Definition of Mickey Mouse/ Shoebox Units
This term could be unique to Singapore for micro sized apartment that has really a small built-in area that could be just enough to function. You could have sizes like a studio unit with only 258 sqft (Suites at Guillemard) and have penthouses of up to 1,000sqft. At current, URA only approves units which are more than 300sqft according to a Business Times article cited in October 2009.
The trend could have started from February last year with the successful sale of Alexis at Alexandra.
Affordable Overall Price
Developers are smart these days when it comes to planning for sizes and the affordability of the units. With more units that could be built in a single development because of the small sizes, developers (eg. projects such as Siglap V) will price them in accordance to the affordability level of most mass market income group, starting prices could be even slightly lower than $500,000.
With such type of affordability price, banks are more willing to lend to you as the risk of defaulting a mortgage is much lower as compared to apartment quantum that goes over the $1,000,000 mark.
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