Thursday, March 22, 2012

Singaporean not keen on smaller living spaces

While the Urban Redevelopment Authority (URA) reviews the overall design, unit layout, site and configuration of a project to ensure a liveable environment, a developer has the freedom to put as many rooms as it wants into a flat, said The Straits Times.

For instance, Macly Group and Roxy-Pacific Holdings plan to build a 635 sq ft three-bedroom unit in the Natura (pictured), a joint residential development in Hillview. But potential buyers say they are worried about space constraints.

Calling the unit “too small,” Heri Setiabudi, said that “if you're thinking of renting it out, I don't think people, especially the foreigners, will rent such a small unit... Even if you are single but intend to start a family, (it's too small).”



Alex, a 35-year old manager, believes the units could attract investors who “are thinking of... subletting (them) as three separate rooms” but personally, he would not invest on such a unit due to “lack of flexibility”.
Ong, a 22-year-old newlywed, said the flat is too small to “raise a normal-sized family, which has about two kids on average.”

But real estate consultants are neutral on the issue, choosing to adopt a wait-and-see attitude.

Tan Kok Keong, OrangeTee's Head of Research and Consultancy, expects buyers of Natura to be HDB dwellers that are eager to upgrade to private homes but “may be a bit stretched at the moment,” adding that it could be “challenging for people to hope to get very good rental.”

“It could be a marketing technique for one to try selling three bedrooms at a cost-competitive, affordable rate,” said Donald Han, Special Adviser at HSR Property Group.

Colin Tan of Suntec Chesterton International noted that Singaporeans may not be comfortable with a small living space, unlike the small flat dwellers in Hong Kong.

View the original article here

Source From Property Guru

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