MENTION penthouses and one immediately thinks of big, luxurious bungalows in the sky, with wraparound views and a multi-million-dollar price tag.

But these days they can be as small as 800 sq ft or less.

These penthouses have come on the market along with mostly yet-to-be completed developments featuring 'mickey mouse' apartments of 500 sq ft or less.

There is no market data on the number of these small penthouses but a survey of some recent projects with small units show they are not uncommon.

At the recently-released five-storey, 40-unit project City Loft near Farrer Park MRT station, the two-bedroom penthouses are from 743 to 904 sq ft.

Another recent launch Suites@Guillemard - with units as small as 258 sq ft - has penthouses of 797 to 1,109 sq ft. Some sales were done around a median level of $1,250 psf.

Read the full story in tomorrow's edition of The Sunday Times.