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Thread: Properties in Geylang Area: Potential?

  1. #1

    Talking Properties in Geylang Area: Potential?

    I have been studying the potential of Geylang area and am convinced of its potential that I have purchased a condo unit (Atrium Residences) there slated for completion in 2009. My friends probably laughed at (behind my back) wondering why I made such a decision near the Red-Light District.

    So here I am sharing my thoughts with all of you wondering if I am being ahead of the herd or just being an absolute idiot.

    Here are my reasons: (and I am hoping someone can agree or disagree)
    * Geylang is near the upcoming Sports Hub and the Marina Bay IR (via Nicoll Highway). The MRTs stations of the inner circle lines (Dakota, Mountbatten) are near by. The inter-connected expressway at Sims Ave also provide clues)
    * Rents are and will be even more attractive because of its proximity to town/IR/New Downtown (typical rents have now climbed to about 2500-3000 for a 3 rm apartment)
    * The Red Light District is rumoured to be moving out to North (While I heard from another agent that its moving to Kranji). Wherever it is going, I am guessing that the govt will not allow the IR/Singapore's image to be spoilt, given that they put in so much effort in the messaging.
    * You can see clues of constructions in Geylang. Developers seem to be buying up old buildings. New condos like Waterina have sprouted out
    * Further development at the Paya Sub-regional center is expected. The govt had announced plans in 1991 but nothing significant really happened. Guess what? The Master Plan for 2003 ends this year and next year, I am guessing that full details will be out in the Master Plan for 2008- and the real potential of Paya Lebar and Geylang will only then be known

    http://lushhome.wordpress.com/2007/0...nned-says-mah/

    Assuming if I am right, then it might be too late to hop in by then. The properties in Geylang/Paya Lebar have been slow to pick up. That's why I did what I did . Would be happy to hear anyone's comments.


  2. #2
    Unregistered
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    Default Re: Properties in Geylang Area: Potential?

    as first, pls understand my rousy english as im not a native english speaker.

    I think Paya Lebar Sub-Regional centre will be a little bit northern area of Geylang. based on current road and public transportion construction, ie. KPE and Bartely to Tampines road extension, New MRT plan(from downtown to Tampines), it would be the above PIE region from upper paya lebr to ubi.

    but regardless paya lebar development plan or not, Geylang has potential as it is located much close to the downtown.


  3. #3
    Unregistered
    Guest

    Default Re: Properties in Geylang Area: Potential?

    Spelling error, I meant lousy not rousy.


  4. #4
    Unregistered
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    Default Re: Properties in Geylang Area: Potential?

    I like Geylang area for it's proximity to town and central area but I heard that it's sometimes not easy to secure loan for properties in that region. Not too sure if that's true. Also my wife didn't like it.


  5. #5

    Default Re: Properties in Geylang Area: Potential?

    Quote Originally Posted by Unregistered
    I like Geylang area for it's proximity to town and central area but I heard that it's sometimes not easy to secure loan for properties in that region. Not too sure if that's true. Also my wife didn't like it.
    Yes, you are right - this is one constraint. The Big 4 banks do not generally extend loans to Geylang (Lorongs) for ethical reasons. Certain banks only extend loans to the odd number lorongs (e.g Lor 27) which is perceived to have less red light activity. In any case, today, based on my recent purchase of Atrium Residences, only Hong Leong, RHB, Maybank will extend loans. I suspect that if the scenarios I pointed out earlier happen, more banks will jump on board.

    Currently, women tend to feel a bit negative when walking in Geylang (try going there during the nights - you do not feel a sense of security). All kinds of negative factors - crime, etc - is associated with prostituition. This is why I feel that the govt, in time, will have to clean up since they are betting on IR and need to maintain the clean image of Singapore. From what I heard, the red light district caters mainly to the Bengladesh workers. My 2 cents is that Geylang will serve the foreign workers (skilled talents) working in IR or supporting the MICE industry and Geylang is presumably going to be much more affordable to live in then say, condos, in Fort Road area.

    Hope I am not speculating too much here...but when such talents come here - their families come with them as well (Wife and children). And they need to feel safe. The govt knows that... and with the expected population increase, Geylang as a place to live in has got to be in that planning equation (given its close proximity to town).

    The transition of Geylang (if it happens) will probably be decided by 2 factors:
    * Govt policy (as part of the 2008 Master Plan)
    * Private developers who already see the potential I pointed out

    At the end of the day, red light district aside, Geylang has got lots of heritage and good food too.


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