Nothing

[Jj5599]

I think those apartments with no windows or in a basement in some other countries are more inhuman..

[Vega]

Thanks for explaining bro.

These shoebox units definitely not for me thou I have only 2 persons in my household.

My wife is already running out of space for her clothings and shoes with our current >1200 sq ft HDB.

 

 

difficult. since I'm in this line, let me explain few things that people tend to miss out:

 

500 sqft is the gross area (and not the carpet area). Now, developers charge for everything.

 

For one of oxley's recent projects, 'loft @ stevens', they sold a 33sqm (355sqft) "apartment" for $2029psf (total @ $721k).

 

Looking at the floor plan, the unit is a bed room apt with 1 toilet, and a combined kitchen / living room.

 

Now, the unit consists of a balcony and an even larger AC/planter ledge. You are paying for both of these at the full price of the carpet area. Both of these make up approximately 15-20% of the built in area that you are paying for.

 

First off, for a single bedder, you *do not* need such a large a/c ledge. The developer knows this but any area they dont have to build up (come on, how costly can it be to create a small ledge?) but can still charge you for, is gravy to them.

 

Its also unlikely 2 people can really live in this apartment. If we take the built in area, its about 280 sqft (so you've actually paid nearly $2600psf for the built in area, before stamp duty and legal fees). Dont even have enough wardrobe space for a couple to use ..

 

The resale value of these units can also be called into question. It's a lot harder to find people to appreciate (or even flip) shoebox units. The ones buying are the speculators who are either hoping to flip them, or rent them out to expats/singles.

 

My last point is simple - if the market collapses (by say 30%) or weakens, and you took an 80% ltv on this apartment, the bank will most definitely ask you to top up the balance. (and you'd already be underwater on your loan, but that really depends on location. also, bigger apartments will be affected too). For clarity's sake - I'm not saying not to buy .. but make sure you know what you are paying for! (also, no disrespect to anyone .. just giving my 2 cents worth. its free advice .. you can take it, or throw it away .. its up to you!)

 

[Jj5599]

I think must throw away some clothings and shoes leh..or donate

[Tom_kkh]

Oxley holdings obviously have a vested interest in this. Although we can say that its a willing buy and willling seller situation, if all the developers start to advocating building only shoebox units in future, then we don't really have a choice right?

 

 

no demand no supply. who will build houses that no body want?

 

those buyer buy liaoz than complain, weird la.

[Vega]

I think must throw away some clothings and shoes leh..or donate

 

she does that every year during spring cleaning....................but new stock keep coming in............ :angry:

[Jj5599]

no demand no supply. who will build houses that no body want?

 

those buyer buy liaoz than complain, weird la.

 

Cos they only see showflat, those interior designers can work wonders to enhance the space..

[Jj5599]

she does that every year during spring cleaning....................but new stock keep coming in............ :angry:

 

haizz..women..

[Acemundo]

Oxley holdings obviously have a vested interest in this. Although we can say that its a willing buy and willling seller situation, if all the developers start to advocating building only shoebox units in future, then we don't really have a choice right?

 

yeah. all developers like to build big balcony, planter boxes and bath tub. i don't like but don't have much choice

[Sp4wn]

Of cos a buyer pays for voids, ac ledge, bay window and balcony. The one at Stevens, they paying for prestige, maybe they have kids going to a good school near there. If they don't mind staying there and also can rent out, then can buy.

 

you know it, and I know it. but a lot of first time buyers (as the case is for shoe box apartments) aren't clearly told sometimes. I deal with agents all day long .. they can go either way .. some are extremely honest whereas some are either super blur / cunning.

 

Case in point - closed a 7 figure deal, only for the agent to claim he showed the wrong property to the buyer. Option had already been exchanged (and the buyer signed it with the full property address on the option) and the agent knew the address and building. Buyer claims the agent showed him a different building ... so my boss allowed the deal to be reversed .. as long as the agent signed an affidavit,basically stating that he was an idiot ... (my gut feeling is that the buyer got cold feet ... well tough luck for him since in the 2 years that passed after ... the value of the property went up an additional 50%)

[Mockngbrd]

Both is devil .

[Sp4wn]

Thanks for explaining bro.

These shoebox units definitely not for me thou I have only 2 persons in my household.

My wife is already running out of space for her clothings and shoes with our current >1200 sq ft HDB.

 

glad to hear it ... remember, when you buy property .. do not think of your present situation but think 2-3 years ahead. (family planning etc). you dont want to keep spending on reno / moving / stamp duty etc ...

 

personally - im looking for a place as well. but not new projects. if you look at projects built 10 years ago, not only are they cheaper, but there's very little wastage in terms of space. i've found a few choice location with reasonable asking prices (and balcony / ac ledge / void areas all amount to less than 10% .. ) but i think the market will still soften.

[Vega]

haizz..women..

 

even our guest room has converted to her walk in wardrobe........ :angry:

[Acemundo]

you know it, and I know it. but a lot of first time buyers (as the case is for shoe box apartments) aren't clearly told sometimes. I deal with agents all day long .. they can go either way .. some are extremely honest whereas some are either super blur / cunning.

 

Case in point - closed a 7 figure deal, only for the agent to claim he showed the wrong property to the buyer. Option had already been exchanged (and the buyer signed it with the full property address on the option) and the agent knew the address and building. Buyer claims the agent showed him a different building ... so my boss allowed the deal to be reversed .. as long as the agent signed an affidavit,basically stating that he was an idiot ... (my gut feeling is that the buyer got cold feet ... well tough luck for him since in the 2 years that passed after ... the value of the property went up an additional 50%)

 

honest and responsible agents hard to come by.

 

last time my friend had a hdb before 5 years mop. when shopping for condo, the agent told him no problem, 4.5 year stay in hdb already can buy condo. my friend issued option money, sent the option to her lawyer. her lawyer told her that is not the case and need to appeal to hdb.

 

my friend tried to call up the agent, and the agent wouldn't even pick up the phone.

[Damienic]

no demand no supply. who will build houses that no body want?

 

those buyer buy liaoz than complain, weird la.

 

let's just say that if majority of the old houses are pulled down and replaced with only shoe box apartments in future, do you think we still have a choice? its not the buyers who bought liao then complain. it is the continued preference to build only shoe box apartments. is it a healthy development? I can understand for these apartments build in cbd or on the fringe of cbd to cater to foreign expats living here for temporary or for rich singles staying all by themselves. but not when they are also build in places like punggol. it doesn't make sense.

[Acemundo]

let's just say that if majority of the old houses are pulled down and replaced with only shoe box apartments in future, do you think we still have a choice? its not the buyers who bought liao then complain. it is the continued preference to build only shoe box apartments. is it a healthy development? I can understand for these apartments build in cbd or on the fringe of cbd to cater to foreign expats living here for temporary or for rich singles staying all by themselves. but not when they are also build in places like punggol. it doesn't make sense.

 

i was told even parc rosewood in woodlands has got shoebox apartment!

 

my HR actually contemplated buying for investment and asked my boss if can help her choose. my boss say, don't waste time, such units are not good investment potential and she didn't buy.

 

i can imagine many first time investor like my HR will ignorantly think that shoebox units in far flung location are good investment choices. buyers can blame themselves for ignorance, developers egged them on by building so many shoebox and claiming they are good investment choices.

[Jj5599]

i was told even parc rosewood in woodlands has got shoebox apartment!

 

my HR actually contemplated buying for investment and asked my boss if can help her choose. my boss say, don't waste time, such units are not good investment potential and she didn't buy.

 

i can imagine many first time investor like my HR will ignorantly think that shoebox units in far flung location are good investment choices. buyers can blame themselves for ignorance, developers egged them on by building so many shoebox and claiming they are good investment choices.

 

maybe your boss himself wanted to buy..haha..scared your HR buys it

[Sp4wn]

let's just say that if majority of the old houses are pulled down and replaced with only shoe box apartments in future, do you think we still have a choice? its not the buyers who bought liao then complain. it is the continued preference to build only shoe box apartments. is it a healthy development? I can understand for these apartments build in cbd or on the fringe of cbd to cater to foreign expats living here for temporary or for rich singles staying all by themselves. but not when they are also build in places like punggol. it doesn't make sense.

 

that'll just make regular sized apartments (with enough space for a proper family) have a premium price tag. a regulation to say, have 10% of a building's units be shoe box max. i'm perfectly fine with that since it gives people on a budget some choices. (However, that means that these units will most likely increase in price since there will be fewer of them available, and this may inadvertently affect the ppsf of the larger units disproportionately) that way, people who really want to stay in a project can afford to. the problem is, developers just want to build 3-4 types of units and shoe horn everyone into them.

[Maroon5]

honest and responsible agents hard to come by.

 

last time my friend had a hdb before 5 years mop. when shopping for condo, the agent told him no problem, 4.5 year stay in hdb already can buy condo. my friend issued option money, sent the option to her lawyer. her lawyer told her that is not the case and need to appeal to hdb.

 

my friend tried to call up the agent, and the agent wouldn't even pick up the phone.

 

act even 1 month early also HDB dun give chance. my sis real life experience, fined 23k. but looking at how her ppty increased more than 400k now, she jus treat it as a speeding ticket.