Singapre: Urban Redevelopment Authority (URA) has proposed to rezone Geylang Lorong 4 to Lorong 22 from a Residential / Institution to Commercial / Institution Zone to prevent “spillover of disamentities to surrounding areas”. The proposed area include Guillemard Road, Geylang Lorong 4 to 22 and Geylang Road.
Geylang has all the while been a vibrant and colourful neighbourhood with clans, associations, places of worship, residential uses and also all time famous red light district. All these entertainment including pubs, KTVs give rise to activities at Geylang Round the clock. There are also more new residential projects in this area due to the good rental yield. Geylang all the while has been a rental heaven for investors due to its city fringe location, famous local food and vibrant environment, while in turn create an increasing spillover of amenities and friction.
With the rezoning, the current new development will not be affected. However, any subsequent residential development will not be approve. This zone currently comprises mainly of clans, institutions, hotels, landed housing and some residential apartments.
Once the rezone is in place, what this will means to potential investors is that if there are into rental yield, they easily have to pay 3 times more the price per square foot for a residential site versus a commercial site. This can be seen from the last new commercial development launched at Pavilion Square where price per square feet hit more than 10,000psf versus a residential studio unit which hit the highest of about 1,500psf for a studio unit. Still, it should provide landlord a good investment opportunity as businesses can operate round the clock 24 by 7 due to its vibrant environment.
Potential investors looking at rental yield likely will be spill over to the new residential development from lorong 22 to 42 which are not affected by this rezone proposition yet still having good city fringe location and good rental yield.
Some of the New Condos at Geylang include
Sixteen 35 Residences
- Mixed Development at Geylang
- 1 to 3 Bedrooms, Dual Key
- Price from $6xxk
- Freehold Apartment at Geylang
- Choice Units Selling Fast
- 3 Bedrooms from $1.2xm
- 2 to 3 Bedrooms
- Launching Soon
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