Shoebox Units - Everybody's Watching 'Em
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 $500,000. For HDB dwellers, it is a first step towards the private market. Given market prices are feeling very peak'ish, investors might want to limit any additional exposure to the property market, keeping investment sizes small.
Distribution of Shoebox Units
Note: Mouseover to see the property's name.
Source: URA, squarefoot.com.sg
Launched before 2008 |
Launched after 2008 |
Transaction Prices and Sales
Source: URA, http://www.squarefoot.com.sg
Extreme Cases
Shoebox units less than 30 sqm
Source: URA,
| Contract Date | Project Name | Tenure | Area (sqft) |
Purchase Price ($) |
Purchase Price ($psf) |
Region | Planning Area |
|---|---|---|---|---|---|---|---|
| 1 Oct 2013 | SUITES @ GUILLEMARD | Freehold | 258 | 508,000 | 1,966 | Central | Geylang |
| 3 Apr 2013 | SUITES @ GUILLEMARD | Freehold | 258 | 495,000 | 1,916 | Central | Geylang |
| 15 Jun 2012 | SUITES @ GUILLEMARD | Freehold | 258 | 495,000 | 1,916 | Central | Geylang |
| 13 May 2011 | KENT RESIDENCES | Freehold | 312 | 550,000 | 1,762 | Central | Kallang |
| 28 Jan 2011 | SUITES @ GUILLEMARD | Freehold | 258 | 423,000 | 1,637 | Central | Geylang |
| 11 Nov 2009 | SUITES @ GUILLEMARD | Freehold | 258 | 386,000 | 1,494 | Central | Geylang |
| 9 Nov 2009 | SUITES @ GUILLEMARD | Freehold | 258 | 381,000 | 1,475 | Central | Geylang |
| 9 Nov 2009 | SUITES @ GUILLEMARD | Freehold | 258 | 375,000 | 1,452 | Central | Geylang |
| 9 Nov 2009 | SUITES @ GUILLEMARD | Freehold | 258 | 391,000 | 1,514 | Central | Geylang |
| 25 Apr 2008 | KENT RESIDENCES | Freehold | 312 | 398,000 | 1,275 | Central | Kallang |
| 1 Feb 2005 | SELETARIS | Freehold | 280 | 130,000 | 465 | North | Sembawang |
| 1 Apr 1999 | MOUNTBATTEN LODGE | Freehold | 280 | 235,000 | 840 | Central | Marine Parade |
Top 10 most expensive shoebox units
Source: URA,
| Contract Date | Project Name | Tenure | Area (sqft) |
Purchase Price ($) |
Purchase Price ($psf) |
Region | Planning Area |
|---|---|---|---|---|---|---|---|
| 23 Dec 2010 | ROBINSON SUITES | Freehold | 495 | 1,683,000 | 3,399 | Central | Downtown Core |
| 21 Dec 2010 | ROBINSON SUITES | Freehold | 495 | 1,683,000 | 3,399 | Central | Downtown Core |
| 3 Jan 2011 | ROBINSON SUITES | Freehold | 495 | 1,683,000 | 3,399 | Central | Downtown Core |
| 14 Dec 2010 | ROBINSON SUITES | Freehold | 484 | 1,645,000 | 3,396 | Central | Downtown Core |
| 27 Jan 2011 | ROBINSON SUITES | Freehold | 495 | 1,653,000 | 3,338 | Central | Downtown Core |
| 21 Dec 2010 | ROBINSON SUITES | Freehold | 484 | 1,616,000 | 3,336 | Central | Downtown Core |
| 14 Dec 2011 | ROBINSON SUITES | Freehold | 495 | 1,650,000 | 3,332 | Central | Downtown Core |
| 22 Dec 2010 | ROBINSON SUITES | Freehold | 495 | 1,635,000 | 3,302 | Central | Downtown Core |
| 27 Dec 2010 | ROBINSON SUITES | Freehold | 495 | 1,621,000 | 3,274 | Central | Downtown Core |
| 30 Dec 2010 | ROBINSON SUITES | Freehold | 484 | 1,585,000 | 3,272 | Central | Downtown Core |
Breakdown of Shoebox Purchases
Breakdown by Region
Source: URA, http://www.squarefoot.com.sg
Breakdown by Buyer Profile
Source: URA, http://www.squarefoot.com.sg
Recent shoebox transactions
Note: Based on purchases in the past 6 months excluding bulk purchases
Source: URA,
| Project Name | Tenure | Average Price* ($) |
Average Price* ($psf) |
No. of Transactions* |
Region | Planning Area |
|---|---|---|---|---|---|---|
| 10 SHELFORD | Freehold | 750,000 | 1,659 | 1 | Central Region | Bukit Timah |
| 21 RICHARDS | Freehold | 590,000 | 1,442 | 1 | North East Region | Hougang |
| 26 NEWTON | Freehold | 1,121,469 | 2,346 | 34 | Central Region | Novena |
| 6 DERBYSHIRE | Freehold | 1,086,687 | 2,294 | 3 | Central Region | Novena |
| 8@WOODLEIGH | 99 Yrs FROM 2008 | 570,000 | 1,431 | 1 | Central Region | Toa Payoh |
| AIRSTREAM | Freehold | 632,500 | 1,306 | 2 | Central Region | Kallang |
| ALEX RESIDENCES | 99 Yrs FROM 2013 | 983,786 | 2,077 | 7 | Central Region | Bukit Merah |
| ALEXIS | Freehold | 663,750 | 1,645 | 4 | Central Region | Queenstown |
| AURALIS | Freehold | 645,000 | 1,349 | 2 | East Region | Bedok |
| BARTLEY RESIDENCES | 99 Yrs FROM 2011 | 700,000 | 1,512 | 1 | North East Region | Serangoon |
| BARTLEY RIDGE | 99 Yrs FROM 2012 | 685,000 | 1,552 | 1 | Central Region | Toa Payoh |
| CASA CAMBIO | Freehold | 616,500 | 1,414 | 2 | North East Region | Serangoon |
| CAVAN SUITES | Freehold | 550,000 | 1,648 | 1 | Central Region | Kallang |
| CENTRA HEIGHTS | Freehold | 644,000 | 1,496 | 2 | Central Region | Geylang |
| CENTRA LOFT | Freehold | 620,000 | 1,309 | 1 | Central Region | Geylang |
| CENTRA STUDIOS | Freehold | 642,888 | 1,327 | 1 | Central Region | Geylang |
| CENTRA SUITES | Freehold | 600,000 | 1,327 | 1 | Central Region | Geylang |
| CENTRAL IMPERIAL | Freehold | 475,000 | 1,132 | 1 | Central Region | Geylang |
| CITY LOFT | Freehold | 500,000 | 1,498 | 1 | Central Region | Kallang |
| CITY SUITES | Freehold | 791,500 | 1,751 | 2 | Central Region | Novena |
| CLEMENTI PARK | Freehold | 578,000 | 1,193 | 1 | West Region | Clementi |
| COMMONWEALTH TOWERS | 99 Yrs FROM 2013 | 842,776 | 1,853 | 89 | Central Region | Queenstown |
| CORALIS | Freehold | 774,000 | 1,563 | 2 | Central Region | Marine Parade |
| CRADELS | Freehold | 652,500 | 1,479 | 2 | Central Region | Novena |
| D'NEST | 99 Yrs FROM 2010 | 596,000 | 1,231 | 2 | East Region | Pasir Ris |
| D'WEAVE | Freehold | 607,000 | 1,446 | 1 | Central Region | Geylang |
| DEVONSHIRE RESIDENCES | Freehold | 1,100,088 | 2,222 | 1 | Central Region | River Valley |
| DUNEARN SUITES | Freehold | 740,000 | 1,809 | 2 | Central Region | Bukit Timah |
| EIGHT RIVERSUITES | 99 Yrs FROM 2011 | 724,333 | 1,641 | 3 | Central Region | Kallang |
| ESPADA | Freehold | 869,000 | 2,374 | 2 | Central Region | River Valley |
| ESPIRA SUITES | Freehold | 667,500 | 1,378 | 2 | East Region | Bedok |
| FORESQUE RESIDENCES | 99 Yrs FROM 2011 | 609,000 | 1,316 | 2 | West Region | Bukit Panjang |
| FULCRUM | Freehold | 967,071 | 2,028 | 14 | Central Region | Kallang |
| GEM RESIDENCES | 99 Years Leasehold | 791,667 | 1,647 | 9 | Central Region | Toa Payoh |
| GRANDEUR PARK RESIDENCES | 99 Years Leasehold | 649,598 | 1,481 | 89 | East Region | Bedok |
| GUILLEMARD EDGE | Freehold | 610,000 | 1,491 | 1 | Central Region | Geylang |
| HAIG 162 | Freehold | 530,000 | 1,492 | 1 | Central Region | Marine Parade |
| HEDGES PARK CONDOMINIUM | 99 Yrs FROM 2010 | 526,000 | 1,086 | 1 | East Region | Pasir Ris |
| HERITAGE EAST | Freehold | 602,500 | 1,335 | 2 | East Region | Bedok |
| HILBRE28 | 999 Yrs FROM 1876 | 780,000 | 1,575 | 1 | North East Region | Hougang |
| HILLION RESIDENCES | N.A. | 674,783 | 1,437 | 96 | West Region | Bukit Panjang |
| IMPERIAL HEIGHTS | Freehold | 619,875 | 1,371 | 4 | Central Region | Geylang |
| ISUITES @ PALM | 999 Yrs FROM 1878 | 604,194 | 1,306 | 2 | North East Region | Hougang |
| JUPITER 18 | Freehold | 560,000 | 1,334 | 1 | Central Region | Geylang |
| KINGSFORD WATERBAY | 99 Yrs FROM 2014 | 641,000 | 1,323 | 1 | North East Region | Hougang |
| KOVAN GRANDEUR | 99 Yrs FROM 2010 | 480,000 | 1,312 | 1 | North East Region | Hougang |
| LA BRISA | Freehold | 650,000 | 1,313 | 1 | Central Region | Geylang |
| LA FIESTA | 99 Yrs FROM 2012 | 632,000 | 1,398 | 5 | North East Region | Sengkang |
| LA VIDA @ 130 | Freehold | 630,000 | 1,361 | 1 | East Region | Bedok |
| LAVERNE'S LOFT | Freehold | 558,000 | 1,353 | 6 | East Region | Bedok |
| LE REGAL | Freehold | 478,000 | 1,139 | 1 | Central Region | Geylang |
| LEICESTER SUITES | Freehold | 735,000 | 1,517 | 1 | Central Region | Toa Payoh |
| LEVENUE | Freehold | 650,000 | 1,404 | 1 | East Region | Bedok |
| LIV ON WILKIE | Freehold | 968,286 | 2,142 | 7 | Central Region | Rochor |
| LOFT @ NATHAN | Freehold | 814,333 | 1,880 | 3 | Central Region | Tanglin |
| LOFT @ RANGOON | Freehold | 640,000 | 1,416 | 1 | Central Region | Kallang |
| LOFT @ STEVENS | Freehold | 799,999 | 1,813 | 1 | Central Region | Tanglin |
| LOFT@HOLLAND | Freehold | 710,000 | 2,199 | 2 | Central Region | Bukit Timah |
| MACKENZIE 88 | Freehold | 702,500 | 1,520 | 2 | Central Region | Rochor |
| NESS | Freehold | 538,000 | 1,219 | 1 | Central Region | Geylang |
| NEWTON EDGE | Freehold | 770,000 | 1,745 | 1 | Central Region | Novena |
| NIN RESIDENCE | 99 Yrs FROM 2010 | 680,000 | 1,504 | 1 | Central Region | Toa Payoh |
| NOMU | Freehold | 1,080,000 | 2,280 | 1 | Central Region | Museum |
| NORTH PARK RESIDENCES | N.A. | 620,000 | 1,440 | 1 | North Region | Yishun |
| OPTIMA @ TANAH MERAH | 99 Yrs FROM 2008 | 688,888 | 1,422 | 1 | East Region | Bedok |
| PALMERA EAST | Freehold | 613,000 | 1,424 | 4 | East Region | Bedok |
| PARC CENTROS | 99 Yrs FROM 2012 | 627,000 | 1,339 | 2 | North East Region | Punggol |
| PARC ELEGANCE | Freehold | 537,500 | 1,332 | 2 | East Region | Bedok |
| PARC IMPERIAL | Freehold | 676,000 | 1,700 | 2 | Central Region | Queenstown |
| PARC OLYMPIA | 99 Yrs FROM 2012 | 540,000 | 1,091 | 1 | East Region | Pasir Ris |
| PARC RIVIERA | 99 Years Leasehold | 601,394 | 1,299 | 62 | West Region | Clementi |
| PARC ROSEWOOD | 99 Yrs FROM 2011 | 516,125 | 1,199 | 8 | North Region | Woodlands |
| PARC SOMME | 99 Yrs FROM 2008 | 565,000 | 1,591 | 1 | Central Region | Kallang |
| PARK PLACE RESIDENCES AT PLQ | 99 Years Leasehold | 882,837 | 1,823 | 74 | Central Region | Geylang |
| PARK RESIDENCES KOVAN | Freehold | 565,500 | 1,592 | 2 | North East Region | Hougang |
| PEOPLE'S PARK COMPLEX | 99 Yrs FROM 1968 | 428,000 | 925 | 1 | Central Region | Outram |
| PRESTIGE HEIGHTS | Freehold | 520,500 | 1,501 | 4 | Central Region | Novena |
| PRINCIPAL GARDEN | 99 Years Leasehold | 808,234 | 1,648 | 38 | Central Region | Bukit Merah |
| QUBE SUITES | Freehold | 580,000 | 1,382 | 1 | East Region | Bedok |
| QUEENS PEAK | 99 Years Leasehold | 784,212 | 1,723 | 66 | Central Region | Queenstown |
| REGENT RESIDENCES | Freehold | 685,000 | 1,675 | 2 | Central Region | Kallang |
| RESIDENCES 88 | Freehold | 566,500 | 1,300 | 2 | East Region | Bedok |
| REZI 3TWO | Freehold | 729,000 | 1,575 | 1 | Central Region | Geylang |
| RIPPLE BAY | 99 Yrs FROM 2011 | 575,931 | 1,189 | 5 | East Region | Pasir Ris |
| RIVERSOUND RESIDENCE | 99 Yrs FROM 2011 | 543,963 | 1,148 | 3 | North East Region | Sengkang |
| RIZ HAVEN | 946 Yrs FROM 1938 | 552,000 | 1,221 | 1 | East Region | Pasir Ris |
| RV EDGE | Freehold | 870,000 | 1,837 | 1 | Central Region | Tanglin |
| RV RESIDENCES | 999 Yrs FROM 1877 | 905,000 | 2,156 | 1 | Central Region | Tanglin |
| SEAHILL | 99 Yrs FROM 2011 | 680,000 | 1,373 | 1 | West Region | Clementi |
| SEASIDE RESIDENCES | 99 Years Leasehold | 776,242 | 1,849 | 22 | East Region | Bedok |
| SIGLAP V | Freehold | 700,000 | 1,414 | 1 | East Region | Bedok |
| SILVERSCAPE | Freehold | 575,000 | 1,333 | 3 | Central Region | Geylang |
| SIMS URBAN OASIS | 99 Yrs FROM 2014 | 718,681 | 1,509 | 9 | Central Region | Geylang |
| SKIES MILTONIA | 99 Yrs FROM 2012 | 556,500 | 1,149 | 2 | North Region | Yishun |
| SKY GREEN | Freehold | 726,500 | 1,467 | 1 | Central Region | Geylang |
| SKY VUE | 99 Yrs FROM 2013 | 800,000 | 1,616 | 1 | Central Region | Bishan |
| SKYLINE RESIDENCES | Freehold | 925,000 | 1,910 | 2 | Central Region | Bukit Merah |
| SKYSUITES17 | Freehold | 600,000 | 1,639 | 1 | Central Region | Novena |
| SKYSUITES@ANSON | 99 Yrs FROM 2008 | 875,000 | 2,293 | 2 | Central Region | Downtown Core |
| SOL ACRES | 99 Years Leasehold | 375,273 | 758 | 11 | West Region | Choa Chu Kang |
| SOLEIL @ SINARAN | 99 Yrs FROM 2006 | 907,500 | 1,833 | 2 | Central Region | Novena |
| SPOTTISWOODE SUITES | Freehold | 1,065,360 | 2,377 | 3 | Central Region | Bukit Merah |
| STRATUM | 99 Yrs FROM 2012 | 580,000 | 1,171 | 1 | East Region | Pasir Ris |
| SUITES 28 | Freehold | 530,000 | 1,231 | 1 | Central Region | Geylang |
| SUITES @ EASTCOAST | Freehold | 548,333 | 1,498 | 3 | East Region | Bedok |
| SUITES @ GUILLEMARD | Freehold | 510,000 | 1,579 | 1 | Central Region | Geylang |
| SUITES @ NEWTON | Freehold | 921,500 | 1,902 | 4 | Central Region | Novena |
| SUITES @ PAYA LEBAR | Freehold | 523,333 | 1,351 | 3 | North East Region | Hougang |
| SUITES AT BUKIT TIMAH | Freehold | 600,000 | 1,593 | 1 | Central Region | Bukit Timah |
| SUITES@ KATONG | Freehold | 638,000 | 1,347 | 1 | Central Region | Marine Parade |
| SUITES@BRADDELL | Freehold | 560,000 | 1,334 | 1 | North East Region | Serangoon |
| SYCAMORE TREE | Freehold | 622,000 | 1,482 | 1 | Central Region | Marine Parade |
| THE ALPS RESIDENCES | 99 Years Leasehold | 586,000 | 1,183 | 1 | East Region | Tampines |
| THE AXIS | Freehold | 590,000 | 1,481 | 1 | Central Region | Novena |
| THE CLIFT | 99 Yrs FROM 2004 | 970,000 | 1,959 | 2 | Central Region | Downtown Core |
| THE CREEK @ BUKIT | Freehold | 821,254 | 1,792 | 7 | Central Region | Bukit Timah |
| THE FORESTA @ MOUNT FABER | Freehold | 808,888 | 1,879 | 1 | Central Region | Bukit Merah |
| THE GLADES | 99 Yrs FROM 2013 | 762,261 | 1,590 | 38 | East Region | Bedok |
| THE HILLFORD | 60 Yrs FROM 2013 | 495,000 | 1,243 | 1 | Central Region | Bukit Timah |
| THE INTERWEAVE | Freehold | 575,222 | 1,485 | 4 | Central Region | Novena |
| THE LINE @ TANJONG RHU | Freehold | 1,000,000 | 2,382 | 1 | Central Region | Kallang |
| THE NAUTICAL | 99 Yrs FROM 2011 | 560,250 | 1,270 | 2 | North Region | Sembawang |
| THE PALETTE | 99 Yrs FROM 2010 | 610,000 | 1,232 | 1 | East Region | Pasir Ris |
| THE POIZ RESIDENCES | 99 Years Leasehold | 647,973 | 1,544 | 37 | Central Region | Toa Payoh |
| THE PROMENADE@PELIKAT | Freehold | 620,000 | 1,280 | 1 | North East Region | Hougang |
| THE SCALA | 99 Yrs FROM 2010 | 735,000 | 1,552 | 2 | North East Region | Serangoon |
| THE SERENNO | Freehold | 672,000 | 1,388 | 2 | Central Region | Geylang |
| THE URBANITE | Freehold | 700,000 | 1,445 | 1 | Central Region | Kallang |
| THE VUE | Freehold | 554,000 | 1,297 | 3 | North East Region | Serangoon |
| THE WATER EDGE | Freehold | 535,000 | 1,343 | 1 | Central Region | Geylang |
| THOMSON IMPRESSIONS | 99 Years Leasehold | 757,868 | 1,637 | 15 | Central Region | Bishan |
| TREASURES @ G20 | Freehold | 520,000 | 1,239 | 2 | Central Region | Geylang |
| TREASURES@G6 | Freehold | 596,841 | 1,334 | 7 | Central Region | Geylang |
| TROPIKA EAST | Freehold | 628,000 | 1,459 | 1 | East Region | Bedok |
| TYRWHITT 139 | Freehold | 610,000 | 1,526 | 2 | Central Region | Kallang |
| V ON SHENTON | 99 Yrs FROM 2011 | 1,234,430 | 2,633 | 6 | Central Region | Downtown Core |
| VACANZA @ EAST | Freehold | 635,000 | 1,311 | 2 | East Region | Bedok |
| VIBES @ KOVAN | Freehold | 550,000 | 1,246 | 1 | North East Region | Hougang |
| VIENTO | Freehold | 600,000 | 1,296 | 1 | Central Region | Geylang |
| VIIO @ BALESTIER | Freehold | 790,000 | 1,668 | 1 | Central Region | Novena |
| VIVA VISTA | Freehold | 567,500 | 1,470 | 2 | Central Region | Queenstown |
| WATERBANK AT DAKOTA | 99 Yrs FROM 2009 | 746,000 | 1,540 | 3 | Central Region | Geylang |
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