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Issue 377

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CONTENTS FROM THE

p2 Reader’s Letter – Singapore’s Shoebox
EDITOR
Welcome to the 377th edition of the
Singapore Property Weekly.
Condos are Not So Bad
Hope you like it!
p5 Resale Property Transactions
Mr. Propwise
(December 7 – December 14)

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SINGAPORE PROPERTY WEEKLY Issue 377

Reader’s Letter – Singapore’s Shoebox Condos
are Not So Bad
By Mr. Propwise

In response to a previous article, Geylang
Shoebox Condos – A Comparison, we
received the following reader response which
I’d like to share with you:

Dear Mr. Propwise,

Thank you for this useful research.

However, I think there has been some
misconception about these so-called shoebox
condos.

These shoebox condos are nothing new. But
many property reports and research analyses
have missed some important points, and they
don’t do justice to these smallish condo units.

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SINGAPORE PROPERTY WEEKLY Issue 377

Maybe some better terms should be used so To me, these smallish units are very liveable,
as not to belittle these very useful dwellings. compared to the much more expensive
Hongkong shoebox units, which I have
I have been to some countries, long before
visited.
these “shoebox” units came into being in
Singapore – for example, in Switzerland, Young executives desiring to own a freehold
Japan and Hongkong, to name a few. They condo unit that they can afford would find
are called “studios”. Many are even smaller these suitable for their budget. Sure, it might
than our “shoeboxes”. make more sense to buy a 3-room HDB flat in
mature estates like Toa Payoh, which could
I have seen some of our shoeboxes. Perhaps
cost 50% less. But not many would qualify,
some of our property experts should go look
unless they are married!
at Guillemard Edge. At 441 sq ft, a unit has a
decent bedroom, toilet, full balconies, and So, such shoeboxes in Geylang offer an
even a study area, big enough to alternative choice – relative affordability, good
accommodate a single bed. The condo has location (close to MRTs, shops and eateries,
two lap pools, a rest area, a small gym and it near to CBD and other amenities), a freehold
stretches between two Lorongs – 28 and 30. title, and relatively good rentability (easier to
rent out and higher rental returns).

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SINGAPORE PROPERTY WEEKLY Issue 377

And for singles who wish to be on their own
and work in the CBD, these offer a good
alternative to renting a room, whether in a
condo or in HDB flats (e.g. a 3-room HDB flat
in Toa Payoh costs about $ 1,700 per month).
What would the mortgage be for 30 years for
a unit in most of these shoebox developments
in Geylang? And not forgetting that these are
freehold. After 30 years of paying they will be
fully owned, but NOT for rental flats!

In short, these condo units have been overly
discredited and wrongly analysed. Many
writers have not done justice to these
smallish (not small) condos by their often
negative comments.

Regards, TI

Want to share your thoughts on this or other
Singapore property issues? Just email us.

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SINGAPORE PROPERTY WEEKLY Issue 377

Non-Landed Residential Resale Property Transactions for the Week of Dec 7 – Dec 14

Postal Area Transacted Price Postal Area Transacted Price
Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 ONE SHENTON 850 1,445,000 1,699 99 9 8 SAINT THOMAS 1,302 4,188,000 3,215 FH
2 INTERNATIONAL PLAZA 1,496 1,600,000 1,069 99 9 8 SAINT THOMAS 1,302 4,165,000 3,198 FH
3 THE CREST 614 1,280,000 2,086 99 9 THE SUITES AT CENTRAL 1,442 3,388,000 2,349 FH
3 RIVER PLACE 1,055 1,650,000 1,564 99 9 THE COSMOPOLITAN 1,141 2,570,000 2,252 FH
3 REGENCY SUITES 1,421 2,200,000 1,548 FH 9 THE BOTANIC ON LLOYD 2,056 4,400,000 2,140 FH
3 THE METROPOLITAN CONDOMINIUM 1,367 2,100,000 1,536 99 9 KIM SIA COURT 1,066 1,760,000 1,652 FH
3 CENTRAL GREEN CONDOMINIUM 1,292 1,850,000 1,432 99 9 PARC SOPHIA 732 1,098,000 1,500 FH
3 ASCENTIA SKY 1,776 2,520,000 1,419 99 10 3 ORCHARD BY-THE-PARK 1,066 3,741,000 3,511 FH
3 ENG HOON MANSIONS 1,335 1,580,000 1,184 FH 10 ROBIN RESIDENCES 2,196 4,880,000 2,222 FH
4 SKYLINE RESIDENCES 1,292 2,475,000 1,916 FH 10 BELMOND GREEN 1,313 2,700,000 2,056 FH
4 THE INTERLACE 1,055 1,550,000 1,469 99 10 SHEARES VILLE 1,475 2,460,000 1,668 FH
5 PARC IMPERIAL 441 688,000 1,559 FH 10 VERDURE 1,755 2,850,000 1,624 FH
5 THE SORRENTO 732 1,060,000 1,448 FH 10 THE CAPRI 592 945,000 1,596 FH
5 PASIR VIEW PARK 1,335 1,680,000 1,259 FH 10 SOMMERVILLE PARK 2,336 3,400,000 1,456 FH
5 CLEMENTIWOODS CONDOMINIUM 1,625 1,780,000 1,095 99 10 GLENTREES 2,626 3,300,000 1,256 999
5 BLUE HORIZON 1,216 1,295,000 1,065 99 11 26 NEWTON 775 2,090,000 2,697 FH
5 REGENT PARK 818 845,000 1,033 99 11 DUNEARN SUITES 431 760,000 1,765 FH
5 REGENT PARK 904 903,000 999 99 11 SHELFORD SUITES 1,249 2,138,888 1,713 FH
7 SOUTH BEACH RESIDENCES 2,616 9,643,200 3,687 99 11 MONTEBLEU 807 1,295,000 1,604 FH
7 SOUTH BEACH RESIDENCES 2,616 8,802,840 3,365 99 11 MIRO 1,959 3,000,000 1,531 FH
7 SOUTH BEACH RESIDENCES 2,616 8,763,600 3,350 99 11 368 THOMSON 1,722 2,620,000 1,521 FH
7 SOUTH BEACH RESIDENCES 2,260 7,417,228 3,281 99 11 THE ANSLEY 1,098 1,528,888 1,393 FH
8 CITY SQUARE RESIDENCES 1,216 1,925,000 1,583 FH 12 ONE DUSUN RESIDENCES 657 1,030,000 1,569 FH
9 NEW FUTURA 1,098 4,085,600 3,721 FH 12 THE VIRIDIAN 893 1,270,000 1,422 FH
9 8 SAINT THOMAS 1,302 4,238,000 3,254 FH 13 8@WOODLEIGH 1,076 1,525,000 1,417 99

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SINGAPORE PROPERTY WEEKLY Issue 377

Postal Area Transacted Price Postal Area Transacted Price
Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
14 WATERBANK AT DAKOTA 883 1,375,000 1,558 99 19 THE MINTON 1,216 1,320,000 1,085 99
14 LE CRESCENDO 915 1,185,000 1,295 FH 19 BOATHOUSE RESIDENCES 1,119 1,190,000 1,063 99
14 CENTRAL GROVE 1,238 1,210,000 977 99 19 PARC VERA 1,141 1,200,000 1,052 99
14 QUBE SUITES 861 830,000 964 FH 19 CHUAN PARK 1,173 1,125,000 959 99
14 THE ALCOVE 1,302 1,108,000 851 99 19 REGENTVILLE 1,076 850,000 790 99
15 THE BELVEDERE 1,302 2,318,000 1,780 FH 19 RIVERVALE CREST 1,475 1,090,000 739 99
15 SILVERSEA 980 1,610,000 1,644 99 19 RIVERVALE CREST 1,206 818,888 679 99
15 IMPERIAL HEIGHTS 452 600,000 1,327 FH 20 SKY HABITAT 1,163 1,820,000 1,566 99
15 TANJONG RIA CONDOMINIUM 1,399 1,658,000 1,185 99 20 GOLDENHILL PARK CONDOMINIUM 1,335 1,978,000 1,482 FH
15 NATURE MANSIONS 1,216 1,320,000 1,085 FH 20 THE GARDENS AT BISHAN 1,227 1,375,000 1,121 99
15 PEBBLE BAY 1,765 1,850,000 1,048 99 20 BISHAN POINT 1,485 1,535,000 1,033 99
15 ESPIRA RESIDENCE 883 900,000 1,020 FH 21 JARDIN 1,722 2,850,000 1,655 FH
15 LAGUNA PARK 1,615 1,580,000 979 99 21 SOUTHAVEN I 1,098 1,050,000 956 99
16 BEDOK RESIDENCES 1,076 1,580,000 1,468 99 22 J GATEWAY 689 1,220,000 1,771 99
16 BEDOK RESIDENCES 1,475 2,065,000 1,400 99 22 CASPIAN 1,238 1,380,000 1,115 99
16 EAST COAST RESIDENCES 1,001 1,240,000 1,239 FH 23 HILLBROOKS 1,066 1,070,000 1,004 FH
16 EAST MEADOWS 1,238 1,175,000 949 99 23 GUILIN VIEW 861 690,000 801 99
16 STRATFORD COURT 990 918,000 927 99 26 MEADOWS @ PEIRCE 1,195 1,400,000 1,172 FH
16 THE TANAMERA 1,518 1,380,000 909 99 26 CASTLE GREEN 947 825,000 871 99
17 FERRARIA PARK CONDOMINIUM 1,356 1,260,000 929 FH 26 SEASONS PARK 1,109 930,000 839 99
17 PARC OLYMPIA 990 900,000 909 99 27 EIGHT COURTYARDS 872 840,000 963 99
18 THE PALETTE 753 835,000 1,108 99 27 THE NAUTICAL 1,948 1,620,000 832 99
18 SEASTRAND 883 950,000 1,076 99 27 YISHUN EMERALD 1,184 870,000 735 99
18 RIS GRANDEUR 1,292 1,280,000 991 FH 27 EUPHONY GARDENS 1,184 828,800 700 99
18 MELVILLE PARK 990 700,000 707 99
19 JEWEL @ BUANGKOK 495 685,000 1,383 99 NOTE: This data only covers non-landed residential resale property
19 PARC CENTROS 1,163 1,360,000 1,170 99 transactions with caveats lodged with the Singapore Land Authority.
19 RIVERSAILS 1,033 1,180,000 1,142 99
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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