"When you live in a city, you won't need every function in your home, because the city could compensate for it.If you don't have the space for a lot of books at home, you can go to the library nearby. If you have a small fridge, you can go to the grocery store everyday. You would have fresh ingredients all the time. Living in a city is living with changes and new experiences." September 20, 1933 - June 18, 2015
Singapore reigns as the world’s most expensive city for the fifth year in a row, based on a report by The Economist Intelligence Unit* 2019 tying with with Paris and Hong Kong for a three-way tie in the top spot. Such a trend is inevitable as Singapore’s population continues to grow on the back of long term sustainable growth, supported by world-class infrastructure, stable government and robust regulatory and legal systems.
Does rising costs for everything including housing mean many a Singaporean will need to forego their goals of home ownership and quality of life? We think not. Consider the benefits of living in a smaller home: less financial burden, less worry, less upkeep—more time, more money, more freedom, and more opportunity.
Mention “Studio or Shoe-box unit” and one inevitably thinks of a cramped space and a compromised living standard. However, that notion has been fast changing in the last few years as the minimalist movement continues to sweep across the globe, led by famous minimalists and tidy-uppers like Joshua Becker (of Becoming Minimalist), Marie Kondo and many more. The notion of “owning less to enjoy more” is exactly what many are in search of amid rising consumerism and soaring costs of living in Singapore. One just has search the internet only to be bombarded with thousands of ideas for big living in a small space. Many of us have been pleasantly surprised at how many old 3-room HDB flats have been transformed into modern SOHOs and how liveable small places can be when fitted correctly.
This in my opinion, is setting forth a new trend in housing demand globally and here in Singapore too. No longer will people associate small spaces with compromised living standards. Combined with ergonomically open floor plans, innovative multi-functional furniture and appliances; surrounded by full amenities within the development and its vicinity; enhanced by a mindset of functionalism and minimalism, the shoe-box will become a preferred choice for young couples, small families and the retired. The trade-off between space and location is not a new concept but has gotten more intense as property prices have continued to rise over the years.
If you are ready to re-think your lifestyle, here are some of our favourite studios and one-bedroom apartments. Combining excellent location with affordability and investability, it is hard to find a reason not to own and live in one of these places. Lifestyle is no longer a function of space. Don’t just plan for your ideal life, live it.
The proverbial “shoe-box” in the right location is indeed both affordable and investible.
P.S. Too many things to fit into a small space? There are always “extra storage” facilities available 24/7 if you have more than fits into your apartment and these are very affordable too.
*The Economist Intelligence Unit’s annual Worldwide Cost of Living report, highlights the top 10 most expensive cities around the globe. The report uses more than 400 prices across 160 different products and services – including food, drink, clothing, and home rents – to calculate rankings. Singapore has consistently held its No. 1 ranking since 2014, when it surpassed Tokyo, which had previously occupied the top spot nearly every year since 1992 .
