Property is always about the location as good location often give better return, be it capital appreciation or rental yield and also how it will increase your property’s value. However, there are places where location can be tricky.
When you get to figure out the property market, it pays to make a careful examination of the location. It’s affordability to live in makes it all worth it. As it is in other places in the world, there are urban places that are well known for other things particularly during night time. These places are somewhat stigmatized and in need of gentrification. Gentrification is the process wherein the neighbourhood is flipped or turned into something that is acceptable or tolerable in society. For example, the neighbourhood can be transformed from low income housing to high income housing as seen in most American cities. It is evident and found almost everywhere in New York City.
As much as you like to live near the urban center, you could pretty much walk or take your bike for mobility and access to stores and services. The main point in identifying a surrounding ripe for gentrification is when a run-down neighbourhood is at the edges of a good part of the city.
In Singapore, it is the Geylang. If you ask any Singaporean citizen about Geylang, you will hear snicker or see a wink. However, it is still a property in need of development and the potential for real estate housing. It is only this year that the Singapore Land Authority or SLA issued a notice that the 191 private houses in Geylang Lorong 3 will be returned to Singapore at the end of 2020 when the home owners’ lease run out. There will be no no extension as allowed.
As the home owners who are still living there, time will eventually run out. They were actually told to remove all what they own and cut off utilities and services by the deadline.
To what purpose the state will make of Geylang if the home owners leave by 2020, it is still undecided. Because of the reputation of the area, it will be nonetheless gentrified which can be great experiences for the new residents. Experts are foretellling Geylang will be a business hub since Geylang is near the Central Business District. When the bars and housing units are gone in Geylang, there will be a lot of small businesses crowding in Geylang. It is also accessible via the railway station, with stations Paya Lebar, Dakota and Alunied which will give quick and fast commute to various ends of the area.
Gentrified as it may be, that will depend on the government what they will turn Geylang into. If you are ready and capable to take the risk and not wait to buy the property. The benefits when buying in the stock market is low can be many. Most importantly is the benefit linked to living in a great neighbourhood, living in a transcending area which gives you more free time, a healthy lifestyle than before and a diverse, multi-cultural neighbourhood.