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Condo units shrinking in bid to keep prices affordable

Developers trim unit sizes to keep prices affordable in wake of lending curbs

Published on Apr 28, 2014 6:53 AM
 
A poster depicting the RiverTrees Residences condominium in Fernvale in Sengkang. Two-bedders, which range from 570 sq ft to 710 sq ft, sold the best when the project was launched in February. -- ST FILE PHOTO

Sizes of condominium units here are shrinking as developers battle to keep new project prices affordable in ever tougher market conditions, a new study by property consultancy Knight Frank has found.

A string of cooling measures and stricter lending guidelines have made it harder for home hunters to finance new purchases.

The smaller units being built by developers mean lower overall prices which fit with buyers' shrinking budgets, Knight Frank noted.

The study looked at suburban condominiums launched in the past year and the impact of the Total Debt Servicing Ratio (TDSR) framework introduced last June.

 
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