Geylang: this is still a property hotspot in the future.
The rental yield of Geylang properties is between 3% and 5%, beating many other areas in this weak rental market. And housing prices there may rise even higher.
Reason #1: Rezoning of Geylang
Geylang has recently undergone some changes in zoning because the Urban Renewal Authority (URA) wants to prevent friction between residents and people in brothels, food and illegal cigarettes and counterfeit goods.
In short, there will be fewer and fewer residential areas in Geylang in the future. The long section from Lorong 22 to Lorong 4 will now be designated for commercial use instead of residential use. This means that any apartment there will become a scarce resource, and you must combine this factor with the other factors below.
Reason #2: Geylang, as a small business center, has a strategic location and a bright future
Regardless of intent and purpose, Geylang property market is an excellent location for commercial development. Given its proximity to the new commercial center of Paya Lebar, we are likely to see it put into use soon. For those with vision, this will be a boon to grab residential properties in the area; these will bring good rental prospects when companies move in.
Reason #3: The red light zone will change over time
Back in the 1960s, Bugis was an unofficial red light district. It is considered as shabby and worn as Geylang today. But looking at the house prices in Bugis, you will find that renting 300 square feet there now costs a small developing country’s GDP. Although this cannot be guaranteed, prices in the area are very low, and if the area is cleaned up, investors who seize the opportunity may see huge returns.
Reason #4: Relocation of Paya Lebar Air Base
By 2030, Paya Lebar Air Force Base will be relocated. This will change the height restrictions of buildings in the surrounding area. Geylang is also likely to be affected. Of course, 2030 is still far away-but if you are buying property for long-term investment, you will know that there will be some solid prospects when it ends.
Take a look at Geylang News to explore more information about this property market.
Reason #5: It may look shabby in your opinion, but Geylang has a large number of potential tenants
Many ex-pats rent a condo in Geylang. Put aside those side jobs, and look at it from the perspective of a foreigner who has worked here for two or three years.
All in all, Geylang offers opportunities for bold people in a stagnant market
For those who have the capital to take risks and are willing to hold them for a long time, it is worth seeing the usual cynicism towards Geylang. The core rule of real estate investment has always been location-if Geylang has only one virtue (which may be true), it is a good location.
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