{"id":120536,"date":"2021-07-08T03:26:57","date_gmt":"2021-07-07T20:26:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-may-see-more-smaller-homes-shorter-lease-units-experts\/"},"modified":"2021-07-18T17:02:59","modified_gmt":"2021-07-18T10:02:59","slug":"singapore-may-see-more-smaller-homes-shorter-lease-units-experts","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-may-see-more-smaller-homes-shorter-lease-units-experts\/","title":{"rendered":"Singapore may see more smaller homes, shorter-lease units: Experts"},"content":{"rendered":"


\nSingapore may see more smaller homes, shorter-lease units: ExpertsSmaller household growth and an ageing population could see more smaller homes with shorter leases in the future.
\nSingapore\u2019s future housing landscape may feature more smaller homes with shorter leases, on the back of the growing number of smaller family units, which includes smaller family nuclei, seniors living alone, and singles, according to experts, reported Channel News Asia (CNA).
\nData from the latest population census showed that the average household sizes in Singapore have shrunk in the last decade from 3.5 persons in 2010 to 3.2 in 2020, despite seeing an increase of residential households from 1.37 million to 1.5 million during the same period.\u00a0
\nSpecifically, one-person households made up 16% of all households last year, while two-person households accounted for 22.6%. The two categories both increased by 3.8 percentage points over the decade.
\nPropNex CEO Ismail Gafoor said the growth of one-person households can support demand for smaller housing units within the private residential market.
\nAnother factor that could affect the buying decisions of younger people is whether caring for their elderly parents will deplete their savings.
\n\u201cWould they then buy smaller homes, as these are more affordable than larger units?\u201d said Ismail as quoted by CNA.
\nHowever, he acknowledged that such demand may be hampered by a desire for bigger homes due to lifestyle aspirations and the evolving work arrangements. This was evident in recent buying trends.
\n\u201cBased on public housing resale data over the last 10 years, we have observed an increased demand for four- and five-room flats, over three-room flats, particularly in 2020,\u201d he said.
\nRecommended article:\u00a0Battle of the Big Flats: Maisonette, Jumbo Flat, Executive Flat, 3Gen Flat, 5-Room Flat
\nBut while Singapore may need to provide more smaller homes, there is still a need to build a \u201cgood distribution of home sizes\u201d to cater to other preferences, said CBRE\u2019s Director of Research for Southeast Asia Catherine He.
\nDr Woo Jun Jie, a Senior Research Fellow at the Institute of Policy Studies (IPS), said there is a need to rethink housing grants and allocations for HDB flats\u2013particularly age requirements as well as the limitations on flat sizes for single buyers.
\nThe proportion of singles has increased among all age groups within the 20- to 49-year-old bracket.
\nSubject to various eligibility criteria, singles aged 35 and above can apply to acquire two-room BTO flats.
\nIsmail noted that while housing policies for this group of buyers have become more inclusive, authorities can consider allowing singles to acquire three-room BTO flats in the future.
\n\u201cSome singles may need more space, for instance, an elderly single with a caregiver, or a single person who has plans to eventually get married and start a family,\u201d he said.
\nAnother pressing issue for housing policy arises from the city-state\u2019s rapidly ageing population. In 2020, persons aged 65 and above accounted for 15.2% of Singapore\u2019s resident population, up from 9% in 2010.
\n\u201c(Authorities can review) whether the present housing models are sufficient to cater to the needs of the ageing population, and whether there is enough supply of such housing to meet future demand from the elderly,\u201d said Ismail.
\nSeniors currently have various options in the public housing market, including assisted living flats and two-room Flexi flats.
\nHowever, authorities can consider whether more elderly housing options can be offered within the private housing sector, said Ismail.
\n\u201cWith an ageing population, we might see more projects with shorter leases to make them more affordable to the elderly,\u201d said CBRE\u2019s He as quoted by CNA.
\n\u201cWe might also see more sites set aside for eldercare, such as the residential care community concept for people with dementia at Sembawang or the one at Kampung Admiralty, an integrated housing project for the elderly.\u201d
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore may see more smaller homes, shorter-lease units: Experts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore may see more smaller homes, shorter-lease units: ExpertsSmaller household growth and an ageing population...<\/p>\n","protected":false},"author":1,"featured_media":120537,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-120536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/punggol-hdb-flat.jpg?fit=820%2C411&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vm8","jetpack-related-posts":[{"id":111568,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shrinking-household-size-requires-300000-homes-to-be-built-in-10-years\/","url_meta":{"origin":120536,"position":0},"title":"Shrinking household size requires 300,000 homes to be built in 10 years","date":"October 14, 2019","format":false,"excerpt":"\r This comes as the average household size fell to 3.2 from 3.5 in 2018, resulting in the average sizes of new private houses going down to 70 sq m (753 sq ft) from 111 sq m (1194 sq ft) in 2018. 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This comes as thousands\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hbd-seniors-bought-over-50-of-new-two-room-flats\/","url_meta":{"origin":120536,"position":2},"title":"HBD: Seniors bought over 50% of new two-room flats","date":"February 10, 2020","format":false,"excerpt":"\r \u00a0 More than half of all new two-room flats were bought by senior citizens since the two-room Flexi Scheme was rolled-out in 2015, reported The Straits Times citing the Housing and Development Board (HDB). About 28,900 units of the two-room flexi flats were offered by the HBD since the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104371,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/most-buyers-of-2-room-flexi-flats-are-seniors\/","url_meta":{"origin":120536,"position":3},"title":"Most buyers of 2-room flexi flats are seniors","date":"February 25, 2019","format":false,"excerpt":"\r Buyers can look out for a new batch of 2-room flexi flats launching in Tengah, Woodlands and Kallang\/Whampoa in May. Since 2-room flexi flats were introduced in November 2015, 16,169 units have been taken-up to date. 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