Singapore Cracks Down on ‘Shoe-Box’ Units in Blow to Developers
- Changes limit maximum number of apartments in new developments
- City Developments, UOL, Oxley shares fall in early trading
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Singapore has cracked down on the number of “shoe-box sized” apartments developers can build, in another blow to profitability.
New guidelines on unit size effectively cut the maximum number of apartments allowed in developments by 18 percent. The changes will affect projects outside the city-state’s central area and come into effect early next year, the Urban Redevelopment Authority said in a statement Wednesday.