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
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 258 375,000 1,452 Central Geylang
9 Nov 2009 SUITES @ GUILLEMARD Freehold 258 391,000 1,514 Central Geylang
9 Nov 2009 SUITES @ GUILLEMARD Freehold 258 381,000 1,475 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
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

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
9,150,000 0 3
16 @ AMBER Freehold 732,500 1,745 4 Central Region Marine Parade
18 WOODSVILLE Freehold 860,000 1,737 1 Central Region Toa Payoh
26 NEWTON Freehold 1,221,917 2,580 9 Central Region Novena
38 I SUITES Freehold 710,000 1,570 1 Central Region Geylang
448@EAST COAST Freehold 665,000 1,545 1 East Region Bedok
6 DERBYSHIRE Freehold 1,203,026 2,540 15 Central Region Novena
70@TRURO Freehold 924,908 1,868 1 Central Region Kallang
8 BASSEIN Freehold 810,000 1,881 1 Central Region Novena
AIRSTREAM Freehold 510,000 1,528 1 Central Region Kallang
ALEX RESIDENCES 99 Yrs FROM 2013 845,000 1,784 1 Central Region Bukit Merah
ALEXIS Freehold 702,500 1,764 4 Central Region Queenstown
ASPEN LINQ 999 Yrs FROM 1841 715,000 1,748 1 Central Region River Valley
ATTITUDE AT KIM YAM 999 Yrs FROM 1841 800,000 2,323 1 Central Region River Valley
AURALIS Freehold 724,000 1,564 1 East Region Bedok
AVILA GARDENS Freehold 488,000 1,054 1 East Region Pasir Ris
BALCON EAST Freehold 620,000 1,280 1 East Region Bedok
BARTLEY RESIDENCES 99 Yrs FROM 2011 693,750 1,499 4 North East Region Serangoon
BARTLEY RIDGE 99 Yrs FROM 2012 696,286 1,511 7 Central Region Toa Payoh
CARDIFF RESIDENCE 99 Yrs FROM 2011 576,667 1,386 3 North East Region Serangoon
CASA AERATA Freehold 519,000 1,340 2 Central Region Geylang
CASA CAMBIO Freehold 663,333 1,467 3 North East Region Serangoon
CAVAN SUITES Freehold 580,000 1,684 1 Central Region Kallang
CENTRA HEIGHTS Freehold 673,500 1,565 2 Central Region Geylang
CENTRA LOFT Freehold 582,500 1,320 2 Central Region Geylang
CENTRA STUDIOS Freehold 575,000 1,486 5 Central Region Geylang
CITY LOFT Freehold 530,500 1,464 3 Central Region Kallang
CITY SUITES Freehold 831,095 1,722 21 Central Region Novena
COMMONWEALTH TOWERS 99 Yrs FROM 2013 868,000 1,967 1 Central Region Queenstown
COSMO Freehold 610,000 1,453 1 Central Region Geylang
CRADELS Freehold 688,000 1,559 1 Central Region Novena
D'NEST 99 Yrs FROM 2010 628,000 1,296 5 East Region Pasir Ris
D'ZIRE 999 Yrs FROM 1875 565,000 1,312 1 North East Region Hougang
DOMUS Freehold 835,000 1,763 1 Central Region Novena
EASTWOOD REGENCY Freehold 520,000 1,239 1 East Region Bedok
ECHELON 99 Yrs FROM 2012 912,500 2,019 2 Central Region Bukit Merah
EDENZ SUITES Freehold 600,000 1,212 1 Central Region Geylang
EIGHT RIVERSUITES 99 Yrs FROM 2011 716,071 1,623 14 Central Region Kallang
ESPADA Freehold 928,543 2,412 7 Central Region River Valley
EVERITT EDGE Freehold 655,000 1,352 1 Central Region Geylang
FARRER PARK SUITES Freehold 640,000 1,699 1 Central Region Kallang
FORESQUE RESIDENCES 99 Yrs FROM 2011 620,000 1,340 1 West Region Bukit Panjang
FRANKEL ESTATE Freehold 4,330,000 0 3 East Region Bedok
FULCRUM Freehold 1,029,000 2,078 1 Central Region Kallang
GUILLEMARD EDGE Freehold 650,167 1,511 6 Central Region Geylang
HAIG 162 Freehold 618,333 1,391 3 Central Region Marine Parade
HEDGES PARK CONDOMINIUM 99 Yrs FROM 2010 526,667 1,088 3 East Region Pasir Ris
HERITAGE EAST Freehold 555,000 1,473 1 East Region Bedok
HILLCREST ARCADIA 99 Yrs FROM 1975 580,000 1,283 1 Central Region Bukit Timah
HILLION RESIDENCES N.A. 762,630 1,626 27 West Region Bukit Panjang
IDYLLIC SUITES Freehold 556,667 1,272 3 Central Region Geylang
ILLUMINAIRE ON DEVONSHIRE Freehold 1,044,000 2,305 2 Central Region River Valley
IMPERIAL HEIGHTS Freehold 610,000 1,349 1 Central Region Geylang
ISUITES @ PALM 999 Yrs FROM 1878 578,500 1,297 2 North East Region Hougang
J GATEWAY 99 Yrs FROM 2012 830,000 1,716 2 West Region Jurong East
JOOL SUITES Freehold 661,667 1,551 3 Central Region Kallang
KANDIS RESIDENCE 99 Years Leasehold 648,620 1,324 12 North Region Sembawang
KEMBANGAN SUITES Freehold 690,000 1,394 1 East Region Bedok
KENT RESIDENCES Freehold 590,000 1,442 1 Central Region Kallang
KOVAN GRANDEUR 99 Yrs FROM 2010 492,500 1,308 2 North East Region Hougang
LA VIDA @ 130 Freehold 619,000 1,339 2 East Region Bedok
LAVERNE'S LOFT Freehold 554,500 1,393 2 East Region Bedok
LE QUEST 99 Years Leasehold 619,667 1,370 3 West Region Bukit Batok
LEICESTER SUITES Freehold 729,333 1,577 3 Central Region Toa Payoh
LEVENUE Freehold 650,000 1,372 1 East Region Bedok
LIIV RESIDENCES Freehold 878,255 1,792 3 Central Region Queenstown
LINCOLN SUITES Freehold 1,100,000 2,323 1 Central Region Novena
LOFT @ NATHAN Freehold 815,750 1,849 4 Central Region Tanglin
LOFT@HOLLAND Freehold 800,000 2,477 1 Central Region Bukit Timah
M5 99 Yrs FROM 1995 918,500 2,007 2 Central Region Tanglin
MACKENZIE 138 Freehold 720,000 1,672 1 Central Region Rochor
MACKENZIE 88 Freehold 765,000 1,692 1 Central Region Rochor
MELOSA Freehold 556,125 1,292 4 Central Region Geylang
METRO LOFT Freehold 657,500 1,391 2 Central Region Geylang
MILLAGE Freehold 680,000 1,545 2 Central Region Geylang
MOUNTBATTEN LODGE Freehold 609,000 1,714 1 Central Region Marine Parade
NATURA@HILLVIEW 999 Yrs FROM 1885 627,500 1,388 2 West Region Bukit Batok
NEEM TREE Freehold 759,046 1,740 8 Central Region Novena
NESS Freehold 581,000 1,255 1 Central Region Geylang
NEWTON EDGE Freehold 935,000 2,020 1 Central Region Novena
NOTTINGHILL SUITES Freehold 630,000 1,582 4 Central Region Bukit Timah
OPAL SUITES Freehold 570,000 1,347 3 Central Region Kallang
OPTIMA @ TANAH MERAH 99 Yrs FROM 2008 678,000 1,400 1 East Region Bedok
PARC BOTANNIA 99 Years Leasehold 571,547 1,328 64 North East Region Sengkang
PARC CENTROS 99 Yrs FROM 2012 610,000 1,288 2 North East Region Punggol
PARC ELEGANCE Freehold 568,333 1,368 3 East Region Bedok
PARC IMPERIAL Freehold 677,500 1,615 2 Central Region Queenstown
PARC OLYMPIA 99 Yrs FROM 2012 544,333 1,099 3 East Region Pasir Ris
PARC RIVIERA 99 Years Leasehold 603,667 1,304 6 West Region Clementi
PARC ROSEWOOD 99 Yrs FROM 2011 524,286 1,218 7 North Region Woodlands
PARC SOPHIA Freehold 879,000 1,856 2 Central Region Rochor
PEOPLE'S PARK COMPLEX 99 Yrs FROM 1968 485,000 1,186 2 Central Region Outram
PEPPERMINT GROVE Freehold 838,000 1,692 1 Central Region Novena
PRESTIGE HEIGHTS Freehold 557,900 1,563 5 Central Region Novena
PRESTO@UPPER SERANGOON Freehold 620,000 1,440 1 North East Region Serangoon
PRIME RESIDENCE Freehold 510,000 1,281 1 Central Region Geylang
PRIMEDGE Freehold 612,000 1,354 1 Central Region Geylang
PRINCIPAL GARDEN 99 Years Leasehold 886,400 1,808 50 Central Region Bukit Merah
QUEENS PEAK 99 Years Leasehold 859,797 1,823 7 Central Region Queenstown
REGENT RESIDENCES Freehold 508,847 1,244 4 Central Region Kallang
REZI 26 Freehold 589,444 1,336 2 Central Region Geylang
REZI 35 Freehold 722,953 1,612 15 Central Region Geylang
RIPPLE BAY 99 Yrs FROM 2011 551,667 1,139 6 East Region Pasir Ris
RIVERSOUND RESIDENCE 99 Yrs FROM 2011 550,000 1,161 2 North East Region Sengkang
RIVIERA 38 999 Yrs FROM 1882 610,000 1,349 2 Central Region Kallang
ROBERTSON EDGE 999 Yrs FROM 1841 800,000 1,858 1 Central Region River Valley
RV EDGE Freehold 775,000 1,978 2 Central Region Tanglin
RV POINT 999 Yrs FROM 1841 865,000 1,869 1 Central Region Singapore River
RV RESIDENCES 999 Yrs FROM 1877 947,080 2,146 3 Central Region Tanglin
RV SUITES Freehold 888,888 1,795 1 Central Region Tanglin
SILVERSCAPE Freehold 560,000 1,369 1 Central Region Geylang
SIMS EDGE Freehold 633,250 1,486 4 Central Region Geylang
SKIES MILTONIA 99 Yrs FROM 2012 599,944 1,239 2 North Region Yishun
SKY GREEN Freehold 735,000 1,552 1 Central Region Geylang
SKY VUE 99 Yrs FROM 2013 832,138 1,688 5 Central Region Bishan
SKYLINE RESIDENCES Freehold 965,000 1,992 1 Central Region Bukit Merah
SKYSUITES17 Freehold 641,400 1,773 5 Central Region Novena
SKYSUITES@ANSON 99 Yrs FROM 2008 918,606 2,480 14 Central Region Downtown Core
SOHO 188 Freehold 670,000 1,596 1 Central Region Rochor
SOHO @ FARRER Freehold 665,000 1,358 2 Central Region Rochor
SOL ACRES 99 Years Leasehold 396,667 801 3 West Region Choa Chu Kang
SPOTTISWOODE 18 Freehold 819,178 2,114 5 Central Region Bukit Merah
SPOTTISWOODE SUITES Freehold 1,030,000 2,334 1 Central Region Bukit Merah
STRATUM 99 Yrs FROM 2012 572,888 1,298 1 East Region Pasir Ris
SUITES @ EUNOS Freehold 580,000 1,585 1 East Region Bedok
SUITES @ KOVAN Freehold 550,000 1,503 1 North East Region Hougang
SUITES @ NEWTON Freehold 950,000 1,961 1 Central Region Novena
SUITES @ PAYA LEBAR Freehold 508,000 1,348 1 North East Region Hougang
SUITES @ SIMS Freehold 529,000 1,426 2 Central Region Geylang
SUITES @ TOPAZ Freehold 505,000 1,340 1 Central Region Kallang
SUITES AT BUKIT TIMAH Freehold 502,500 1,168 2 Central Region Bukit Timah
SUITES@ KATONG Freehold 540,333 1,460 3 Central Region Marine Parade
SUITES@BRADDELL Freehold 550,000 1,419 1 North East Region Serangoon
SUITES@CHANGI Freehold 574,000 1,301 1 Central Region Geylang
TAI HWAN GARDEN Freehold 6,440,000 0 2 North East Region Serangoon
THE ASANA Freehold 1,032,964 2,594 3 Central Region Bukit Timah
THE BENTLY RESIDENCES@KOVAN Freehold 700,000 1,586 1 North East Region Hougang
THE CLIFT 99 Yrs FROM 2004 990,000 2,000 2 Central Region Downtown Core
THE COTZ Freehold 553,667 1,318 3 East Region Bedok
THE CREEK @ BUKIT Freehold 890,266 1,880 2 Central Region Bukit Timah
THE INFLORA 99 Yrs FROM 2012 530,667 1,147 6 East Region Pasir Ris
THE LAKEFRONT RESIDENCES 99 Yrs FROM 2010 745,000 1,505 1 West Region Jurong West
THE LENOX Freehold 590,000 1,442 1 East Region Bedok
THE LINE @ TANJONG RHU Freehold 1,045,148 2,484 11 Central Region Kallang
THE LUXURIE 99 Yrs FROM 2011 611,667 1,353 3 North East Region Sengkang
THE NAUTICAL 99 Yrs FROM 2011 555,000 1,322 1 North Region Sembawang
THE PALETTE 99 Yrs FROM 2010 605,000 1,222 1 East Region Pasir Ris
THE PANORAMA 99 Yrs FROM 2013 720,000 1,593 1 North East Region Ang Mo Kio
THE POIZ RESIDENCES 99 Years Leasehold 636,500 1,480 2 Central Region Toa Payoh
THE PROMENADE@PELIKAT Freehold 618,000 1,305 1 North East Region Hougang
THE SCALA 99 Yrs FROM 2010 749,333 1,571 3 North East Region Serangoon
THE TEMBUSU Freehold 755,000 1,594 1 North East Region Hougang
THE URBANITE Freehold 710,000 1,466 1 Central Region Kallang
THE VANDERLINT Freehold 620,000 1,477 1 Central Region Marine Parade
THE VERVE Freehold 690,000 1,563 1 Central Region Novena
THE VUE Freehold 562,333 1,295 3 North East Region Serangoon
THE WATER EDGE Freehold 599,825 1,364 4 Central Region Geylang
THOMSON IMPRESSIONS 99 Years Leasehold 799,624 1,728 11 Central Region Bishan
THOMSON V ONE 99 Yrs FROM 2001 560,000 1,334 1 Central Region Bishan
THREE 11 Freehold 750,000 1,515 1 Central Region Bishan
TREVISTA 99 Yrs FROM 2008 680,000 1,469 1 Central Region Toa Payoh
TYRWHITT 139 Freehold 640,600 1,457 2 Central Region Kallang
V ON SHENTON 99 Yrs FROM 2011 1,253,264 2,588 2 Central Region Downtown Core
VACANZA @ EAST Freehold 648,750 1,340 2 East Region Bedok
VETRO 999 Yrs FROM 1882 560,000 1,182 1 Central Region Kallang
VIBES @ EAST COAST Freehold 601,500 1,380 2 East Region Bedok
VIBES @ KOVAN Freehold 560,000 1,334 1 North East Region Hougang
VIBES@UPPER SERANGOON Freehold 590,000 1,442 1 North East Region Serangoon
VIENTO Freehold 562,500 1,215 2 Central Region Geylang
VIVA VISTA Freehold 621,667 1,635 3 Central Region Queenstown
VIVACE 999 Yrs FROM 1841 838,000 2,104 1 Central Region River Valley
WATERBANK AT DAKOTA 99 Yrs FROM 2009 797,600 1,647 5 Central Region Geylang
ZEDGE Freehold 765,000 1,545 2 Central Region Novena

Disclaimer

This report provides information as reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice. This report has been generated without regard to the individual financial circumstances, needs or objectives of persons who view it. Users should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. By the use of our services, you agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to Square Foot Research Pte. Ltd., its related and affiliate companies and/or their employees. Square Foot Research Pte. Ltd. makes reasonable effort to use reliable and comprehensive information to generate this report, but we make no representation that it is accurate or complete.

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