Sales of small-format properties hit all-time high, says CB Richard Ellis

Sales of small-format properties hit all-time high, says CB Richard Ellis
By Yasmine Yahya, Channel NewsAsia | Posted: 06 October 2009 2027 hrs

SINGAPORE: Sales of small non-landed private properties in Singapore have hit an all-time high, even before the year has ended.

According to property consultant CB Richard Ellis, 412 units with a size of 500-square-feet or smaller have been sold this year so far.

This is a stark contrast to 1995, when just one unit of that size was sold.

CBRE said it has seen a rising trend in the popularity of such small homes - about 170 were sold in 2006, 275 in 2007 and close to 300 last year.

Sales of homes sized between 500 and 800 square feet have also hit a record high, with 908 units sold so far this year.

CBRE said these small units are forming a large proportion of the burgeoning sales volume seen in recent months.

- CNA/yb