Originally Posted by
Mu
I was very tempted to buy a 3 bedder here.
I did not think the price was that cheap (as you can find cheaper units in those other even lorang's as well). However, the developers offer of paying 10% cash for downpayment was very attractive.
Plus I really liked the layout of the space. It really felt like living in a mansionette (1 room and attach bath downstairs, 2 rooms with attached baths separately upstairs).
I was almost thinking of signing on the dotted line... Then I decided to investigate.
I called the banks and asked them for a loan, no banks decided to offer me anything. Only finance companies at much higher interest rates were interested. So I asked myself...in future, if I decided to sell the unit, how will buyers buy if no bank is willing to offer them a loan? Will they be willing to take a loan from a finance company and foot the higher interest?
Then I took a walk down lorong 24...That was an eye opener. I told myself that once all the condos are up, it will be much better...But I realize that the red light district is too close, and the sellers and buyers who are involved in the trade will surely use lorong 24, if not for business, then at least to get to the other sites. And also, l think it will not be uncommon for future owners of the condos to rent out their units to the people who are in the trade.
I am single right now, and have no family. But I think that in future when I do decide to settle down, I do not think I want my wife and kids to mingle with the rest of the crowd over there just to get home. It is really an issue.
I therefore decided to stay away.
But to those who have bought, congrats. It is FH, near to the city and with easy access to public transport.
But it is a gamble as to how the place will turn out 10 years from now. For me, the red light district have remained untouched for too long. The government could have easily redeveloped it, yet they left it as is. I do not think it will be easy to move the red light district anywhere else (especially to the suburbs!) Then again, they could decide to revamp the whole area, and your gamble would have paid off.
I am not a gambler unfortunately, so I have to stay away.
It is sad as the only thing comparable are 99yrs in suburbs such as the far east or north east. But I guess I want to play safe for now (as it is my first property)