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How 'affordability crunch' urged homebuyers to opt for smaller sized units


Demand for big units has been gradually
shrinking. Savills analysis of the caveats lodged
from Q1/2012 to Q3/2013 shows that in
the new sale segment, home
buyers are now favouring smaller private
non-landed homes islandwide, with sizes
from >60 sq m to 80 sq m. Savills noted that the demand for these
types of units has risen for three
consecutive quarters from 17.7% in
Q4/2012 to 28.2% in Q3/2013, registering
almost 1 percentage point more than
units sized ≤60 sq m, which include one- bedroom apartments and "shoe-box"
units. At the same time, the percentages of
relatively big units (>100 sq m) have been
gradually shrinking since early this year. Here's more from Savills: Our analysis also reveals that the
average price quantum for the units sized
>60 sq m to 80 sq m was about S$
1,100,000, while that of the bigger units of
>100 sq m to 120 sqm was about S$
1,490,000. These findings suggest that there were a
number of buyers who entered the
market, had their budgets crimped by the
cooling measures and TDSR, and have
been compelled to trade size for
affordability.

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