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 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.
Source : PropertyGuru – 2012 Jul