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SG Studio flat prices not comparable with other types, says Khaw

Property Here - Wednesday, October 23, 2013

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National Development Minister Khaw Boon Wan believes that comparing studio apartments with other flat types is much like comparing apples to lemons.

He added that studios are specifically designed for the elderly, and are affordable to enable buyers to monetise them after right-sizing.

He said this in response to Workers' Party chief Low Thia Khiang queries as to whether studio prices are becoming too high for the elderly.

Notably, studio units in Bukit Merah (pictured) were priced from S$113,000 to S$163,000 each during the July Build-To-Order exercise. This compares to 2003 prices, when studios were going for S$47,800 to S$71,700.

Moreover, the latest prices are also higher than two-room units in Sengkang, which were sold for between S$76,000 and S$124,000 each during the same exercise.

Reiterating that studios are still reasonably priced, Mr Khaw said, “They are comparing apples with lemons. Some studios were in very popular locations, versus two-room flats in non-mature estates. And of course there must be a price difference to reflect this.”

Offered in two sizes – 35 sq m and 45 sq m, most studios are found in mature estates with 30-year leases. They are also equipped with elderly friendly features like non-slip tiles.