28 Feb '14, 6am

Shoebox purchases by HDB addressees on the rise

Many HDB flat owners prefer shoebox units when it comes to purchasing private homes, according to a DTZ report. The share of shoebox units, or homes measuring less than 500 sq ft, bought by owners with public housing addresses increased to 62 percent in 2013 from 60 percent the year before. Shoebox units accounted for 17.3 percent of private property purchases by HDB dwellers in the fourth quarter of 2013, and 13.3 percent for the whole year. Projects such as D’Nest , J Gateway and Bartley Ridge emerged as the most popular among this group of buyers. DTZ noted that shoebox units purchased by flat owners were not likely to have been acquired for owner-occupation but rather for investment purposes, considering that most HDB flats are bigger than 500 sq ft. Despite the rise in shoebox acquisitions by HDB dwellers, sales of such units fell 32 percent to 2,057 units in 2013 fro...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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