MORE EXPATS
LOOKING AT BALESTIER FOR AFFORDABLE HOMES
Homes in Balestier are becoming a preferred choice for
buyers, especially among expatriates who cannot afford to buy expensive city
centre properties.
While units in Balestier are usually 20 percent more
affordable than nearby prime areas, they are still fairly central. In the past
year, new condos such as Nova 88 have been built in the area supplying over 400
new homes.
Chia Siew Chuin, Director of Research and Advisory at
Colliers International, revealed that another 1,400 new homes are expected to
be ready in the vicinity by 2015.
As a sign of healthy property sales, Far East Organization’s
Vista Residences (pictured) at Jalan Datoh has eight units remaining –
four-bedroom penthouses are going at S$4.3 million or S$1,800 psf.
Launched last year, EL Development’s Skysuites 17 has only
one penthouse left.
Chia added that rents in Balestier have also inched up this
year. On average, monthly rents stood at S$3.35 psf in April and May, higher
than December’s S$2.98 psf.
As for freehold condos, resale prices are 15 to 20 percent
lower than in Novena and seven to 10 percent less than in Toa Payoh, noted Ong
Kah Seng, Director at R'ST Research.
Meanwhile, more investors and expats are looking at shoebox
units, especially small to mid-sized condos such as Okio.
Over at Skysuites 17, investors accounted for about half of
the buyers and around 40 percent of the units are sized below 500 sq ft, noted
Lim Yew Soon, Managing Director at EL Development.
Experts attribute Balestier’s appeal to its good food, old
world charm and attractions.
Info courtesy -
PropertyGuru.com.sg
