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I am currently looking at a 3-bedder along Kim Yam road which is below $1M and approx $1k psf. I like it due to:
1) proximity to amenities (Robertson Quay is nearby)
2) no lack of tenants (esp the Japanese and the Caucasians)
3) the development is not 99-year leasehold
But there are other considerations, such as Buddhist Lodge and all the construction around the area.
Anyone has any ideas or experience with living in that area? Thanks!
If its going at that price, i think its a good deal.
Buddhist Lodge, not an issue to me. Hardly hell raising party animals.Quote:
Originally Posted by new2mondrian
3 bedroom in 1000 sq ft seems tight.... but I guess my standards are so old already. Now everything Mickey Mouse.
Construction..... find me a spot in Singapore where there is no construction.
If it is near Mohd Sultan end there is 7-11 which has lots of teenagers who cant get in to drink in double 0 puking up every Fri/Sat. Real nice.
i did take a look at the area some time back. was looking at a devt just beside the Buddhist Lodge..going at abt 900+ psf..FH. albeit a little old.
the problem i found was not with the noise from the Buddhist Lodge, but rather traffic.
try going there on special religious occasions and the parking is a headache. it's a 2 lane road ..so if 1 side is full of parking, i can imagine the hassle of getting out.
other than that, it's a nice place. and u can basically "stroll" to orchard.
as for the construction, just bear with it, and it'll be over in a few years. with so many new properties lately, every corner is a construction site.
First of all, i'm vested in that area.Quote:
Originally Posted by triston
Now my comments. The temple isn't bad at all. Even on days of religious occasion. It doesn't jam up the place. Also bear in mind, you can come out both ways from Kim Yam Road, or you can take Tong Watt Road. So traffic does move out pretty easily.
Now, that area, is pretty interesting. I find it rather undervalued as compared to martin road area, which strike me as a bit weird.
Currently you have the construction of several condos in that region, hence the construction noise and dust. But most of them will TOP within the next 3 years. I still believe the value of the development along that road will be upwards moving in time to come.
If the temples can move out, it would be even better.. but don't bet on it...
Yes it is undervalued because in the past it was famous as a mistress / chicken area but times have changed, so values would have good upside and potential.
Quote:
Originally Posted by xebay11
ha ha.. don't give away your age like that man... that was way back in the late 70s... where that place was not even developed... not even River Valley...
No lah, my auntie had a place there, she already 60+ YO, she used to rent out to those women of the night :DQuote:
Originally Posted by pweesng
is there any other new project at kim yan road? I knew one directly opposite the temple, anyone know the project name?
are u referring to Martin Place?Quote:
Originally Posted by ay123
Martin Place Residences, Martin Place, or Waterford Residence?
Thanks for the inputs. I am also betting on the fact that with all the new devts (Martin Place Residences, Attitude@Kim Yam, Wharf Residences, Urbana) around the region, prices will go up in that area over time. And since the investment quantum is relatively small (as compared to other developments in that area), it will not be tough to obtain a 4-5% yield (rental of $3,300 and above) on a 3-bedder unit with unblocked views, since the asking rent for that area is high.Quote:
Originally Posted by pweesng
My key concern is the Buddhist Lodge, which will most probably be a permanent fixture in that area. Given the temple is not bad (in terms of noise and congestion), I think the price should be fine.
Thanks again. I should be making my small move soon....
I don't mean to pour cold water to your investment idea. Like i say, i'm vested in that area, so the more transaction in that area, the better for me.Quote:
Originally Posted by new2mondrian
I like that area, it is really not noisy, given that it is tuck nicely in a corner of Mohd Sultan and River Valley, near town, but not that near.
However, i have some views about the older apartments there...
1) seriously, most people who wants to stay there, are either yuppies who probably has done way better then me, when i was their age, or Ang Mohs.
2) these groups are either very rich, or company is paying for thier accomodation.
3) Given the conditions, they may not want to stay in the older apartments because they either has an image to keep, or they are burning money that don't belong to them anyway.
I would be wary about buying a seriously old apartment there for rental...
but if you want me to buy something to stay and wait for enbloc, got some potential... but as usual... my views are mostly wrong.
actually the apartment is slightly over 10 yrs but less than 15 years old.... so it's old but not so old...Quote:
Originally Posted by pweesng
but i totally agree with you... seriously old apartments might have questionable tenants and dated facilities... very hard to find tenants....
the unit which i am looking at is currently tenanted to a US MNC till 2010, at a pretty depressed rental of approx 3% yield cos the rental was negotiated when Martin Place Residences and Urbana were doing their piling and building works. But after the place is all up, should be better.... hopefully...
do u know if the Buddhist Lodge allows the burning of joss paper in its premises???
What do you guys think of 1 Kim Yam Rd that conservation development? Views all blocked all around?
i went to the temple quie often. they do allow minimum burning of joss paper. i do not remember seeing anyone burning joss paper so is not that smoky. but they do chanting quite frequently, don know how bad can the noise be......but this area is really a quite/peaceful place.Quote:
Originally Posted by new2mondrian
Definitely safe from 'hauntings' and etc then I guess... or is it the other way round i.e. those 'things' are attracted to places of worship as it is there where they obtain redemption, feed on offerings etc etc etc. :doh: :scared-1:Quote:
Originally Posted by ay123
Heard some condo estates there have termites problems. Better watch out for these first before buying.
Quote:
Originally Posted by new2mondrian
Quote:
Originally Posted by ay123
the chanting is in an aircon room ..so not noisy
only problem i see is during 1st and 15th of lunar mth ..alot of visitors ...and that small road jam up .. and alot of old folks ..walking very slowing both on pavement and on the road ..
so drivers tend to drive much slower ...
otherwise its quite peaceful
The burning of joss papers is not to my liking. It is like Indonesians burning down the forests. :scared-1:
Many cars/vehicles parking along the road is also a nuisance and this is an obstruction to traffic flow.
Quote:
Originally Posted by proud owner
Kim Yam Road has potential.
It is amazing that different projects along the same road has different pricing. The problem with these small older apartments is that they do not show much price appreciation compared with surrounding ones. Example : Aspen Heights (within sight of Kim Yam Rd also 10 years old) was $900-1000psf seven months ago. I guess this is a supply versus demand thing.
The outlook on rental is not very clear right now. The property cycle is quite short nowadays. Dun think u shld base your buy on rental but rather on capital appreciation. But if u intend to hold long term then that is another story.
I agree Kim Yam Rd has potential. Prices should take off once all the condos finished construction. Up to 3 years ago, it was a pretty rough area, and this hurt property prices there. Moreover, many buildings were in a dilapilated condition. For example, the Peranakan shophouses which form part of the Wharf Residence were in that condition for many years.
During the past 3 years, there has been too much construction affecting rents. Once the Wharf residence, Vivace and Martin Place are completed, the whole area will be very nice, and will complement the pretty conservation shophouses. In addition, I believe the old school (next to Oleanas) is earmarked for an international school.
u mean the old Nan Chiao School ? which opens up to the temple as parking space on festive days ?Quote:
Originally Posted by G17
that's right......Quote:
Originally Posted by proud owner
erm.... u went through ALL my postings over the last 1.5 years??? U are good, very good.... :)Quote:
Originally Posted by PlatiniumMondrianLangston
Agree with u that rental will decline over the short to medium term. Actually every buy is entered into with a long term view, though it gets distracting every now and then (for eg. someone just offered my a cheque of close to $900psf for Parc Mondrian) when an offer comes by. That's with property. Every time something like this happens, we start wondering if we still want to hold for the long term, or to sell it. Well well... anyway we are still holding onto Mondrian. :)
Aspen Heights is nice... too bad the price appreciated so much that it is now far above the 900-1000psf range traded early this year.
U are referring to Attitude at Kim Yam is it? That is a very very small devt of Mickey Mouse units. Really depends on how u feel abt MM units. I am not a believer of it. To me a minimum space of 700sqft is required for comfortable (individual) staying. But I might be wrong.Quote:
Originally Posted by mcmlxxvi
But the plot opposite Attitude at Kim Yam has been withheld by FEO for launch for the longest time. When FEO launches it, we can be sure that there will be more MM units across the road at incredible pricing... so there might be more upside??? Really no one knows.
To all who posted, especially about Buddhist Lodge, thanks very very much. For the past 2 weeks that we were considering the place, we drove by many times on weekends, as well as weekday evenings; it seems a nice and peaceful place. Hopefully the area becomes even better after all the development comes up. :)
Take the cheque for Mondrian and roll. I anticipate prices to go up further with the IRs developing.
Before The Singapore Flyer is operational, people have so much hope for it and expect so much from it............what happen???
Before F1 comes to town, we are all going gaga over it, look what happen to it in just the second year???
Now its the IR......hope its really the real thing this time round.
This is more concrete, imagine if you are a wealthy high roller, you come to Singapore to visit the marina Bay and you fall in love with the place, you feel that it is safe and comfortable, what would you do? Look for a home or holiday home. The East Coast area would probably give the best holiday atmosphere and there are many new condos lining the ECP on the way to the airport.Quote:
Originally Posted by kali-yuga
I had the same sentiments whenever I went for holidays, I have bought a home in Perth and was eyeing Bali in my recent trip there.
i know what you mean ...Quote:
Originally Posted by xebay11
perhaps we can start some kind of company ...which will take care of leasing out your holiday homes ?
if foreigners buy condos here to use only when they come .. i am sure there will be also foreign buyers who dont mind renting out their condos when they are not in town ..
so this company can help rent them out to other hoilday makers ??
i know there are such arrangement in Bali .. Phuket .. Australia .. even here in NY
Quote:
Originally Posted by proud owner
I have a friend who has done just that in Bali.
But then Bali is Bali, east coast is hardly a match from holiday persepective.