Friday, March 23, 2012

Building boom in Geylang

Straits Times: Fri, Mar 23
MENTION Geylang and many think of the red-light district, but the area is in the middle of a building boom, with developers banking on its proximity to the centre of town.


About 1,900 private homes across more than 25 developments will be completed over the next three to four years, and many will be shoebox flats, an increasingly popular choice for Singaporeans, investors and expatriates.


The challenge, as some agents note, is Geylang's seedy reputation.


Occupancy will be tested soon enough when many of the flats, in particular the shoebox units, hit the market.


These are homes ranging from less than 400 sq ft to 600 sq ft, and Geylang will be awash with them.


Centra Studios, a 51-unit condominium in Lorong 25 by Pinnacle Realty, has 40 one-bedroom apartments ranging from 344 sq ft to 527 sq ft, while the 39-unit Prime Residence in Lorong 22 by Springlife Development has 12 one-bedders ranging from 398 sq ft to 409 sq ft, and 20 one-plus-one units from 527 sq ft to 538 sq ft.


Property agents told The Straits Times they are confident that these tiny flats will remain popular because of the location, and they pointed to the high rents as evidence...

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