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Thread: Atrium Residences

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    Default Atrium Residences

    Any comments on this relatively new (1 year old) condo at Geylang Lor 28? At 600-650psf seems rather value for money.

    http://www.singaporeexpats.com/singa...residences.htm
    http://property.streetdb.com/singapo...NCES.htm#_self

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    Atrium Residences has a nëw hïgh of $702 psf!


    Atrium Residences
    Address ............................... psf ............ Area .......... Price .......... Contract Date
    11 Lorong 28 Geylang #04-17 .... $702 psf .... 969 sqft ...... $680,000 .... 29 Mar 10

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    even geylang also so expensive now...

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    Atrium.. so expensive.. How to rent to wild fowls ?? scarly they do their biz there.. the owner might get into troubles with the authorities ?

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    Quote Originally Posted by smallant
    Atrium.. so expensive.. How to rent to wild fowls ?? scarly they do their biz there.. the owner might get into troubles with the authorities ?

    did i read somewhere they move to kovan ?>

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    Quote Originally Posted by azeoprop
    Any comments on this relatively new (1 year old) condo at Geylang Lor 28? At 600-650psf seems rather value for money.

    http://www.singaporeexpats.com/singa...residences.htm
    http://property.streetdb.com/singapo...NCES.htm#_self
    a couple of years back, there was this article in the money section of the Sunday Times about a retired dad and his 2 sons, who bought a unit at Atrium Residences each (or rather 3 units for 3 pax) during the launch (which means they bought at $4xxpsf); but subsequently failed to secure any bank financing despite their good credit standing and first property purchase. Bankers interviewed at that time shared that properties too near to Geylang red-light zone might not be deemed as acceptable collateral to banks, especially given the borrowers' profiles of being single men (1 pax per loan) rather than being a whole family unit.

    the long and short is - properties along geylang even-numbered lorongs (below lor 30) may not always secure financing, and this will certainly cap the upside potential of the property. There are also complaints about the quality of this devt in public forums, hence good to buy with your eyes open.

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    Ok thanks for the info, I will look somewhere else then haa haa...

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    so what is a realistic price for Atrium now? $700psf?

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    Quote Originally Posted by new2mondrian
    a couple of years back, there was this article in the money section of the Sunday Times about a retired dad and his 2 sons, who bought a unit at Atrium Residences each (or rather 3 units for 3 pax) during the launch (which means they bought at $4xxpsf); but subsequently failed to secure any bank financing despite their good credit standing and first property purchase. Bankers interviewed at that time shared that properties too near to Geylang red-light zone might not be deemed as acceptable collateral to banks, especially given the borrowers' profiles of being single men (1 pax per loan) rather than being a whole family unit.

    the long and short is - properties along geylang even-numbered lorongs (below lor 30) may not always secure financing, and this will certainly cap the upside potential of the property. There are also complaints about the quality of this devt in public forums, hence good to buy with your eyes open.
    i remember that article.
    lesson learnt: if buy geylang apt...better dont ask bank for loan.

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    Quote Originally Posted by marktkt22
    i remember that article.
    lesson learnt: if buy geylang apt...better dont ask bank for loan.
    that was in the past... things are slowly changing now.....

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    Quote Originally Posted by Wolverine23
    that was in the past... things are slowly changing now.....
    things are still the same. Only 1, 2 bank can loan,up t0 50-60%. And the new launch at lorong 26, only got 1 or 2 bank to loan.

    Even i throw the 40% down, wad is going to happen to my future buyers.? how many can and want to dump in 40% in this location?

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    Quote Originally Posted by jwong71
    things are still the same. Only 1, 2 bank can loan,up t0 50-60%. And the new launch at lorong 26, only got 1 or 2 bank to loan.

    Even i throw the 40% down, wad is going to happen to my future buyers.? how many can and want to dump in 40% in this location?
    in the future, this will be prime property if you have faith.

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    Well, it may mean there is a window of opportunity to buy undervalued Geylang properties. Once banks open up to the idea of lending to Geylang, future upside potential would be huge. There is no reason why banks refuse to lend to freehold Geylang properties.

    Quote Originally Posted by jwong71
    things are still the same. Only 1, 2 bank can loan,up t0 50-60%. And the new launch at lorong 26, only got 1 or 2 bank to loan.

    Even i throw the 40% down, wad is going to happen to my future buyers.? how many can and want to dump in 40% in this location?

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    Sunday Times, July 30, 2006
    Red blight district
    Family forfeits $22,000 in booking fees for condos in Geylang red-light area after banks reject loan application

    By Sarah Ng

    PROPERTY experts will tell you that one of the most important considerations when buying a piece of property is - location, location, location.

    If that property you are eyeing happens to be in a red-light area, this cannot be more true.

    And for good reason: You may well be unable to get a bank loan for it

    Mr Lim, 30, his younger brother and their widowed father had intended to buy one unit each at the Atrium Residences condominium in Geylang Lorong 28 earlier this month.

    To secure the three freehold units, they put down $91,000 collectively - or 5 per cent of the units' total selling price - as booking fees.

    But Mr Lim started hitting brick walls when he approached banks for financing. He needed a 30-year loan of $400,000 on his unit but was turned down by no fewer than seven banks, including DBS Bank and Standard Chartered.

    Only finance companies Hong Leong Finance and Sing Investments and Finance said yes.

    This, despite Mr Lim earning more than $50,000 a year as a product manager with a publishing company and having a clean credit history, he said.

    'I had no problem getting a car loan previously, so I didn't think that it would be a problem getting a housing loan from the banks. It never occurred to me that the location was the problem.'

    He added that the condominium was located in the residential zone of Geylang, under the Urban Redevelopment Authority's Master Plan 2003.

    Banks contacted stopped short of admitting that they discriminate against any one location, saying only that the location of the property is among several factors they consider when reviewing mortgage loan applications.

    The Monetary Authority of Singapore said it does not intervene in banks' commercial decisions on lending, which are based on their own range of internal credit evaluation criteria.

    But industry experts note that banks may also have concerns about selling off such properties in the event of customers defaulting on the loan, resulting in repossession by the bank.

    Said DBS Bank: 'We do not offer financing for properties that are of potentially higher credit risks to us as the current and future value of the properties are subject to several other factors like the condition, type of business and location of the property and its surroundings.'

    Generally, banks do not finance properties located in the even-numbered lorongs between Geylang Lorong 2 and 28, which is known as the red-light district, said lawyer Lie Chin Chin of Lie Kee Pong Partnership and Ms Angeline Lim, senior marketing director of realtor ERA.

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    Quote Originally Posted by new2mondrian
    Sunday Times, July 30, 2006
    Red blight district
    Family forfeits $22,000 in booking fees for condos in Geylang red-light area after banks reject loan application

    By Sarah Ng

    PROPERTY experts will tell you that one of the most important considerations when buying a piece of property is - location, location, location.

    If that property you are eyeing happens to be in a red-light area, this cannot be more true.

    And for good reason: You may well be unable to get a bank loan for it

    Mr Lim, 30, his younger brother and their widowed father had intended to buy one unit each at the Atrium Residences condominium in Geylang Lorong 28 earlier this month.

    To secure the three freehold units, they put down $91,000 collectively - or 5 per cent of the units' total selling price - as booking fees.

    But Mr Lim started hitting brick walls when he approached banks for financing. He needed a 30-year loan of $400,000 on his unit but was turned down by no fewer than seven banks, including DBS Bank and Standard Chartered.

    Only finance companies Hong Leong Finance and Sing Investments and Finance said yes.

    This, despite Mr Lim earning more than $50,000 a year as a product manager with a publishing company and having a clean credit history, he said.

    'I had no problem getting a car loan previously, so I didn't think that it would be a problem getting a housing loan from the banks. It never occurred to me that the location was the problem.'

    He added that the condominium was located in the residential zone of Geylang, under the Urban Redevelopment Authority's Master Plan 2003.

    Banks contacted stopped short of admitting that they discriminate against any one location, saying only that the location of the property is among several factors they consider when reviewing mortgage loan applications.

    The Monetary Authority of Singapore said it does not intervene in banks' commercial decisions on lending, which are based on their own range of internal credit evaluation criteria.

    But industry experts note that banks may also have concerns about selling off such properties in the event of customers defaulting on the loan, resulting in repossession by the bank.

    Said DBS Bank: 'We do not offer financing for properties that are of potentially higher credit risks to us as the current and future value of the properties are subject to several other factors like the condition, type of business and location of the property and its surroundings.'

    Generally, banks do not finance properties located in the even-numbered lorongs between Geylang Lorong 2 and 28, which is known as the red-light district, said lawyer Lie Chin Chin of Lie Kee Pong Partnership and Ms Angeline Lim, senior marketing director of realtor ERA.
    this is ***ual discrimination

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    Quote Originally Posted by Wild Falcon
    Well, it may mean there is a window of opportunity to buy undervalued Geylang properties. Once banks open up to the idea of lending to Geylang, future upside potential would be huge. There is no reason why banks refuse to lend to freehold Geylang properties.

    anyone has any honest view on Atrium residences ??

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    Quote Originally Posted by Wolverine23
    in the future, this will be prime property if you have faith.
    Geylang is the next Newton

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    if that is above lor 30, think should be quite safe

    Quote Originally Posted by proud owner
    anyone has any honest view on Atrium residences ??

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    Quote Originally Posted by proud owner
    anyone has any honest view on Atrium residences ??
    For me I think this is the cheapest non-mickey mouse relatively new freehold development near the city. If the red light district move out of this place, can easily fetch similar prices as waterbank.

    ....maybe 20 years later?

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    Quote Originally Posted by azeoprop
    For me I think this is the cheapest non-mickey mouse relatively new freehold development near the city. If the red light district move out of this place, can easily fetch similar prices as waterbank.

    ....maybe 20 years later?
    20yrs later?? even redlight remains, the prices there will still reach todays WB prices after 20yrs

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    No $400psf No Buy!

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    Hi, will like to seek advice from the experts here. I am thinking of buying a 3 bedder unit at Atrium Residence for rental purposes. This will be my only property, thus no need to fork out the 40% upfront. My situation is such that my family and I are staying in a HDB with in-laws now and no plans to move out in the next few yrs.

    1. Buy a 3 bedder for rental
    2. Sell away in 4-5yrs time and buy a unit for my family when we want to move out of in-laws

    Reason for choosing to invest in Geylang or this unit is because there is potential of capital upside if the red light district is moved out. If it doesn't, I will still gain from the rental collection.

    Thanks....

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    Quote Originally Posted by ps16
    Hi, will like to seek advice from the experts here. I am thinking of buying a 3 bedder unit at Atrium Residence for rental purposes. This will be my only property, thus no need to fork out the 40% upfront. My situation is such that my family and I are staying in a HDB with in-laws now and no plans to move out in the next few yrs.

    1. Buy a 3 bedder for rental
    2. Sell away in 4-5yrs time and buy a unit for my family when we want to move out of in-laws

    Reason for choosing to invest in Geylang or this unit is because there is potential of capital upside if the red light district is moved out. If it doesn't, I will still gain from the rental collection.

    Thanks....
    i assume ur family dunwan to stay in geylang rite....den wat makes u tink this project got further potential if u urself nvr consider tat location for self stay?

    since u dun hf other ppty....u shd be buying a plc tat suits both investment cum self stay in case smthing happen and u nid to move out

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    Quote Originally Posted by ps16
    Hi, will like to seek advice from the experts here. I am thinking of buying a 3 bedder unit at Atrium Residence for rental purposes. This will be my only property, thus no need to fork out the 40% upfront. My situation is such that my family and I are staying in a HDB with in-laws now and no plans to move out in the next few yrs.

    1. Buy a 3 bedder for rental
    2. Sell away in 4-5yrs time and buy a unit for my family when we want to move out of in-laws

    Reason for choosing to invest in Geylang or this unit is because there is potential of capital upside if the red light district is moved out. If it doesn't, I will still gain from the rental collection.

    Thanks....
    Some data for your info, think prices have creeped up to $800psf..., fairly new project, in-between Dakota and Aljunied MRT - ~600m away, FH. Further down at Lor 40 is The Waterina, also FH but about 6 yr project, transacted about $900+psf - but probably not so in the "thick of action":

    http://www.streetsine.com/static/hom...ode-398406-APT

    Transacted since Dec 2010:

    7 Lorong 28 Geylang #04-12
    Freehold
    $799
    1001
    $800k
    18 Jan 11
    11 Lorong 28 Geylang #07-17
    Freehold
    $846
    969
    $820k
    07 Jan 11
    7 Lorong 28 Geylang #06-12
    Freehold
    $829
    1001
    $830k
    28 Dec 10
    11 Lorong 28 Geylang #05-19
    Freehold
    $733
    1227
    $900k
    17 Dec 10
    7 Lorong 28 Geylang #03-13
    Freehold
    $687
    1302
    $895k
    10 Dec 10
    11 Lorong 28 Geylang #02-20
    Freehold
    $732
    1066
    $780k
    10 Dec 10
    7 Lorong 28 Geylang #02-13
    Freehold
    $711
    1259
    $895k
    10 Dec 10
    5 Lorong 28 Geylang #05-10
    Freehold
    $766
    1055
    $808k
    03 Dec 10



    Best to seek Geylang Expert, OKT...if he got any views..

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    Quote Originally Posted by Geylang OKT
    No $400psf No Buy!
    400psf...u mean land price??? can dream on liao lor...

    7 Lorong 28 Geylang #04-12
    Freehold
    $799
    1001
    $800k
    18 Jan 11
    11 Lorong 28 Geylang #07-17
    Freehold
    $846
    969
    $820k
    07 Jan 11
    7 Lorong 28 Geylang #06-12
    Freehold
    $829
    1001
    $830k
    28 Dec 10

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    Quote Originally Posted by land118
    Best to seek Geylang Expert, OKT...if he got any views..
    geyOKT says no 400psf no buy wor but ever since the prices keep rising till 8xxpsf....HAHA

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    Actually, if Government wants to move the RED/Bright lights out of Geylang, where can they move this to without stirring up the roar or projects of the other estates' resident and overall citizens...I believe it will be status quo for many years to come. Most people have accepted the notion of Geylang with controlled vice. Where else in Singapore can Government move them to? Build a new town for this ? Cannot right. Move them to other places, worst, suddenly will have so much debate and protest, best just to leave it. In every country sure have such activities..., whether how controlled only. Perhaps, in future, activities maybe less, but in my view Geylang will still be Geylang...also in other people's eyes?

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    It is not the vice alone but the people that are going there. You will know what I meant if you pay a visit there in the evening.

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    Quote Originally Posted by DC33_2008
    It is not the vice alone but the people that are going there. You will know what I meant if you pay a visit there in the evening.
    last time my cheap jap made car park in geylang for 30mins aso tio scratch lor....

    i go there for dining hor....not erection...hehe

    see la...smtimes we aso feel shy when we say we go to geylang....LOL

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    Quote Originally Posted by DC33_2008
    It is not the vice alone but the people that are going there. You will know what I meant if you pay a visit there in the evening.
    Am sure, many would not want their wife or young daughters to go and walk alone in the evening..., even if we know that Singapore is very safe, no harm will come upon you, the uneasiness of the stares and maybe those wolf whistles will put any decent ladies' off...On weekend, many Foreign Talents are hunting esp on payday time..

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