by OrangeTee & Tie Pte Ltd.

Shoebox apartment market down on recession shakeout

HDB Quarterly Data

URA Quarterly Data

SG, 28 Sep 2020

In the first eight months of 2020, the demand for shoebox units in the property market fell rapidly from a year ago as unemployment and wage cuts took its toll. The recession has likely increased rental demand for such shoebox units, given the economic impact.

Christine Sun, head of research & consultancy at OrangeTee & Tie states, "expect that budget conscious tenants will help bolster rental demand for small apartments against the backdrop of the deteriorating economy." She also warned that very small units in the 300-400 sq foot range generally have a harder time securing tenants, which was an underlying case even before the covid19 pandemic.

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