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Thread: Geylang's changing image sparks property market revival

  1. #1
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    Default Geylang's changing image sparks property market revival

    http://www.channelnewsasia.com/news/...medium=twitter


    SINGAPORE: Analysts say Geylang's changing image has revived interest in the property market over the last few years.

    This is bolstered by the fact that private properties there, which are just a stone’s throw from the downtown area, are affordable to those looking to upgrade from a HDB flat, as well as for investors.

    Central Imperial in Lorong 14 is one of the newest private residential properties in Geylang. It is among the pockets of small developments sprouting up, signalling a rejuvenated interest in the area.

    Long associated with drugs, illegal gambling and girls, Geylang's complexion has changed, with its reputation for safer streets and vibrant food culture gaining ground.

    Shay Chan, a Geylang resident, said: "When I first lived here 10 years ago, there were many more Chinese national heavy labour workers who were renting here. Right now, there are many more professionals from different countries living and renting here."

    PropNex CEO Mohd Ismail said that the mindset towards Geylang has shifted.

    "Today, I wouldn't really consider Geylang as being unsafe. From a security perspective, most areas are well-lit and have security cameras mounted on the lamp posts," he added, noting that these measures have given people peace of mind.

    The area also houses a number of freehold properties.

    "Geylang properties are a value proposition simply because freehold properties are marketed or launched at about S$1,200 or S$1,300 (psf) and resale properties at Geylang (sold) between anything from S$800 to S$900 per square foot,” said Mr Mohd Ismail.

    “A similar, nearby, District 15 property will command anything between S$1,600 and S$1,700 (psf). And outlying 99-year leaseholds, say in Sengkang or Punggol, easily command S$1,100, to S$1,200 (psf). Geylang stands out in terms of its quantum and square foot."

    Between June 2013 and March 2014, there were some 140 transactions involving 11 new launches in the area, according to the Urban Redevelopment Authority.

    Buyers now include young couples and families, as well as investors who want to rent properties to foreigners.

    There is increasing interest in Geylang properties due to their good rental yields and proximity to the city area.

    Mr Mohd Ismail said that because Geylang properties are priced lower than in other areas, rental yield stands at four to five per cent, compared to the usual three to 3.5 per cent.

    "Rental prices here are quite expensive compared to other estates. It's at the centre of the city and quite near to our offices," said Chris Topacio, who has been renting a room in Geylang with friends for the past one year.

    Geylang may be the most intensely-policed area in Singapore but that has not fazed its residents.

    Jeffrey Tingchuy, a resident, said: "Almost two years living here in Lorong 14, and we didn't experience any problems or issues, and always it's quite safe."

    "The police come pretty frequently. I would say here is very well-patrolled," added Shay Chan.

    At any one time, there are at least 10 uniformed police officers patrolling the area -- a number that is bolstered by plainclothes officers.

  2. #2
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    It's hard to change. The stigmah can inlybbe removed if the business are move else where .
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    Can someone buy a condo in little India complain there are too many Indians in their estate?

    Honestly if you are not comfortable living near red light district then buy some where else.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    does banks still restrict loans to geylang areas?

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    Quote Originally Posted by hopeful View Post
    does banks still restrict loans to geylang areas?
    A friend of mine told me many "freelance" are using studio in geylang for business.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Quote Originally Posted by Ringo33 View Post
    A friend of mine told me many "freelance" are using studio in geylang for business.
    that doesnt really answer the queston.

    the article mention about good yields achieve by geylang units.

    just like rental is independent of freehold/leasehold status, i supposed it is also independent of the purchase price of the property.

    why is purchase price of geylang property depressed? is it because it is difficult to get loans from banks when buying geylang property?

    in this yield-seeking age, such good yield are unlikely to persist for long as investors chase these properties so yields will go towards the mean.

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    Quote Originally Posted by hopeful View Post
    that doesnt really answer the queston.

    the article mention about good yields achieve by geylang units.

    just like rental is independent of freehold/leasehold status, i supposed it is also independent of the purchase price of the property.

    why is purchase price of geylang property depressed? is it because it is difficult to get loans from banks when buying geylang property?

    in this yield-seeking age, such good yield are unlikely to persist for long as investors chase these properties so yields will go towards the mean.
    Just read it with a pinch of salt. I remember sometime last year there is also a similar article to the subject of geylang.

    Then few weeks back, there is this report from SPF that Geylang has got the most number of police petrol due to high crime rate follow by a couple saying they are planning to move out due to the bad environment for kids, and some FW saying there are fights almost every night.

    Ultimately talking about yield alone can be misleading because high yield could mean high turnover of tenants and if owner has to change tenant every 6 to 9 months, then the real yield might not be as high.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Quote Originally Posted by Ringo33 View Post
    A friend of mine told me many "freelance" are using studio in geylang for business.
    not just geylang some of those joo chiat and telok kural MM are also being used. I was told.
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    Here is an article in 2012 saying pretty much the same thing.

    http://www.condosingapore.com/forums...58&postcount=1
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Some people want to buy cheap and then complain their way through and hope prices go up. Everytime I see complains about seeing prostitutes in Geylang, I will be thinking what kind of idiot will write a letter to complain about that? Might as well complain why got water and sand at east coast park. Really dumb fools. Of course Geylang got prostitutes lah!! Stupid...



    Quote Originally Posted by Ringo33 View Post
    Can someone buy a condo in little India complain there are too many Indians in their estate?

    Honestly if you are not comfortable living near red light district then buy some where else.

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    Quote Originally Posted by thomastansb View Post
    Some people want to buy cheap and then complain their way through and hope prices go up. Everytime I see complains about seeing prostitutes in Geylang, I will be thinking what kind of idiot will write a letter to complain about that? Might as well complain why got water and sand at east coast park. Really dumb fools. Of course Geylang got prostitutes lah!! Stupid...
    some might go as far as saying Geylang red light district will be relocated to some other district because they are vested in Geylang.
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Quote Originally Posted by Ringo33 View Post
    some might go as far as saying Geylang red light district will be relocated to some other district because they are vested in Geylang.
    I think the Ang Mos and some others may like to rent there precisely because got red light distrinct....

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