Mr Tan forms a growing group of buyers who have purchased bigger spaces, driven by the pandemic and its impact on lifestyle needs.OrangeTee’s senior associate district director Ryan Tan said about eight in 10 clients he meets are now looking for bigger flats, compared to six in 10 before the pandemic.He noted that beyond HDB dwellers who are looking to upgrade, he also has clients who have sold off their condominiums to buy larger public flats.
Across these periods, average quarterly sales went up some 18 per cent for smaller HDB resale flats, but rose about 34 per cent for larger ones, according to Nicholas Mak, Head of Research & Consultancy at ERA Realty. The median size of purchased units grew from 710sqft to 743sqft, an increase of about 4.5% year-on-year, said Mr Wong Xian Yang, Cushman & Wakefield Singapore’s head of research.
She noted a 72 per cent increase in new home sales above 1,200 sqft, from 362 units in Q4 2020, to 623 units in Q1 2021. This includes landed property, non-landed and executive condominiums. “Given their already larger unit sizes which allows easy accommodation of a study area, the Singapore resale market activity remains characterised by affordability constraints which have driven demand for shrinking unit sizes,” he said.ERA’s Mr Mak ventured this could be because the potential of an en bloc cycle is leading owners to hold on to their properties, which tend to be older and larger.
More space for social distancing. Common sense
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