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Chart of the Day: See the curious case of Singapore’s steadily shrinking homes
New home median size is down by almost 40%.
New homes in Singapore are getting smaller and smaller as developers strive to keep their projects affordable in this land-scarce republic.
UOB revealed in a report that the median size of new homes has fallen by around 40% over the past 6 years, with the average size of a 3-bedroom unit now less than 800sf--or smaller than a 4-room HDB flat.
Developers appear to be keeping their projects small to keep up with the sharp 45% increase in per square foot (psf) prices.
Although psf prices have surged, smaller units mean that most units are still priced within the $1m range, which is the “sweet spot” for most buyers.
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