Square Foot Research Singapore

Shoebox Units - Everybody's Watching 'Em

GuillemardEdge

In our very first Market Watch, we chose to look at none other than the shoebox phenomenon. A new set of cooling measures has been announced to cap the number of units in new developments located outside of the central area.

Shoebox units need no introduction. They have gotten much spotlight lately. In short, these are units less than 500 sq ft. They began to appear in bigger numbers in 2007/2008 but used to stay confined within the City and City Fringe districts. They have since made their way to the various mass market districts, where the rental market for such units is new, untested, and faces competition from HDB flats.

In fact, mass market dominates the shoebox market now. Based on caveats received so far in 2012 for shoebox units, approximately two-thirds are located in the mass market districts, nearly a two-fold increase from the previous year. Buyers with HDB addresses contribute more than half of the total purchases, from 55.7% last year to over 60% this year. However, there is no dominance of any price region by any particular addressee group, although one might be inclined to think that HDB dwellers are scooping up the lower priced units.

MND has announced that, effective from 4 November 2012, new developments located outside of the central area will be restricted in terms of the maximum number of units allowed to be built. The figure is based on the maximum allowable gross floor area (excluding any bonus) divided by an assumed unit size of 70 sqm.

Shoebox units are sold at 20-30% premium compared to larger units. The most expensive shoebox ever sold was a unit at Robinson Suites that was sold for $1.68m, or $3,399psf. The smallest shoebox ever sold was a mere 258 sq ft (the size of two and a half carpark lots) at Suites @ Guillemard.

We do see why shoebox units are well-liked. For owners of private properties, since they can no longer buy resale HDB flats without having to dispose their existing private properties, shoebox units become their only option given a budget of about $500,000. For HDB dwellers, it is a first step towards the private market. Given market prices are feeling very peak'ish, investors might want to limit any additional exposure to the property market, keeping investment sizes small.

Distribution of Shoebox Units

Note: Mouseover to see the property's name.
Source: URA, squarefoot.com.sg
Launched before 2008
Launched after 2008

Transaction Prices and Sales

Extreme Cases

Shoebox units less than 30 sqm

Source: URA,
Contract Date Project Name Tenure Area
(sqft)
Purchase Price
($)
Purchase Price
($psf)
Region Planning Area
14 Mar 2018 SUITES @ GUILLEMARD Freehold 258 445,000 1,723 Central Geylang
29 Dec 2017 N.A. 999 YRS FR 01/01/1954 0 3,900,000 0
29 Nov 2017 CITY SUITES Freehold 0 852,800 0 Central Novena
21 Nov 2017 FRANKEL ESTATE Freehold 0 3,330,000 0 East Bedok
16 Nov 2017 FRANKEL ESTATE Freehold 0 5,860,000 0 East Bedok
13 Oct 2017 TAI HWAN GARDEN Freehold 0 7,250,000 0 North East Serangoon
9 Oct 2017 N.A. GT 75 0 6,750,000 0
27 Sep 2017 TAI HWAN GARDEN Freehold 0 5,630,000 0 North East Serangoon
26 Sep 2017 N.A. GT 61 0 16,800,000 0
6 Sep 2017 FRANKEL ESTATE Freehold 0 3,800,000 0 East Bedok
18 Aug 2017 ST ANNE'S WOOD 999 Yrs FROM 1875 0 2,381,000 0 North East Sengkang
7 Aug 2017 N.A. GT 10 0 2,000,000 0
18 Jul 2017 N.A. GT 368 0 2,800,000 0
17 Jul 2017 N.A. GT 42 0 21,000,000 0
19 Jun 2017 N.A. - 0 1,238,888 0
9 Jun 2017 N.A. GT 66 & 78 0 3,500,000 0
8 May 2017 TAI YUAN GARDEN Freehold 0 3,400,000 0 North East Serangoon
3 May 2017 FRANKEL ESTATE Freehold 0 4,200,000 0 East Bedok
27 Apr 2017 VILLAS AT KEW 99 Yrs FROM 1994 0 1,860,000 0 East Bedok
10 Apr 2017 TAI KENG GARDENS Freehold 0 2,800,000 0 North East Hougang
7 Apr 2017 6 DERBYSHIRE Freehold 0 1,977,950 0 Central Novena
6 Apr 2017 TRE RESIDENCES 99 Yrs FROM 2014 0 1,287,000 0 Central Geylang
30 Mar 2017 N.A. GT 21 0 1,100,000 0
3 Mar 2017 6 DERBYSHIRE Freehold 0 1,905,138 0 Central Novena
16 Feb 2017 TAI YUAN GARDEN Freehold 0 3,350,000 0 North East Serangoon
24 Jan 2017 OPERA ESTATE Freehold 0 4,350,000 0 East Bedok
1 Oct 2013 SUITES @ GUILLEMARD Freehold 258 508,000 1,966 Central Geylang
3 Apr 2013 SUITES @ GUILLEMARD Freehold 258 495,000 1,916 Central Geylang
15 Jun 2012 SUITES @ GUILLEMARD Freehold 258 495,000 1,916 Central Geylang
13 May 2011 KENT RESIDENCES Freehold 312 550,000 1,762 Central Kallang
28 Jan 2011 SUITES @ GUILLEMARD Freehold 258 423,000 1,637 Central Geylang
11 Nov 2009 SUITES @ GUILLEMARD Freehold 258 386,000 1,494 Central Geylang
9 Nov 2009 SUITES @ GUILLEMARD Freehold 258 381,000 1,475 Central Geylang
9 Nov 2009 SUITES @ GUILLEMARD Freehold 258 391,000 1,514 Central Geylang
9 Nov 2009 SUITES @ GUILLEMARD Freehold 258 375,000 1,452 Central Geylang
25 Apr 2008 KENT RESIDENCES Freehold 312 398,000 1,275 Central Kallang
18 Jan 2008 BAN GUAN PARK Freehold 0 2,200,000 0 Central Bukit Timah
1 Feb 2005 SELETARIS Freehold 280 130,000 465 North Sembawang
1 Apr 1999 MOUNTBATTEN LODGE Freehold 280 235,000 840 Central Marine Parade

Top 10 most expensive shoebox units

Source: URA,
Contract Date Project Name Tenure Area
(sqft)
Purchase Price
($)
Purchase Price
($psf)
Region Planning Area
14 Aug 2017 26 NEWTON Freehold 473 12,222,705 25,840 Central Novena
6 Aug 2020 3 CUSCADEN Freehold 463 1,940,308 4,192 Central River Valley
13 Aug 2019 3 CUSCADEN Freehold 420 1,747,151 4,162 Central River Valley
13 Mar 2019 3 CUSCADEN Freehold 452 1,793,814 3,968 Central River Valley
9 Sep 2019 3 CUSCADEN Freehold 452 1,778,351 3,934 Central River Valley
6 Aug 2019 3 CUSCADEN Freehold 420 1,632,990 3,890 Central River Valley
30 May 2019 3 CUSCADEN Freehold 463 1,790,000 3,867 Central River Valley
3 Nov 2018 3 CUSCADEN Freehold 463 1,773,000 3,831 Central River Valley
17 May 2019 3 CUSCADEN Freehold 452 1,729,948 3,827 Central River Valley
10 Oct 2019 MIDTOWN BAY 99 Yrs FROM 2018 484 1,878,700 3,804 Central Downtown Core

Breakdown of Shoebox Purchases

Breakdown by Region

Source: URA, http://www.squarefoot.com.sg

Breakdown by Buyer Profile

Source: URA, http://www.squarefoot.com.sg

Recent shoebox transactions

Note: Based on purchases in the past 6 months excluding bulk purchases
Source: URA,
Project Name Tenure Average Price*
($)
Average Price*
($psf)
No. of
Transactions*
Region Planning Area
1953 Freehold 868,000 1,967 1 Central Region Kallang
28 IMPERIAL RESIDENCES Freehold 645,000 1,332 1 Central Region Geylang
3 CUSCADEN Freehold 1,940,308 4,192 1 Central Region River Valley
38 I SUITES Freehold 740,888 1,639 1 Central Region Geylang
448@EAST COAST Freehold 680,000 1,579 1 East Region Bedok
8@WOODLEIGH 99 Yrs FROM 2008 635,000 1,594 1 Central Region Toa Payoh
AFFINITY AT SERANGOON 99 Years Leasehold 757,363 1,596 34 North East Region Serangoon
ALEXIS Freehold 710,000 1,783 1 Central Region Queenstown
AMBER PARK Freehold 1,218,837 2,595 3 Central Region Marine Parade
ATTITUDE AT KIM YAM 999 Yrs FROM 1841 720,000 1,967 1 Central Region River Valley
BARTLEY RESIDENCES 99 Yrs FROM 2011 682,667 1,475 3 North East Region Serangoon
BARTLEY RIDGE 99 Yrs FROM 2012 709,333 1,498 3 Central Region Toa Payoh
BELLA CASITA Freehold 560,000 1,239 1 Central Region Geylang
BOTANIQUE AT BARTLEY 99 Yrs FROM 2014 722,000 1,458 1 North East Region Serangoon
CARDIFF RESIDENCE 99 Yrs FROM 2011 558,500 1,331 2 North East Region Serangoon
CASA AERATA Freehold 610,500 1,333 2 Central Region Geylang
CASA AL MARE Freehold 780,500 1,630 2 East Region Pasir Ris
CASA CAMBIO Freehold 735,000 1,484 1 North East Region Serangoon
CENTRA LOFT Freehold 583,000 1,354 1 Central Region Geylang
CENTRA RESIDENCE Freehold 568,000 1,353 1 Central Region Geylang
CENTRA SUITES Freehold 630,000 1,394 1 Central Region Geylang
CITY REGENCY Freehold 635,000 1,311 1 Central Region Kallang
COASTLINE RESIDENCES Freehold 1,084,500 2,399 2 Central Region Marine Parade
COCO PALMS 99 Yrs FROM 2008 645,000 1,394 3 East Region Pasir Ris
COMMONWEALTH TOWERS 99 Yrs FROM 2013 838,600 1,818 10 Central Region Queenstown
COSMO Freehold 595,000 1,494 1 Central Region Geylang
CRADELS Freehold 681,444 1,506 2 Central Region Novena
D'NEST 99 Yrs FROM 2010 560,000 1,156 1 East Region Pasir Ris
D'WEAVE Freehold 660,000 1,495 1 Central Region Geylang
D'ZIRE 999 Yrs FROM 1875 500,000 1,290 1 North East Region Hougang
DORSETT RESIDENCES 99 Yrs FROM 2009 942,500 1,946 2 Central Region Outram
DUNEARN 386 Freehold 1,173,991 2,597 1 Central Region Bukit Timah
EIGHT RIVERSUITES 99 Yrs FROM 2011 725,000 1,643 1 Central Region Kallang
ESPADA Freehold 980,000 2,601 1 Central Region River Valley
EVERITT EDGE Freehold 628,000 1,297 1 Central Region Geylang
FORESQUE RESIDENCES 99 Yrs FROM 2011 615,000 1,329 1 West Region Bukit Panjang
FORETT AT BUKIT TIMAH Freehold 909,742 1,921 31 Central Region Bukit Timah
FOURTH AVENUE RESIDENCES 99 Years Leasehold 1,076,914 2,222 35 Central Region Bukit Timah
GEM RESIDENCES 99 Years Leasehold 860,000 1,775 1 Central Region Toa Payoh
GRANDVIEW SUITES Freehold 488,000 1,295 1 Central Region Geylang
GUILLEMARD EDGE Freehold 629,333 1,462 3 Central Region Geylang
HAIG 162 Freehold 578,888 1,582 1 Central Region Marine Parade
HAUS ON HANDY 99 Years Leasehold 1,326,400 2,866 1 Central Region Museum
HEDGES PARK CONDOMINIUM 99 Yrs FROM 2010 537,222 1,109 4 East Region Pasir Ris
HERITAGE EAST Freehold 620,000 1,340 1 East Region Bedok
HIGH PARK RESIDENCES 99 Years Leasehold 592,500 1,330 8 North East Region Sengkang
HILLION RESIDENCES N.A. 700,000 1,512 1 West Region Bukit Panjang
IDYLLIC SUITES Freehold 545,000 1,298 1 Central Region Geylang
ILLUMINAIRE ON DEVONSHIRE Freehold 940,000 2,130 1 Central Region River Valley
ISUITES @ MARSHALL Freehold 620,000 1,557 1 Central Region Marine Parade
JEWEL @ BUANGKOK 99 Yrs FROM 2012 680,000 1,404 1 North East Region Sengkang
KENT RIDGE HILL RESIDENCES 99 Years Leasehold 872,765 1,826 17 Central Region Queenstown
KINGSFORD WATERBAY 99 Yrs FROM 2014 590,000 1,227 3 North East Region Hougang
KOVAN GRANDEUR 99 Yrs FROM 2010 515,000 1,369 2 North East Region Hougang
LA FIESTA 99 Yrs FROM 2012 648,333 1,482 3 North East Region Sengkang
LA FLEUR Freehold 510,000 1,231 2 Central Region Geylang
LA VIDA @ 130 Freehold 595,000 1,228 1 East Region Bedok
LE QUEST 99 Years Leasehold 758,000 1,531 1 West Region Bukit Batok
LE REGAL Freehold 491,900 1,344 2 Central Region Geylang
LEEDON GREEN Freehold 1,208,000 2,551 1 Central Region Bukit Timah
LEVENUE Freehold 648,800 1,310 1 East Region Bedok
LOFT @ STEVENS Freehold 860,000 2,103 1 Central Region Tanglin
LOFT@HOLLAND Freehold 808,591 1,878 1 Central Region Bukit Timah
MARGARET VILLE 99 Years Leasehold 1,007,177 2,176 2 Central Region Queenstown
MEYER MANSION Grant In Fee Simple 1,443,000 2,980 2 Central Region Marine Parade
MIDTOWN BAY 99 Years Leasehold 1,397,043 3,003 7 Central Region Downtown Core
MIDTOWN RESIDENCES 99 Yrs FROM 2013 650,000 1,473 1 North East Region Hougang
MOONSTONE ROYALE Freehold 572,888 1,210 1 Central Region Kallang
MULBERRY TREE Freehold 771,250 1,748 2 Central Region Novena
NATURA@HILLVIEW 999 Yrs FROM 1885 581,500 1,302 2 West Region Bukit Batok
NOMA Freehold 767,287 1,718 15 Central Region Geylang
NOTTINGHILL SUITES Freehold 603,333 1,515 3 Central Region Bukit Timah
OKIO Freehold 710,000 1,691 1 Central Region Novena
ONE PEARL BANK 99 Years Leasehold 1,131,857 2,629 21 Central Region Outram
PARC BLEU Freehold 610,000 1,318 1 East Region Bedok
PARC CENTROS 99 Yrs FROM 2012 635,000 1,372 1 North East Region Punggol
PARC ELEGANCE Freehold 573,333 1,332 3 East Region Bedok
PARC ESTA 99 Years Leasehold 840,917 1,954 12 Central Region Geylang
PARC HAVEN Freehold 660,000 1,460 1 Central Region Novena
PARC RIVIERA 99 Years Leasehold 670,000 1,448 1 West Region Clementi
PARC ROSEWOOD 99 Yrs FROM 2011 507,984 1,180 7 North Region Woodlands
PARC SOMME 99 Yrs FROM 2008 544,000 1,555 2 Central Region Kallang
PARC SOPHIA Freehold 802,500 1,695 2 Central Region Rochor
PARK COLONIAL 99 Years Leasehold 982,000 2,122 1 Central Region Toa Payoh
PARK RESIDENCES KOVAN Freehold 600,000 1,689 1 North East Region Hougang
PEOPLE'S PARK COMPLEX 99 Yrs FROM 1968 468,000 1,144 1 Central Region Outram
PRESTIGE HEIGHTS Freehold 555,000 1,497 2 Central Region Novena
PRESTO@UPPER SERANGOON Freehold 600,000 1,429 1 North East Region Serangoon
PULLMAN RESIDENCES NEWTON Freehold 1,266,833 2,737 12 Central Region Novena
QUESTA @ DUNMAN Freehold 683,000 1,586 1 Central Region Geylang
RESIDENCES 88 Freehold 560,000 1,301 1 East Region Bedok
REZI 24 Freehold 779,969 1,647 13 Central Region Geylang
REZI 26 Freehold 586,667 1,288 3 Central Region Geylang
REZI 3TWO Freehold 670,888 1,449 1 Central Region Geylang
RIPPLE BAY 99 Yrs FROM 2011 570,000 1,177 1 East Region Pasir Ris
RIVERBANK @ FERNVALE 99 Yrs FROM 2013 594,000 1,200 2 North East Region Sengkang
RIVERBAY 999 Yrs FROM 1882 570,000 1,471 1 Central Region Kallang
RIVERFRONT RESIDENCES 99 Years Leasehold 733,000 1,584 1 North East Region Hougang
ROOTS @ TRANSIT 99 Years Leasehold 560,000 1,269 1 North Region Yishun
ROYCE RESIDENCES Freehold 536,000 1,277 1 Central Region Geylang
SEASIDE RESIDENCES 99 Years Leasehold 848,000 2,020 1 East Region Bedok
SENGKANG GRAND RESIDENCES 99 Years Leasehold 849,095 1,793 19 North East Region Sengkang
SIMS URBAN OASIS 99 Yrs FROM 2014 705,489 1,569 10 Central Region Geylang
SKY VUE 99 Yrs FROM 2013 810,000 1,636 1 Central Region Bishan
SKYSUITES@ANSON 99 Yrs FROM 2008 880,000 2,309 2 Central Region Downtown Core
SPOTTISWOODE 18 Freehold 799,333 2,063 3 Central Region Bukit Merah
SPOTTISWOODE SUITES Freehold 1,105,000 2,504 1 Central Region Bukit Merah
SPRING @ LANGSAT Freehold 596,000 1,258 1 Central Region Geylang
STELLAR RV Freehold 857,000 1,896 1 Central Region Tanglin
STIRLING RESIDENCES 99 Years Leasehold 963,300 2,183 10 Central Region Queenstown
STRATUM 99 Yrs FROM 2012 570,000 1,151 1 East Region Pasir Ris
STUDIOS@TEMBELING Freehold 730,000 1,577 1 Central Region Marine Parade
SUITES 123 Freehold 638,888 1,290 1 Central Region Kallang
SUITES @ NEWTON Freehold 950,000 1,961 1 Central Region Novena
SUITES @ PAYA LEBAR Freehold 557,667 1,387 3 North East Region Hougang
SUITES @ SHREWSBURY Freehold 595,000 1,727 1 Central Region Novena
SUITES AT BUKIT TIMAH Freehold 600,000 1,639 1 Central Region Bukit Timah
SUITES@BRADDELL Freehold 550,000 1,419 1 North East Region Serangoon
SUITES@CHANGI Freehold 530,000 1,296 1 Central Region Geylang
THE ANTARES 99 Years Leasehold 841,227 1,861 3 Central Region Geylang
THE EBONY Freehold 523,000 1,450 2 East Region Bedok
THE FLORENCE RESIDENCES 99 Years Leasehold 750,641 1,556 78 North East Region Hougang
THE GARDEN RESIDENCES 99 Years Leasehold 741,574 1,633 19 North East Region Serangoon
THE GLADES 99 Yrs FROM 2013 677,500 1,499 2 East Region Bedok
THE HILLFORD 60 Yrs FROM 2013 473,000 1,188 5 Central Region Bukit Timah
THE HYDE Freehold 1,420,000 2,868 1 Central Region Tanglin
THE INFLORA 99 Yrs FROM 2012 520,667 1,125 6 East Region Pasir Ris
THE INTERWEAVE Freehold 650,000 1,510 1 Central Region Novena
THE LAKEFRONT RESIDENCES 99 Yrs FROM 2010 705,000 1,424 1 West Region Jurong West
THE M 99 Years Leasehold 1,114,200 2,498 7 Central Region Downtown Core
THE OCTET Freehold 545,000 1,266 1 Central Region Geylang
THE PANORAMA 99 Yrs FROM 2013 674,750 1,548 4 North East Region Ang Mo Kio
THE POIZ RESIDENCES 99 Years Leasehold 724,000 1,725 2 Central Region Toa Payoh
THE PROMENADE@PELIKAT Freehold 565,000 1,236 4 North East Region Hougang
THE SANTORINI 99 Yrs FROM 2013 574,000 1,240 2 East Region Tampines
THE SCALA 99 Yrs FROM 2010 720,000 1,520 1 North East Region Serangoon
THE TAPESTRY 99 Years Leasehold 697,344 1,560 17 East Region Tampines
THE TEMBUSU Freehold 788,400 1,646 2 North East Region Hougang
THE TRE VER 99 Years Leasehold 862,000 1,741 2 Central Region Toa Payoh
THE WATER EDGE Freehold 686,000 1,385 1 Central Region Geylang
THOMSON IMPRESSIONS 99 Years Leasehold 765,000 1,653 1 Central Region Bishan
THOMSON THREE 99 Yrs FROM 2012 782,500 1,580 2 Central Region Bishan
TREASURE AT TAMPINES 99 Years Leasehold 718,818 1,553 11 East Region Tampines
TREASURES @ G20 Freehold 500,000 1,191 1 Central Region Geylang
TROPIKA EAST Freehold 625,000 1,350 1 East Region Bedok
UBER 388 Freehold 715,000 1,582 1 East Region Bedok
URBAN RESIDENCES Freehold 670,000 1,383 1 North East Region Hougang
URBAN TREASURES Freehold 819,676 1,813 3 East Region Bedok
VACANZA @ EAST Freehold 647,500 1,337 2 East Region Bedok
VERDALE 99 Years Leasehold 830,925 1,784 4 Central Region Bukit Timah
VERTICUS Freehold 908,795 2,036 8 Central Region Novena
VIBES @ EAST COAST Freehold 577,500 1,413 2 East Region Bedok
VIBES @ KOVAN Freehold 600,000 1,360 1 North East Region Hougang
VIENTO Freehold 562,667 1,244 3 Central Region Geylang
VIVA VISTA Freehold 616,000 1,590 1 Central Region Queenstown
VIVACE 999 Yrs FROM 1841 760,000 1,961 1 Central Region River Valley
WATERBANK AT DAKOTA 99 Yrs FROM 2009 818,000 1,689 1 Central Region Geylang
WHISTLER GRAND 99 Years Leasehold 722,071 1,636 18 West Region Clementi

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