The changing face of Katong

[mr funny]

http://www.todayonline.com/Business/...face-of-Katong

The changing face of Katong

by David Neubronner

05:55 AM Oct 01, 2010


Historically home to wealthy settlers and traditionally dominated by the Peranakan and Eurasian communities, Katong is undergoing a dramatic transformation. Newly-developed condos now stand among the traditional shophouses and Peranakan terrace houses creating a unique neighbourhood in a strategic location.

Known as one of the residential areas of choice in Singapore, District 15 encompasses Meyer Road, Amber Road, Marine Parade Road, Tanjong Rhu and the rapidly-developing Katong area. Located between Changi Airport and the CBD, Katong beckons with its wide range of restaurants and entertainment outlets, while there is an abundance of seafront recreational activities in the nearby East Coast Park.

With the opening of the Kallang-Paya Lebar Expressway, residents of D15 have the added benefit of convenient access to the prime shopping district in Orchard Road. The district is well connected by public transport services, including the future Eastern Region MRT Line that is slated to run along Marine Parade.

Today's Katong is extremely cosmopolitan and foreign buying interest in many of the condominiums fronting the East Coast is strong. The district offers an excellent investment opportunity in terms of capital appreciation and Jones Lang LaSalle's research rates it as one of the fastest-growing residential areas in Singapore.

Furthermore, we found that some of the new condos along Meyer Road have surpassed the values achieved at similar developments in Holland Road and Bukit Timah. Strong buying interest from foreign investors from China, Malaysia and India has contributed to the rapid capital growth.

As fundamentals improve, the construction of new condominiums is rising to meet the expectations of discerning buyers. This area consisted of large villas but we are now seeing an increase in the popularity of smaller apartments. We expect that these trends will continue, given the rapid development in the Katong area.

A good example is Moda, a freehold development by Hor Kew Land. Due for completion in 2013, it consists largely of stylish two-bedroom apartments. This high-rise development offers buyers a chance to attain ownership in prime District 15 at an affordable price. Moda is ideally located in the heart of Katong and within walking distance to Parkway Parade, a newly-refurbished Katong Mall and the future Eastern Region MRT Line.

Mr Dennis Aw, managing director of Hor Kew Land, said: "We have embarked on a distinctive approach to marketing this development. Moda gives buyers the opportunity to experience the benefits of Katong's rich cultural heritage and gain an asset with close proximity to Singapore's CBD, the new integrated resorts and East Coast Park."

Recent Government measures to cool speculative buying may have taken a bit of the shine out of the residential property market. Nevertheless, District 15 will continue to feature strongly on the radar of both owner-occupiers and investors.

The face of Katong is changing but it is retaining the charm and cosmopolitan essence that attract residents and investors.


The writer is Head of Singapore Residential Project Sales at Jones Lang LaSalle.

[proud owner]

http://www.todayonline.com/Business/...face-of-Katong

The changing face of Katong

by David Neubronner

05:55 AM Oct 01, 2010


Historically home to wealthy settlers and traditionally dominated by the Peranakan and Eurasian communities, Katong is undergoing a dramatic transformation. Newly-developed condos now stand among the traditional shophouses and Peranakan terrace houses creating a unique neighbourhood in a strategic location.

Known as one of the residential areas of choice in Singapore, District 15 encompasses Meyer Road, Amber Road, Marine Parade Road, Tanjong Rhu and the rapidly-developing Katong area. Located between Changi Airport and the CBD, Katong beckons with its wide range of restaurants and entertainment outlets, while there is an abundance of seafront recreational activities in the nearby East Coast Park.

With the opening of the Kallang-Paya Lebar Expressway, residents of D15 have the added benefit of convenient access to the prime shopping district in Orchard Road. The district is well connected by public transport services, including the future Eastern Region MRT Line that is slated to run along Marine Parade.

Today's Katong is extremely cosmopolitan and foreign buying interest in many of the condominiums fronting the East Coast is strong. The district offers an excellent investment opportunity in terms of capital appreciation and Jones Lang LaSalle's research rates it as one of the fastest-growing residential areas in Singapore.

Furthermore, we found that some of the new condos along Meyer Road have surpassed the values achieved at similar developments in Holland Road and Bukit Timah. Strong buying interest from foreign investors from China, Malaysia and India has contributed to the rapid capital growth.

As fundamentals improve, the construction of new condominiums is rising to meet the expectations of discerning buyers. This area consisted of large villas but we are now seeing an increase in the popularity of smaller apartments. We expect that these trends will continue, given the rapid development in the Katong area.

A good example is Moda, a freehold development by Hor Kew Land. Due for completion in 2013, it consists largely of stylish two-bedroom apartments. This high-rise development offers buyers a chance to attain ownership in prime District 15 at an affordable price. Moda is ideally located in the heart of Katong and within walking distance to Parkway Parade, a newly-refurbished Katong Mall and the future Eastern Region MRT Line.

Mr Dennis Aw, managing director of Hor Kew Land, said: "We have embarked on a distinctive approach to marketing this development. Moda gives buyers the opportunity to experience the benefits of Katong's rich cultural heritage and gain an asset with close proximity to Singapore's CBD, the new integrated resorts and East Coast Park."

Recent Government measures to cool speculative buying may have taken a bit of the shine out of the residential property market. Nevertheless, District 15 will continue to feature strongly on the radar of both owner-occupiers and investors.

The face of Katong is changing but it is retaining the charm and cosmopolitan essence that attract residents and investors.


The writer is Head of Singapore Residential Project Sales at Jones Lang LaSalle.

seriously biased article ..

why only MODA ?
so many condos and only mentioned Moda as example ?

D15 is Prime district meh ?

how come he knows where the east line MRT will be ? when so many forumers have been making guesses to the MRT locations ...

D15/16 is ideal for own stay ... for investment.. not so sure... rental not very good leh .. i feel .. ( i maybe wrong)

[bargain hunter]

"The writer is Head of Singapore Residential Project Sales at Jones Lang LaSalle."

of course biased lah.

seriously biased article ..

why only MODA ?
so many condos and only mentioned Moda as example ?

D15 is Prime district meh ?

how come he knows where the east line MRT will be ? when so many forumers have been making guesses to the MRT locations ...

D15/16 is ideal for own stay ... for investment.. not so sure... rental not very good leh .. i feel .. ( i maybe wrong)

[Blue]

The commenters are biased for sure.

[Piglet]

hi guys,
Im currently looking at at place at katong asking for $1004 psf.
10 yr old, nice apartment , nice loacation, and I loveeee it.
no facilities only basement carpark.

can walk to parkway and katong mall.

Do u guys think this psf is reasonable?

I can afford it but just worried I will be over paying.
Very little units in this apartment so no past transaction available in the Caveats Log for reference.
similiar projects n the area had sold for at most $900 psf for the this year.

Please let me know your views!

[DC33_2008]

Own stay or for investment?

hi guys,
Im currently looking at at place at katong asking for $1004 psf.
10 yr old, nice apartment , nice loacation, and I loveeee it.
no facilities only basement carpark.

can walk to parkway and katong mall.

Do u guys think this psf is reasonable?

I can afford it but just worried I will be over paying.
Very little units in this apartment so no past transaction available in the Caveats Log for reference.
similiar projects n the area had sold for at most $900 psf for the this year.

Please let me know your views!

[Piglet]

its for own stay

[DC33_2008]

Is it freehold?
Flr area?
Mins to Parkway by walking?
Lifts?
Maintenance fee?

its for own stay

[Piglet]

freehold, 650 sqft, lift landing, 5 mins walk. maintence fees $150.l

[DC33_2008]

I believe it is low-rise. Not too far from parkway. Unfortunately got no amenities but if it is alright if you don't mind. Otherwise, may lose out in rental as there is quite a lot of development in that area with comprehensive amenities. Should ask for a bank valuation or you can check from streetsine.com. Do check if there are any problem like water leakage issue since is about 10 years old. Maintenance fee is reasonble. What is the sinking fund?

freehold, 650 sqft, lift landing, 5 mins walk. maintence fees $150.l

[Wild Falcon]

If there is absolutely no facilities and >$1000psf, you should just buy those Marine Parade HDB nearby right? What's the catch - fascination with shopping at Parkway Parade? Or are you hoping for enbloc upside? At $1000psf, what enbloc upside are you expecting? If you're paying >$1000psf, I'm sure you should have lots of choices with so many "boutique" developments in the area with facilities already. Don't tell me u like the place because you're peranakan.

In short, if you're prepared to pay >$1000psf and prepared to buy old developments more than 10 years, I'm sure there are numerous choices with some facilities in D15 that will improve your quality of life.

I think you've been quoted an outrageous price with enbloc premium all priced in. But then who knows, you may strike gold but check plot ratio.

hi guys,
Im currently looking at at place at katong asking for $1004 psf.
10 yr old, nice apartment , nice loacation, and I loveeee it.
no facilities only basement carpark.

can walk to parkway and katong mall.

Do u guys think this psf is reasonable?

I can afford it but just worried I will be over paying.
Very little units in this apartment so no past transaction available in the Caveats Log for reference.
similiar projects n the area had sold for at most $900 psf for the this year.

Please let me know your views!

[Piglet]

If there is absolutely no facilities and >$1000psf, you should just buy those Marine Parade HDB nearby right? What's the catch - fascination with shopping at Parkway Parade? Or are you hoping for enbloc upside? At $1000psf, what enbloc upside are you expecting? If you're paying >$1000psf, I'm sure you should have lots of choices with so many "boutique" developments in the area with facilities already. Don't tell me u like the place because you're peranakan.

In short, if you're prepared to pay >$1000psf and prepared to buy old developments more than 10 years, I'm sure there are numerous choices with some facilities in D15 that will improve your quality of life.

I think you've been quoted an outrageous price with enbloc premium all priced in. But then who knows, you may strike gold but check plot ratio.

Aiyo no la.
Firstly I cannot buy HDB because Im only 28 and Single.
and 2ndly, I don't need any facilities except for carpark, so I think this apartment is very suitable for me. Im not ecpecting any enbloc at all.

A lot of Boutique projects have studio less than 600sq ft with big balconies that, to me, is wasted space. these new projects usually have a small pool i don'tuse and will require maintainece fee of at least $200. more so, they are selling for more than $1100 psf now leh.

I'm still looking la. Just want to see more opinion.

the $150 includes sinking fund ifthe agent didn't lie la...

[blackfire]

hi guys,
Im currently looking at at place at katong asking for $1004 psf.
10 yr old, nice apartment , nice loacation, and I loveeee it.
no facilities only basement carpark.

can walk to parkway and katong mall.

Do u guys think this psf is reasonable?

I can afford it but just worried I will be over paying.
Very little units in this apartment so no past transaction available in the Caveats Log for reference.
similiar projects n the area had sold for at most $900 psf for the this year.

Please let me know your views!

Since it is near PP and Katong, I would think it's near to Amber Rd. That is about the current market price for a small unit there. In the past, most projects in East Coast caters for families in mind, hence studios are not that many in the area.

You may however able to get a cheaper and newer unit in Telok Kurau area, but of course location is not as ideal. I would think it is ok if for own stay, but for investment, upside potential may not be great as it is a boutique project. Also properties in D15 swing greatly in tandem to the market, it is also one of the speculators'(including enbloc speculators) favourite district-so maybe u may want to wait a while for the cooling measures to take greater effect. In short, it is good for own stay, on psf basis the prices in D15 are still comparatively cheap.

[pod]

freehold, 650 sqft, lift landing, 5 mins walk. maintence fees $150.l

can share which development is this?

some of these apartment is hidden gem...

[Wild Falcon]

You still need to do homework and check plot ratio. Assuming you will have to get married one day and the space will be too small for 2, you would ideally buy a place that you can sell easily and make a decent return. If the plot ratio is not maximised, then it will be easier to sell in the future. Remember, even if you're not looking for enbloc, the enbloc raiders will be keen, esp if plot ratio is not maximised.

If you really like the place, just buy lah. But I would suggest you to bargain. As you've mentioned, the nearby similar developments are best is 900psf, so it begs the question why are you paying so much more for an old development with no facilities other than a parking lot? And around Katong Mall, there're lots of developments - East Coast Road, Ceylon, Joo Chiat, katong, marshall, haig - these are boutique small-format speciality areas. Every day when I flip the papers, I see "4xxk and 5xxk cheaper than HDB" adverts under katong area - so new supply will be tremendous. And you're still young, and even if u dun swim, you will appreciate the gym right? - nowadays afternoon so hot, feels better to jog at the gym sometimes. Anyway, try bargaining The beauty with the katong area is it has mass appeal and not too niche. So there will always be demand from locals who tend to have similar taste. But rental yields is one of the worst in Singapore. But got mass appeal lah - every weekend got 3 pages of classfieds and yet still got so many people buy.

Aiyo no la.
Firstly I cannot buy HDB because Im only 28 and Single.
and 2ndly, I don't need any facilities except for carpark, so I think this apartment is very suitable for me. Im not ecpecting any enbloc at all.

A lot of Boutique projects have studio less than 600sq ft with big balconies that, to me, is wasted space. these new projects usually have a small pool i don'tuse and will require maintainece fee of at least $200. more so, they are selling for more than $1100 psf now leh.

I'm still looking la. Just want to see more opinion.

the $150 includes sinking fund ifthe agent didn't lie la...

[mcmlxxvi]

28yo and can afford 650k apt already? Wow. At 30yo I was lending right pocket to pay left already even though my first apt was only 308k. . ..

Either you come from rich family, strike toto or have a cushy highly paid job.

[rattydrama]

the profile of the 20+ group is different from your time. Your time, maybe parents still have many kids to feed. Money go to education and more important to property investment.

The now 20+ group most are from small family - 1-2 kids - thanks to government policy. So in a way, they have no financial burdens and sometimes, parents could chip in for the down payment.

[Piglet]

28yo and can afford 650k apt already? Wow. At 30yo I was lending right pocket to pay left already even though my first apt was only 308k. . ..

Either you come from rich family, strike toto or have a cushy highly paid job.

Aiyo. No la. I came from average income family staying in HDB in boonlay. Annual income is 60k and i saved and saved and saved!
WIll be buying this home for myself and im pretty excited about it..

cos very got " Feel".

Owner accepted my offer of $990 psf and that was the best I can do.

Wish me Luck!

[mcmlxxvi]

Aiyo. No la. I came from average income family staying in HDB in boonlay. Annual income is 60k and i saved and saved and saved!
WIll be buying this home for myself and im pretty excited about it..

cos very got " Feel".

Owner accepted my offer of $990 psf and that was the best I can do.

Wish me Luck!

You're like me 5 yrs back then.... I say GO FOR IT bro!!!!!!!!!!!!!!! Or are you sis.

Maybe we should organise house warming when my TOP and yours complete the handover.

[vip]

Aiyo. No la. I came from average income family staying in HDB in boonlay. Annual income is 60k and i saved and saved and saved!
WIll be buying this home for myself and im pretty excited about it..

cos very got " Feel".

Owner accepted my offer of $990 psf and that was the best I can do.

Wish me Luck!

Piglet, don't buy. You'll regret it later.

I bought my 1st condo around your age a few years back. It was a 1-bedroom unit, with seaview, full facilities and an underpass to East Coast Park. It was well under S$400k!

I resisted the temptation of staying there and continued to share an apartment with flatmates. With the rental return and hard savings of my monthly income, I gradually bought my 2nd, 3rd ... properties. Now their value is almost doubled.

Ask yourself: do you want to spend the next decade paying the monthly mortgage of an overpriced property? Or do you want to accummulate wealth through properties so that you can buy whatever residence you like in the future?

Here's my two-cent worth: Property has a cycle. Catch it only when it is low.

[Geylang OKT]

hi guys,
Im currently looking at at place at katong asking for $1004 psf.
10 yr old, nice apartment , nice loacation, and I loveeee it.
no facilities only basement carpark.

can walk to parkway and katong mall.

Do u guys think this psf is reasonable?

I can afford it but just worried I will be over paying.
Very little units in this apartment so no past transaction available in the Caveats Log for reference.
similiar projects n the area had sold for at most $900 psf for the this year.

Please let me know your views!

I believe you must be talking about the Odeon Katong devt. Erm.... one word. Overpriced

[rattydrama]

Are you suggesting that right now it is high?

Piglet, don't buy. You'll regret it later.

I bought my 1st condo around your age a few years back. It was a 1-bedroom unit, with seaview, full facilities and an underpass to East Coast Park. It was well under S$400k!

I resisted the temptation of staying there and continued to share an apartment with flatmates. With the rental return and hard savings of my monthly income, I gradually bought my 2nd, 3rd ... properties. Now their value is almost doubled.

Ask yourself: do you want to spend the next decade paying the monthly mortgage of an overpriced property? Or do you want to accummulate wealth through properties so that you can buy whatever residence you like in the future?

Here's my two-cent worth: Property has a cycle. Catch it only when it is low.

[Geylang OKT]

Are you suggesting that right now it is high?

That is an understatement for sure

[mcmlxxvi]

Piglet, don't buy. You'll regret it later.

I bought my 1st condo around your age a few years back. It was a 1-bedroom unit, with seaview, full facilities and an underpass to East Coast Park. It was well under S$400k!

I resisted the temptation of staying there and continued to share an apartment with flatmates. With the rental return and hard savings of my monthly income, I gradually bought my 2nd, 3rd ... properties. Now their value is almost doubled.

Ask yourself: do you want to spend the next decade paying the monthly mortgage of an overpriced property? Or do you want to accummulate wealth through properties so that you can buy whatever residence you like in the future?

Here's my two-cent worth: Property has a cycle. Catch it only when it is low.

If you believe in jlrx propertism you will convince yourself now is not high and will only go higher in future. Piglet is not looking at capital gains etc and only buying for own stay lor... different objective right?

I have to admit though for 10 year old property 9xxpsf may seem high at first glance. However Mountbatten Lodge in the exclusive landed cluster already breach 14xxpsf even though 10 year old also. And walking from there only get you to Katong Swimming Pool or Jalan Batu hawker - not PP major shopping mall.

735 Mountbatten Road #01-09 Freehold $1447 334 $483k 22 Jul 10

Incidentally, maintenance fees also $150 pm. No pool, only parking. No lifts even. Although is housed in conservation bungalow.

Grandfather of MM in D15 I believe... so my point is the perception of expensive or cheap is only in relative to like projects around the vicinity.

[Wild Falcon]

Happy can already lah.

Good luck. But seriously I have no idea why u must die die buy a over-valued 10-year old place with no facility and nothing other than a katong mall and so far away from your parents at $990psf when there are so many studios with some facilities nearby. To each his own lah.

Good luck. Looking at your $5k per month income level - you probably spent the past few years saving like crazy - really - do you need to buy now? After that you'll be stuck with a mortgage.

Aiyo. No la. I came from average income family staying in HDB in boonlay. Annual income is 60k and i saved and saved and saved!
WIll be buying this home for myself and im pretty excited about it..

cos very got " Feel".

Owner accepted my offer of $990 psf and that was the best I can do.

Wish me Luck!

[mcmlxxvi]

Happy can already lah.

Good luck. But seriously I have no idea why u must die die buy a over-valued 10-year old place with no facility and nothing other than a katong mall and so far away from your parents at $990psf when there are so many studios with some facilities nearby. To each his own lah.

Good luck. Looking at your $5k per month income level - you probably spent the past few years saving like crazy - really - do you need to buy now? After that you'll be stuck with a mortgage.

Bro Falcon is correct... if you desperately need your own breathing space can explore renting first. Maybe after realising nobody to wash your laundry and clean the house and prepare meals for you, you may decide to stay put afterall. Haha...

[Wild Falcon]

Frankly, I would have suggested him to buy those 4xx and 5xxk MM nearby even though I'm not a MM fan! At least the quantum is lower and he can still go to the gym or dip in pool during those hot weekends right? And IMHO, those MM will have a slightly better potential.

Bro Falcon is correct... if you desperately need your own breathing space can explore renting first. Maybe after realising nobody to wash your laundry and clean the house and prepare meals for you, you may decide to stay put afterall. Haha...

[mcmlxxvi]

Frankly, I would have suggested him to buy those 4xx and 5xxk MM nearby even though I'm not a MM fan! At least the quantum is lower and he can still go to the gym or dip in pool during those hot weekends right? And IMHO, those MM will have a slightly better potential.

Any guesses? Other than OKT Odeon, I guess Palladium or East View... or Seraya Lane.

[Piglet]

Hi guys,
Thanks for all your feed back.

The apartment Its actually at Sea avenue.

I didn't want to eleborate too much earlier, but Ive been rentng since 22 and bought my first apartment cheap at 24 after i saved and saved. Sold it after a year, made a decent profit, rented for another 2 years, bougth abother place and sold recently.
So now I have a comfortable amount of cash .

Im looking for a home and I decided this place is it cos its love a first sight.

With the low interest rate, Im only going to pay 20% and I am keeping enough cash , just in case property price drop then I will still have cash to buy a 2nd one for investment.

The mortgage is 30% of my monthly income so I think I will be alright bah....

I hope so!!

[devilplate]

Hi guys,
Thanks for all your feed back.

The apartment Its actually at Sea avenue.

I didn't want to eleborate too much earlier, but Ive been rentng since 22 and bought my first apartment cheap at 24 after i saved and saved. Sold it after a year, made a decent profit, rented for another 2 years, bougth abother place and sold recently.
So now I have a comfortable amount of cash .

Im looking for a home and I decided this place is it cos its love a first sight.

With the low interest rate, Im only going to pay 20% and I am keeping enough cash , just in case property price drop then I will still have cash to buy a 2nd one for investment.

The mortgage is 30% of my monthly income so I think I will be alright bah....

I hope so!!

sea ave mansion http://www.propertyguru.com.sg/proje...ns-2395/sale/1

pic looks nice and bright
nice facade...got the english feel...tats wat i call the authentic baywindow

u so power...bot pte apt at age of 24...i tink i am still studying useless toilet paper at age of 24