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Thread: Balestier touted up-and-coming city fringe estate

  1. #1
    Junior

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    Default Balestier touted up-and-coming city fringe estate

    [URL="http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1134928/1/.html"]Balestier touted up-and-coming city fringe estate[/URL]
    By Jo-ann Huang | Posted: 13 June 2011 2241 hrs

    SINGAPORE : The historical Balestier area is going through a makeover, with swanky new residential projects and several hotels now seen lining its streets.

    It is also attracting high demand from young couples and professionals looking for a convenient city fringe property.

    Still, home prices in Balestier are not rising as fast as other city fringe areas, but analysts say this trend may change once government works to spruce up the area are complete.

    According to data from the Urban Redevelopment Authority, home prices in Balestier are growing more slowly than those in other city fringe areas, increasing by 9 per cent on-year compared with the overall city fringe price growth of 11 per cent on-year.

    The Viridian, a 23-storey condominium, is Global Orion Properties' maiden residential project.

    The industrial property developer chose the historical Balestier area - the former home to Singapore's early immigrants - for the freehold development on Jalan Ampas, just off Balestier Road.

    The property will have 108 units, ranging from 500 to over 3,300 square feet each, and amenities like a swimming pool and a recreational terrace.

    Satia Narjadin, director of Global Orion Properties, said: "In terms of amenities and location, it really can't be beaten - we are just outside of the city area itself. From here to Orchard Road, it's just 5 minutes.

    "If you take a walk outside, there is food aplenty, you have places to do grocery shopping, (and) it is conveniently located within walking distance to the MRT".

    Prices at The Viridian are going at S$1,550 per square foot (psf) - typical for new developments in Balestier like The Interweave, SkySuites 17 and Okio Residences.

    Analysts say the massive 421,000-square-ft Zhongshan Park hotel and retail project in Balestier will boost its attractiveness even further.

    The government has also announced plans to revamp the Balestier area, including building new footpaths and creating a heritage trail.

    Liang Thow Ming, head of residential services, Credo Real Estate, said: "You will find that similar properties within the city on a 99-year leasehold will be costing you anything from S$2,000 per square foot upwards.

    "Therefore, if you look at a freehold Balestier (property), at about S$1,400 or S$1,500 per square foot, that is value for money - for them to buy or even for investors who will probably be buying so that they can rent it out."

    The Viridian will sit on a former en bloc factory site, bought for S$27.5 million, while Skysuites 17 will be rebuilt from an old residential property, Diamond Tower.

    Analysts say the Balestier area holds much en bloc potential for developers as the old gives way to the new.

    - CNA/al
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  2. #2
    Exalted

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    1400-1500psf for balestier is value for money?

  3. #3
    Junior

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    Quote Originally Posted by devilplate
    1400-1500psf for balestier is value for money?
    $1500++ can find units in D10 lor. Balestier is too " za za" . Drive up n down the road when i visit the showflat. Totally dont like the area.

  4. #4
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    Quote Originally Posted by DaytonaSS
    $1500++ can find units in D10 lor. Balestier is too " za za" . Drive up n down the road when i visit the showflat. Totally dont like the area.
    S$1,500 psf is too high to be value-for-money. But anything under $1,200 still has quite a bit of an upside. But even within D12, not every development is equal. I think those nearer Thomson Road have a better environment, and will be aided by Vista, The Arte, etc.

  5. #5
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    The citirine was selling only around 650psf when first launched....Then the arte from around 850psf then vista residence from around 950psf then cube 8 and 368 thomson around 1200-1300psf.

    Now 1500psf is value for money!

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    Balestier is too overcongested with old buildings and rowdy looking coffeeshops. It reminds me of the red light Geylang area. However, the developers make extra effort to introduce modern trendy condos in this area to offset these negative points. It will take more than 10 years for Balestier to undergo a complete transformation.

    Nevertheless, if I were to rank condo preferences based on the districts, the following are the order of preferences:

    (1) District 9/10
    (2) Shenton Way/Tjg Pagar (CBD)
    (3) District 15
    (4) Sentosa/Harborfront area (D4)

  7. #7
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    Quote Originally Posted by Shawn
    Balestier is too overcongested with old buildings and rowdy looking coffeeshops. It reminds me of the red light Geylang area. However, the developers make extra effort to introduce modern trendy condos in this area to offset these negative points. It will take more than 10 years for Balestier to undergo a complete transformation.

    Nevertheless, if I were to rank condo preferences based on the districts, the following are the order of preferences:

    (1) District 9/10
    (2) Shenton Way/Tjg Pagar (CBD)
    (3) District 15
    (4) Sentosa/Harborfront area (D4)
    In 10 years, these new condos will become old so even if there's been a makeover for those older coffeeshops and buildings, there'll then be these 10 year old condos so not so nice again!!! Its never enough de!

  8. #8
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    Quote Originally Posted by Shawn
    Balestier is too overcongested with old buildings and rowdy looking coffeeshops. It reminds me of the red light Geylang area. However, the developers make extra effort to introduce modern trendy condos in this area to offset these negative points. It will take more than 10 years for Balestier to undergo a complete transformation.

    Nevertheless, if I were to rank condo preferences based on the districts, the following are the order of preferences:

    (1) District 9/10
    (2) Shenton Way/Tjg Pagar (CBD)
    (3) District 15
    (4) Sentosa/Harborfront area (D4)
    I am vested in the area so I might be biased, but I was personally attracted to Balestier because of these old shophouses. I think they lend the area a certain charm, not unlike Tiong Bahru before the government basically restored and repainted everything and destroyed any remnants of the old world. I do however agree that parts of it is becoming congested, as small developments are being replaced by bigger and more populated ones. The side near Thomson Road is a good example, with Vista, the Arte, Cube 8, 368 Thomson all coming up within a 400-metre radius.

    It will be good if they restore the pavements and eliminate the parking and traffic problems, but I actually hope the KTVs and old shophouses remain. Even the budget hotels. It keeps the place alive at nights, and doesn't pose any safety issues; gang fights or rowdy drunkards are rare in the area, and cabs are aplenty because of the clientele. That to me at least is the appeal of Balestier.

    You can't compare D12 to D9/10 or even D11 of course. Those are upmarket areas, quieter, and associated with the elite. Hence they command the highest prices. Even D1 and Sentosa/Harbourfront are not fair comparisons. A fairer comparison would be D3, since it's also on the city fringe (five minutes to Orchard Road and five minutes to Sentosa), as well as D15. I think those who have lived in the east would pick D15 but I have never lived in the area, so I can't comment. I consider both D3 and D12 very livable; the advantages of both are that they are very near the city without actually being in it and therefore avoid the problems commonly associated with living in the city, eg. higher food prices, traffic, transport costs. D3 is slightly quieter at the moment, though the stretch near the MRT station (with Ascentia Sky, Metropolitan and the new empty plot) is fast being transformed and will eventually become quite crowded. Tiong Bahru is already fairly saturated, and there are traffic problems during the evening with everybody trying to get out and into Tiong Bahru Plaza. Balestier is already crowded as well, but I like that it is at the intersection of several expressways, so you can get to the various corners of Singapore pretty quickly.

    Anyway, all three areas are ideal to me; the question right now (from an investing point of view) is which area has the greatest upside. For me, D3 with Ascentia Sky around $1,500 (and only leasehold) seems like a hard sell, and any upside may take years to materialise. Balestier is also touching $1,500 (and not even near the Thomson end, though most developments are freehold) so I don't foresee much near-term upside either. I myself bought into the area two years ago, and am wondering whether to cash out but if I cash out, where do I buy?

  9. #9
    Junior

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    why beacon height cannot move?? freehold but transacted slightly above $1000psf.

  10. #10
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    Balestier don't even have MRT by 2020. At 1500 psf, I rather go for Lavendar. Nearer to town with MRT.

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