Do you have the foresight for the booming property market?
Sometimes I love to see things in retrospect. I was browsing through the old articles on property section, and found this commentary article dated 18 Nov 2007 on the over spill effect of Newton to Balestier and Thomson 3 years back. True enough, the property prices of Balestier have risen substantially coming close to the Novena and Newton area. So is the over spill effect of current Balestier able to work on Boon Keng, St Michael area and Potong Pasir? If you are looking to ride along the wave of the property boom, it is always good to do study and look at the things in history to have the foresight for the future……
Source : Straits Times – 18 Nov 2007
Balestier and Thomson: Undervalued but this may change soon.
A LACK of new launches in District 12 in recent years has held back price growth, and made areas such as Balestier and Toa Payoh among the most undervalued on the city fringe.
Last month, prices of homes sold in this district averaged $741 per sq ft (psf), according to caveats lodged. This is a far cry from other fringe areas such as nearby Bukit Timah, where prices are hitting $2,000 psf.
But this might change soon. Demand for nearby District 11 homes in Newton and Chancery Road could spill over to this area, while new upcoming projects might further pull up prices, property consultants said.
Already, the launch earlier this year of the Sky@eleven condominium, on the border of Districts 11 and 12, saw an enthusiastic response that prompted home sellers in Balestier and Thomson to raise their asking prices.
A major force in this area is property group City Developments, which has snapped up several collective sale sites within a stone’s throw of each other. It bought adjoining estates The Albany, Lock Cho Apartments, Comfort Mansion and a four-storey walk-up block, all at the junction of Balestier Road and Thomson Road. Then, it went on to pick up three more sites down the road: Concorde Residences, Balestier Court and Bright Building. When these sites are redeveloped and launched, whether individually or collectively, they could serve as a much-needed shot in the arm for home prices in this low-profile district.
If you are interested in Balestier’s intriguing history and on-going events, you are welcome to join us at the Facebook Living in Balestier.
Keith Yip Property Listing
Dear Keith,
17 years ago, I became very interested in this area [Balestier] due to its convenient location, good food and amenities. When I first bought a property in this location, naysayers called me ‘stupid’ for buying into this lousy area full of ‘gambling dens’, ‘brothels’ and ‘gangsters’. Fortunately, I did not listen to their opinions as I trusted my own judgement. It was not foresight on my part but rather wanting to enjoy the benefits of a familiar location as I had previously lived in the nearby Novena before it became expensive.
You are right to say that this area is pretty undervalued probably due to the past stigma held by Singaporeans. However, when big-time developers like City Development/Hong Leong, Far East Organization and Kheng Leong Realty [private development arm of UOB's Wee Cho Yaw] are interested in this area, they are not wrong! I believe that they will continue to invest in developing this area.
Property prices for both public and private housing in Balestier area are starting to move skywards. Even the HDB flats [along Ah Hood Road & Jalan Rajah] in this area are very undervalued compared to those in Toa Payoh and nearby Bishan. Demand is far exceeding the supply for both public and private housing stock in this area.
I’m glad that your Blog highlights Balestier area as a potential place for investment instead of the usual district 9 ,10, 11 and 15. The investment returns from those areas will not be attractive as those from undervalued areas.
Rgds, Jonno
Hi Jonno,
First congrats to you making the right choice years back, offering you a position now to reap the fruits:) Balestier areas have been witnessing impressive returns narrowing the gap between its neighbours Novena & Newton. In today’s context, Balestier is no longer considered just a poor cousin of Novena & Newton. Rather Balestier presents itself a unqiue area with interesting community life and intriguing architecture. I still see much room for appreciation in Balestier, with many new projects bringing new direction to this once neglected gem of Singapore:)
Cheers,
Keith Yip
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