangeTee, sales of new shoebox units dropped to 254 in 2024, a 90.6 per cent decline from the 2012 peak of 2,709 units.
Meanwhile, real estate consultancy Cistri’s associate director Edwin Loo said the latest regulations, including the harmonisation of floor-area definitions, ensure that private homes remain liveable and discourage developers from maximising saleable areas at the expense of functionality.
