King George’s Avenue to get boost from new public housing
King George’s Avenue at Jalan Besar in District 8 has finally started turning heads once again after the Government has acquired 1.23ha of the vacant land and a piece of private property under the Land Acquisition Act. Although no official details were released, the plot of land has been earmarked for public housing in the city-fringe estate.
Despite the relatively slow resale activity in the ageing district, consultants are optimistic that plans for redevelopment will catalyse opportunities once the density of public housing increases in the area along the junction of Syed Alwi Road and King George’s Avenue.
Although Singapore currently faces tough home loan curbs and a weak rental market, bargains can still be found ahead of the area’s rejuvenation.
The connectivity and existing amenities in the area would only serve to justify the area’s investment outlook as stated by R’ST Research Director Ong Kah Seng. He added that the nostalgic value of the neighbourhood should be capitalized. Attracting tenants with an alternative flavour and differentiating the district from the typical residential skyscrapers and suburban malls.
One such example would be the mega City Square which hosts an array of old shops, workshops and is twice the size of a suburban mall with a gross retail space of 700,00 sq ft.
Other projects under development in the district would include freehold development, Citron Residences in Marine Road. The building will comprise of 54 apartments ranging from one-to-three bedders as well as 36 retail shops after construction finishes in 2019.
King George’s Avenue nearby private apartment prices are up up up
City Square Residences, Kerrisdale and Parc Somme are some of the few completed private projects in King George’s Avenue. Resale prices have averaged about $1,505, $1,104 and $1,388 per sq ft (psf) respectively over the past six months according to caveats.
Kerrisdale condominium is the oldest having been completed in 2005 while City Square Residences was completed in 2009 and Parc Somme in 2012. City Square Residences which is a freehold property has 910 units while Kerrisdale and Par Somme; both on a 99 year lease term, have 481 units and 30 units respectively.
King George’s Avenue vicinity recent new launch
Recently, a new development has just been introduced to this area and it is The Citron and The Citron Residences. This is a mixed development and is selling fantastically well due to its well-sited location which is only 2 minutes stroll to City Square Mall and 3 minutes stroll to Farrer Park MRT station.
While heavy traffic during the peak hours along King George’s Avenue might pose a deterrent to prospective owners, PropNex Reality Chief Mohammed Ismail stated that the rich neighbourhood of business communities in the estate combined with the private projects in the area will command relatively high rental yields with smaller units fetching 4 per cent more.
Adapted from Straits Times 19 July 2014 (C2 Money Invest Page)
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