Finally you can see Geylang Serai condo selling for $1600psf..and mind u, this condo is located at the Geylang Serai area which will be bustling, crowded and noisy during the 30-days fasting month of Ramadan.
This location is not really ideal for living. A smelly wet market is just like 50 metres away, and opposite is the run-down City Plaza complex. As an agent myself, I find it hard to believe that there are still people willing to commit big money to such location.
As a responsible agent, I would not recommend any buyers to consider this judging by the steep psf prices. There are so many other better nicer choices like Fulcrum (near prime Tanjong Rhu area) which is launching today with a psf price expected from $1500-2300, or Meyer Rise which is located at the prime freehold district of Meyer Road and still have 100 over units left for sale. These 2 developments have nicer architecture and facilities and their design themes are far and above Katong Regency design/layout concepts.
Guess if the property market corrects by 10-15%, this kind of development will see the most correction in price.
I guess those who bought have not done a proper homework. They have been consumed by the tall words of some agents who over marketed the Paya Lebar HUB which is still years away. A home must always be a home and not a busy place to live. Some agents say good rental...but show me the $$$...the HUB is still not ready yet and not everyone wants to be living so close to their working place. And with that kind of $1.5-2.5 million price for 2 and 3 bedroom, can the tenants who work at the HUB afford to pay sky high rentals from $5-8k ??? If the buyers want to capture good quality tenants, most of these tenants work closer to city or prime districts and not near Geylang Serai unfortunately. Even in D15, this location is not even close in 'quality of living' rating compared to Meyer, Amber, Tanjong Rhu or Marine Parade.
This is a fact but many less experienced investors fail to realise.