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Geylang condo: 3-bedroom unit at Wing Fong Mansions will be priced for $1.12 mil

Geylang condo: 3-bedroom unit at Wing Fong Mansions will be priced for $1.12 mil.

According to the latest news, a 3-bedroom at Wing Fong Mansions which a Geylang condo along Lorong 14 Geylang in District 4 will be put up for $1.12 mil ($982 psf) on Sept 29. This condo was developed by Wing Fong Development Pte Ltd, built in 1997 and it comprises a total of 218 units. Situated in a quiet residential neighbourhood not to far away from the city centre, the development is highly sought after in the region. The surrounding community provides a great number of amenities and facilities that make for a comfortable lifestyle.

In addition, Joy Tan (Head of Auctions and Sales at Edmund Tie) who is handling the auction, this 3-bedroom apartment is 1,141 sqft in size on the eighth floor of the project with three bedrooms and one bedroom. utility room (large enough to be used as a 4th bedroom). She also adds that for those who prefer a fully functional layout, this apartment has no balcony or patio area, ensuring every area can be fully utilized for living space.

3-bedroom unit at Wing Fong Mansions will be put up for owner auction for $1.12 million ($982 psf) on Sept 29

3-bedroom Geylang condo at Wing Fong Mansions will be put up for $1.12 million ($982 psf) on Sept 29. ​Source: Internet.

If you are interested in Wing Fong Mansions - one of the Geylang condo that is interested and attracting investment, you can see details of available units here!

As for the larger Geylang condo units, this 3-bedroom apartment is located on the top floor of the building and overlooks the city and Singapore Sports Center. The construction project has two apartments per floor, which will provide privacy for potential homeowners. It is known that the current owner of this apartment is a local and uses this property as one of his investment units for rental purposes. As they have held the property for over 10 years now, they believe now is the right time to continue their investment.

The apartment is currently rented and can be sold with the existing rental period, depending on the buyer. In addition, Tan also notes that with put options with rentals, there is an immediate rental return for investors. According to URA data, rents for a similarly sized apartment at Wing Fong Mansions this year ranged from $2,200 to $3,300 per month.

Geylang condo: Wing Fong Mansions with swimming pool view

Geylang condo: Wing Fong Mansions with swimming pool view. ​Source: Internet.

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Regarding the current state of this apartment, there have not been any major repairs done in the past few years, but the owners have kept the apartment in good condition and livable. This unit is highly appreciated that will attract investors who are looking for the purpose of leasing and raising capital in the future.

As for Geylang condo, the area is known to attract good rental revenue as its location appeals to downtown workers with good public transport connections. In addition, Wing Fong Mansions and the adjacent apartment building, Wing Fong Court, were opened for collective sale last June. The guide price is $1,280 psf per rate plot for the combined venue.

Geylang condo: Average sale of Wing Fong Mansions has decreased by 8.26% in 6 months Feb 2021 - Aug 2021

Geylang condo: Average sale of Wing Fong Mansions has decreased by 8.26% in 6 months Feb 2021 - Aug 2021. ​Source: Internet.

Since Singapore was just coming out of the circuit breaker period with real estate demand not yet at its peak, the collective sale was not successful at the time. The most recent transaction at the development was on June 12, 2018, when a 1,227 sq ft unit on the second floor changed hands for $945,000 ($770 psf). On March 15 of the same year, a 947 sq ft unit on the second floor was trading at $805,000 ($850 psf), based on prior notices filed by the URA.

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