Thursday, 20 October 2016

Fact of the Day: Microflats Getting Even Smaller

Can you live in a tiny space like this day after day, year after year?
Just when you thought Hong Kong flats couldn't get even smaller, they are.

Emperor International Holdings will have the tiniest flats in the city when it plans to launch a project where each unit measures 61.4 square feet or 5.7 square metres.

One can barely even fit a mattress in that space.

Located at 17-19 Yik Kam Street in Happy Valley, the project -- which is yet to be named -- converts an existing 21-storey commercial building into a residential one.

The unit's current measurement doesn't include the space allocated for a kitchen and bathroom.

But when they are added, the space is still smaller than a project in Jordan called AVA62. There each unit measures 152 square feet -- including a balcony -- selling for HK$20,000 per square foot or HK$3 million.

Microflats are very popular because average home prices have soared beyond the reach of average salary earners, prompting developers to scale down.

And to meet the demand, as many as 5,000 small flats are in in the pipeline every year until 2019, almost triple the average in the last decade.

We get that developers are appealing to investors and first-time buyers to create flats that are somewhat affordable.

But who wants to live in flats like that? What are the psychological effects of living in such tiny spaces?

It can't be good for one's wellbeing...

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