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We’ve already established that private developers will do everything in their power to enhance their bottom line. As a business enterprise, that is their prerogative. This does not always combine well with the objectives of public housing, however.
With the 6.9 million projected population by year 2030, there will be more pitfalls to be wary of. If these pitfalls aren’t taken care of, there will be even more such fiascoes in the future.
We have anticipated that housing units will shrink, as explained in our article linked above. Currently, the smallest EC is a two-bedroom apartment with a built-in area of 743 square feet. As developers try to maximise their revenue, we will see ECs start to trend towards “shoebox” apartment-like conditions. Just imagine two or three bedrooms crammed into a space of 500 to 700 square feet. If prices maintain their upward trend, the $1,200 per square foot (psf) paid for D’Leedon would seem cheap in comparison. The price quantum for such a three-bedder would appear to be low, but just as with “shoebox” units, it conceals a surprisingly high psf. cost due to the lower-than-expected built-in area. This combination could lead to consumers paying unprecedented “per square foot” (psf.) amounts for public housing property.
- http://www.bluta.com.sg/blog/2013/02/6-9-million-raises-spectre-of-shoebox-ecs/
With the 6.9 million projected population by year 2030, there will be more pitfalls to be wary of. If these pitfalls aren’t taken care of, there will be even more such fiascoes in the future.
We have anticipated that housing units will shrink, as explained in our article linked above. Currently, the smallest EC is a two-bedroom apartment with a built-in area of 743 square feet. As developers try to maximise their revenue, we will see ECs start to trend towards “shoebox” apartment-like conditions. Just imagine two or three bedrooms crammed into a space of 500 to 700 square feet. If prices maintain their upward trend, the $1,200 per square foot (psf) paid for D’Leedon would seem cheap in comparison. The price quantum for such a three-bedder would appear to be low, but just as with “shoebox” units, it conceals a surprisingly high psf. cost due to the lower-than-expected built-in area. This combination could lead to consumers paying unprecedented “per square foot” (psf.) amounts for public housing property.
- http://www.bluta.com.sg/blog/2013/02/6-9-million-raises-spectre-of-shoebox-ecs/
