Ah, I found this one to be interesting – Geylang seems like an area with tremendous potential. Still close to the central city area and just a straight shot down to the upcoming Marina Bay Integrated Resort. And yet locals avoid this area (to live in) like the plague… because of the red light district or because it’s associated with different cultures? Hmm. I think expats would like it here though.
“More boutique apartments on the way”
From Straits Times – June 10, 2007
AMONG THE UP AND COMING DEVELOPMENTS in Geylang are three freehold projects on Lorong 30 – The Midas, Atrium Residences and The Arizon.
GEYLANG needs no introduction to most Singaporeans.
As one of Singapore’s best-known red-light districts, Geylang boasts a vibrant nightlife and a wide array of good food.
In fact, the area is buzzing with activity during the day too. It is dominated by many small budget hotels and is widely known for its casual eateries serving good local fare often well into the night.
Boutique apartments are also popular in the area.
More developments are on the way. Launches early last year included The Arizon and The Midas, followed by the 142-unit Atrium Residences, which is developed by the Novelty Group. All three are being built on freehold plots.
Existing developments include the 99-year leasehold The Alcove, where average prices are at $375 per sq ft (psf), and the freehold Le Crescendo, which has sold for a higher average of $670 psf this year.
At Central Grove, the average transacted price this year is $566,800 and asking rents are between $2,800 and $3,000 a month, said Savills Research.
In the area generally, asking rents for a two- to three-bedroom unit start a little cheaper at an average of $2,000 a month, rising to $3,000 a month, it said.
Home prices here have not risen much in the past year, said Savills Singapore’s director of marketing and business development, Mr Ku Swee Yong.
He added that the developments in this area attract HDB upgraders, particularly those living nearby, on Sims Avenue and Guillemard Road.