Looking for Feedback on investment property purchase from property bros here

[Papsmearer]

I am looking to pick up another investment property given the declining market for condos. Private condo, 999 or freehold. It will 2 bedrooms, probably around $800 psf. Looking in the Geylang area. What is your feedback in Lorong 6 -8? I notice there is a lot of budget priced hotels in the area and very convenient to makan places and MRT. I am looking to do more of an AirBnB type operation. Low key and flying under the radar. The yields are quite good. On regular rental, its over $2000 plus a month. On a AirBnB, I think can get $200 a night. Even if only 2/3 occupancy during the month, that is $4000. Anyone have any idea whether the potential rental clientele will be pimps and pros, or more likely tourists and visitors?

I am not normally familiar with geylang, as I am out in the East Coast area. But surprisingly, I am finding East Coast private condos are not weakening in price that much or as fast as other areas. And those that are reasonably priced are not in good or convenient locations. So, looking for Geylang as a means to maintain higher yields. Any feedback appreciated.

 

[Papsmearer]

wah seriously, no one buys properties here?

 

[xebay11]

wah seriously, no one buys properties here?

You are ten years too late.

 

[eatshitndie]

i'm looking around too. waiting for demand to soften more and prices to drop further. here's a list.

http://newsgpropertylaunches.com/rezi-3two/

http://www.newlaunch-condo.sg/the-octet-geylang/

sanctuary at geylang. 21 units.

http://www.newlaunch-condo.sg/freehold/

water edge at geylang.

http://www.propertyguru.com.sg/project/the-water-edge-geylang-20682

geylang area condos are numerous and more affordable. it's one area with more freehold condos than any other place in sg. if the mrt runs near it, the potential is there. although it's undesirable for many buyers, especially yuppie couples and those with kids, it's a happening place, and eventually it will be gentrified bringing in hipsters and investors alike. cumming back soon to appraise some properties in that area.

 

[GoldenDragon]

I am looking to pick up another investment property given the declining market for condos. Private condo, 999 or freehold. It will 2 bedrooms, probably around $800 psf. Looking in the Geylang area. What is your feedback in Lorong 6 -8? I notice there is a lot of budget priced hotels in the area and very convenient to makan places and MRT. I am looking to do more of an AirBnB type operation. Low key and flying under the radar. The yields are quite good. On regular rental, its over $2000 plus a month. On a AirBnB, I think can get $200 a night. Even if only 2/3 occupancy during the month, that is $4000. Anyone have any idea whether the potential rental clientele will be pimps and pros, or more likely tourists and visitors?

I am not normally familiar with geylang, as I am out in the East Coast area. But surprisingly, I am finding East Coast private condos are not weakening in price that much or as fast as other areas. And those that are reasonably priced are not in good or convenient locations. So, looking for Geylang as a means to maintain higher yields. Any feedback appreciated.

You mention Geylang only, my little bro gave a hormat!

I am no property expert. But if you plan to buy in Geylang and hope that pimps and pros will be your clients, be VERY VERY careful. Anti-Vice Branch CID must approve your place before okts can do legit business there. And you never know what is required. Not worth taking the risk.

If you plan to rent to someone who will get a tua pek kong to operate an illegal operation (room rental), DONT! Many investors who bought for this purpose now facing problems renting it out for legal purpose. The worst thing to happen will be this - Geylang is "hot' because can get good rentals from okt and sellers will always reinforce this selling point. You buy high. Later not approved for legal brothel use, you overpaid. You then decide to hiong and rent to tua pek kongs. Problem is this side of the business is no longer viable.

if i may suggest, buy in Geylang but further away from the designated red light zone. Those after lor 22. Get a 2 bedrm apartment without any security guards. Lots of units are rented to PRC gals here awaiting court cases whereby they are prosecution witnesses. They are all doing the trade and each room brings in close to $1500-$1800 a mth. Size of 2 bedrm apartment at most 650 sq ft. good luck.

 

[GoldenDragon]

wah seriously, no one buys properties here?

we are all very poor. Hand-to-mouth living. borrow from ah long type.

 

[shittypore]

we are all very poor. Hand-to-mouth living. borrow from ah long type.

Me still has not cleared the 555 booklet frm the 80's.

 

[GoldenDragon]

Me still has not cleared the 555 booklet frm the 80's.

your creditors I suspect already in Mandai resting there in their forever home. so, nothing to worry.

 

[yahoo55]

East Coast prices have not weaken much yet probably due to the building of a new MRT line there.

Condo prices have not fallen sufficiently to consider buying yet. But condo vacancy rates have been rising steadily and have now hit 9.4%, I expect the vacancy rate to hit a record high 10% by this year with the huge oversupply in the pipeline. And with the addition of the economic slowdown, retrenchments, and rising interest rates, condo prices should fall a lot more these 2 years.

Not interested to buy property this year because I think it's not the bottom yet, but may consider buying another investment property in 2017 or 2018 provided the ABSD is removed for citizens by then. No way in hell I will pay the overpaid PAP blood sucking leeches for ABSD.

 

[GoldenDragon]

wah seriously, no one buys properties here?

before i forget, i old man lah, can consider the balestier area. the newer apartments and condos there. lots of semi-licensed FLs from china there. all same same. waiting to be prosecution witnesses in ICA or MOM cases against their 'employers.'

when you make money down the road, spare a thought for me. cheers.

 

[Asterix]

As Buffet says, never ask your barber whether you need a hair cut ............. and yes I still need to monitor this morning's shorts on the Hantu index futures ............. no thanks to the omen of the white haired floor mop ............ I was intending to take a break today

[video=youtube;vP41al98G38]https://www.youtube.com/watch?v=vP41al98G38[/video]

 

[Asterix]

Hong Kong’s developers are offering enticements from iPhones to wine coupons to counter the slowest home sales in at least 25 years, to no avail. Their options are now narrowing down to the one they’ve desperately sought to avoid: price cuts.

Most buyers aren’t biting as property analysts predict prices will fall as much as 25 percent this year after declining 11 percent since September. At upscale The Avenue project in Hong Kong’s Wanchai district, developer Sino Land Co. and the Urban Renewal Authority have sold only one of 36 remaining apartments this year despite inducements including a HK$1.5 million ($193,000) voucher to buy new furniture.

The next step may be the outright price cuts that developers have long resisted because of fears that they’ll fuel expectations of steeper declines.

“Obviously buyers, whether as end users or investors, are taking their time and aware that prices might go down further,” Antonio Wu, deputy managing director at Colliers International Hong Kong, said in a phone interview. “There will be a lot more discounts than today. If they really want to sell, they really have to cut the price and start sales.”

http://www.bloomberg.com/news/artic...rs-under-pressure-to-cut-prices-amid-slowdown