The Alcove 3 Beds, 1292sqft, Only $786psf!!! Great Rental Yield!!

Unit Information

Project: The Alcove
District: 14
Tenure: 99years, TOP: 31st Dec 2004, Total 102 units
Location: Lorong 27 Geylang, 5 mins walk to Aljunied MRT
Unit: High Level
Carpark: Basement, Ample Lots
Facilities: Full except Tennis Court
Maintenance: $300 inclusive of Sinking Fund
Size: 3 Bedrooms, 1292sqft
Sell with Tenancy: JAN 2013 
Asking price: $1.02M Negotiable
Feature Points– Best investment in Geylang, as Odd lanes lorongs starting from Lorong 23 onwards is residential zone and local banks award Full 80% mortgage loan(For buyers without existing mortgage, subjected to own credit status)
– Last Gold Mine in Singapore, cheapest PSF are found here with 2 URA Masterplans in this area. 10 mins drive to Marina Bay Sands & CBD. 4 stations by MRT to City Hall.- Once masterplan is completed for Kallang Riverwalk and Paya lebar Biz Hub, this area will potentially boom over $1000psf.- Latest launch at Lorong 25 and 25A are sold out at $1200psf for mickey mouse freehold units. This is only $786psf. What is the risk?

– Unit is selling with tenancy till JAN 2012, whats the benefit? They can safe the loss of rental time to search for tenant as well as save on agent fees to help rent out the property after completion. Rental yield is at 4.3X%.

– Very very easy to rent out. Units here rent out through grapevine without the need for advertising!- Awarded Top 10 interior Condo Versage Award by interior design magazine in 2007.- Good size of 1292sqft, with balcony in Living room and Master bedroom, the Expats here loves the balconies, easier to rent to expats.

– Still the cheapest buy in town, $786psf only. The number 3 cheapest location in Singapore compared to Woodlands and Choa Chu Kang. Safe price to enter at for a 1292unit, rather than spending the same amount to invest in high psf priced 1 bedders or Studios. Even if market goes the other way round, how cheap do you think it will go?
Comparisons made-
——– Investors are starting to look at this area due to the low psf and huge potential. based on Masterplan 2008.
——– Why spend $1400psf to $1600psf to invest in a tiny Studio unit with only 5xxsqft also at in other areas where Risk is much higher, For The Alcove, even if price drops if it were to happen, the safety nett price is much contained.
——–HDB across the street at Geylang East and Old Airport road are going at $600K to $750K for a 5 room flat already
——–Dakota Residences and Waterbank going at $1300psf to $1500psf, also 99 years lease hold.
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