News Forum Extracts (15 Apr 2012, Sunday Times, Singapore)
Read the following rebuttal from an owner of so called “shoebox” condo apartment and by all means, form your OWN opinion.
Buying “tiny apartments” (shoebox, as in property market) according to some people, it’s unthinkable. They say such a space = low living standard.
Ask people in Hong Kong and Tokyo and they will tell you an apartment (or home) with 400+ sq. ft. or even less is very much acceptable with no less in living comfort for up to 3 or 4 persons.
However, in Singapore most cmmon public housing flats are much larger than the size of shoebox private apartment yet cheaper in prices; a comparison is inevitable. A rather comfotable (investment) option is for private property of not less than est. 750 sq. ft. (2 bed rooms) in size and matched with one’s affordability.
By the way, “shoebox” lovers should also bear in mind that such capital investment on tiny (it is, by Singapore standards) property holds a higher risk of falling into negative asset when the market swings the other way… The sign is on the wall, shoebox apartment are already over-built in the Lion City and its price-level is considered HIGH. Don’t forget the mortgage loan… and interest rates. (What comes down can shoot up still). Shoebox apartments in future are in situation of limited secondary market (resale) to sell, with any margin.
Anyway, it is a freedom of choice. To each the best option and hope…