What's the reason for RCR’s Geylang to be the attraction spot again?.
Geylang is famous as a bustle and crowded area in District 14, Singapore. This place owns a myriad of the most sought-after residential developments, even for investors or buyers to settle down. On The Edge Property website, residential projects in the Geylang are the most searched out of the site's 50 real estate searches. Geylang is known as a red-light area and eateries such as those selling beef hor fun and frog porridge on Lorong 17, and 126 Dim Sum or Wan Dou Sek on Sims Avenue. This is a popular residential area with affordable price for those who are looking for a freehold development nearby the CBD and the upcoming Paya Lebar Central commercial hub.
According to Alan Cheong, head of research for Savills Singapore, in Geylang, the majority of people who come to buy apartments are usually Singaporeans or people who intend to settle down for a long time. Not only that, because ofthe affordable price, foreigners also prefer to rent apartments here, which is truely close to the city centre with abundant amenities around. Geylang is not really a modern place like central area but it is very dynamic and bustle at night. Mr. Cheong commented that Geylang had a unique character, with a vibrant nightlife, that you couldn't find elsewhere in Singapore. Geylang is located on the edge of the city and is therefore considered part of the Remaining Area of the Center (RCR). The people who come here mostly often are looking for older development such as freehold Wing Fong Mansions on Lorong 14, which was completed in 1997; freehold The Sunny Spring on Lorong 40, which obtained its Temporary Occupation Permit in 1998; and the 142-unit freehold The Atrium Residences on Lorong 28, which was completed eight years ago.
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Mr. Cheong advises potential buyers to check with their bank or financial houses for the loan limit they can get on residential properties in Geylang, especially located in the red-light area such as Wing Fong Mansions inspite of the gross rental yield becomes to outperform the average for most developments in the RCR and even CCR nowadays. Wing Fong Mansions is a freehold residential condo located at 12 Lorong 14, which is next to Mountbatten MRT station and Aljunied MRT station. It is located near Singapore Indoor Stadium with the Kallang Riverside Park in the vicinity. The development is comprised a total of 218 units, developed by Wing Fong Development Pte Ltd completed in 1997.
Comprised a total of 218 units, each unit of Wing Fong Mansion was built-up with the site area of about 1,227 square feet.
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In April, a 1,055 sqft three-bedroom residential unit belonging to Atrium Residences have been transferred with the price of $1 million ($904 psf)
Sunny Spring is a freehold residential property located at 50 Lorong 40. It offers a total of 338 residential units with communal facilities for residents’ use. The project was completed in 1998, which is developed by Sing-Indo Development Pte Ltd. This project is highly sought after by Singaporeans and PR families because of its proximity to prestigious schools such as Khong Hwa School, Tanjong Katong High School, Chung Cheng High School and Dunman High School. Just a few minutes short walk, from Sunny Spring, residents can reach Paya Lebar Central. The project includes three and four-bedroom types of apartments ranging in distinct sizes from 872 to 2,121 square feet. Latest sales transactions in March, A 1,200m2 3-bedroom apartment on the 8th floor of The Sunny Spring was sold for a price of $1.1 million and in May a 3-bedroom 1,066 square foot apartment on the 4th floor was sold for $1.05 million.
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In March, a 1,200m2 3-bedroom apartment on the 8th floor of The Sunny Spring was sold for $1.1 million and in May a 3-bedroom 1,066 square foot apartment on the 4th floor was sold for $1.05 million.
Mr. Cheong says these residential projects are of great interest because of the upgraders who are looking to purchase for their own use. Not only that, this is a marvelous deal worth buying, at the price of $1 million for 3 bedrooms. You will be hard pressed to find a similar development with this price anywhere in Singapore.
Geylang will never be an outdated choice for anyone living in Singapore. Let's find out more about plentiful other residential projects in Geylang here!
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