reporter2
10-05-18, 00:31
Urgent action needed to counter shrinking apartment sizes
May 3, 2018
Property developers have been bidding sky-high prices for land, especially with the recent collective sale frenzy, and I fully concur with the view of Madam Kwok So Ha (Singapore must not give in to profit-driven developers; April 28).
In order to make good profits while keeping overall apartment prices affordable, sizes of flats have suffered, shrinking drastically from just 10 years ago.
Three-bedroom apartments have shrank from an average of 1,200 sq ft to just 900 sq ft now, while two-bedroom apartments have declined from 800 sq ft to 600 sq ft or less.
One may argue that it is a "willing buyer, willing seller" market, so one can walk away from unappealing apartments on offer.
But in reality, the Singapore property market is an oligopoly with just a few big players offering similar products, so there are no real choices when it comes to purchasing new properties.
The way of Hong Kong, with its pigeonhole houses, is definitely not where we want to go.
I strongly urge the Urban Redevelopment Authority to look into addressing this undesirable situation urgently.
Hong Chee Meng
May 3, 2018
Property developers have been bidding sky-high prices for land, especially with the recent collective sale frenzy, and I fully concur with the view of Madam Kwok So Ha (Singapore must not give in to profit-driven developers; April 28).
In order to make good profits while keeping overall apartment prices affordable, sizes of flats have suffered, shrinking drastically from just 10 years ago.
Three-bedroom apartments have shrank from an average of 1,200 sq ft to just 900 sq ft now, while two-bedroom apartments have declined from 800 sq ft to 600 sq ft or less.
One may argue that it is a "willing buyer, willing seller" market, so one can walk away from unappealing apartments on offer.
But in reality, the Singapore property market is an oligopoly with just a few big players offering similar products, so there are no real choices when it comes to purchasing new properties.
The way of Hong Kong, with its pigeonhole houses, is definitely not where we want to go.
I strongly urge the Urban Redevelopment Authority to look into addressing this undesirable situation urgently.
Hong Chee Meng