Price increases for shoebox units have been outperforming gains in overall apartment prices since the real estate market recovery after the global financial crisis.

The latest indices from NUS’ Institute of Real Estate Studies (IRES) revealed that the sub-index for prices of completed non-landed private homes up to 47 sq m in size has registered a compounded annual growth rate (CAGR) of 24 percent since March 2009.

This is higher than the CAGR of 19.6 percent for non-landed private homes (excluding small units) in the Central Region and an increase of 21 percent in the Non-Central Region (excluding small units).

Lum Sau Kim, Associate Professor of IRES, noted that the sub-index for shoebox units was generated as “this is important market information which will help us understand the price behaviour of different segments of the market.”

“It is certainly useful to track price trends of small apartments separately as their per square foot prices are vastly higher than usual size units and can distort the changes in price indices,” said Ong Teck Hui, Executive Director of Credo Real Estate.

Releasing the Singapore Residential Price Index (SRPI), which monitors price movements of completed non-landed private residential properties, IRES has also created another sub-index, SRPI Small, to monitor the prices of completed shoebox apartments with a strata area of 47 sq m or below.

Currently, there is an overall SRPI and three sub-indices — SRPI Small (for small units island-wide) and two other indices, excluding small units: SRPI Non-Central and SPRI Central for the Central region (Districts 1 – 4 and 9 – 11).

To contact the journalist, you may send your message to