Recent News Article on new URA measures on the minimum plot size for all new flat developments in Singapore to be minimum 1000sqm and there is a limit to the number of units that can be built in low density estates. Would it have an impact on the recent hype of “mickey mouse” or shoebox developments that are flooding the geylang area in the Lorongs?
Recently for the past 6-12 months, there has been an increasing amount of new launches in geylang, especially in the Lorongs, where couple of adjacent old landed properties has been enbloc by developers and redeveloped into 20-40 shoebox units developments.
With the introduction of this measure by URA, partly to prevent overcrowding, developers might have to rethink their marketing strategy now. Will these kind of enbloc activities still continue or the new launches might come to a stand still here in geylang? Lets wait and see….
Below is the link to URA website on the new measures
2. A 2ha plot at the corner of Sims Avenue and Tanjong Katong Road was recently released for sale as part of the Government Land Sales Programme. It is zoned for office, hotel and commercial use. Another big field of developers could line up for this site, say market watchers, with an expected top bid of as much as $960 psf ppr. The tender closes on Oct 18 2011.
3. The old Lion City Hotel site and the former Hollywood Theatre next door will become a learning and enrichment hub, with a residential component. The UOL group emerged tops in a six-cornered fight earlier this year, with its bid of $313 million for the site.
4. Malay Village Redeveloping and new civic centre called Wisma Geylang Serai added.
5. Hotels, shops, parks and other facilities are on the drawing board for the area, as part of the Urban Redevelopment Authority’s 2008 Masterplan. There is about 12ha of land available for development and a potential commercial floor space of more than 5 million sqft.
On the recently published news on Straits Times, on good bargains for Freehold properties on Singapore. We can see that a good deal of the transacted properties that they are mentioning are majority in Geylang. I have placed the attachment below for your reference.
Of course, some of the properties mentioned are in the heart of the Red Light District, thus it has to depend on your preference and risk appetite as well as financing as not too many banks will support the even lanes from Lorong 6 till Lorong 22.