More units cranked out as home sizes shrink
A study by Savills Singapore has put some hard numbers to the big lure of small apartments. Developers have been squeezing out more units on sites bought at state land tenders in recent years than was initially estimated. Savills' study shows that the supply from projects on each of eight sites exceed the supply estimate in the GLS Programme by more than 40 %. Savills found that a substantial portion of units in these developments are below 800 sq ft, and in some cases, even under 500 sq ft.
DTZ South-east Asia chief operating officer Ong Choon Fah observed that over the past 15-20 years, the typical size of a three-bedroom apartment has shrunk from about 1,600 sq ft to 1,200 sq ft, with compact three bedders at 1,000-1,100 sq ft. 'This trend has been driven by the increase in land prices and pressure to keep lumpsum home prices affordable, as well as population increase, smaller family sizes, advent of small home appliances – even vacuum cleaners are smaller these days – and changes in lifestyle patterns with the Gen Y wanting their own place,' said Mrs Ong.
Source : The Business Times, 23 Aug 2011
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