As Singapore undergoes a major revamp with URA’s draft masterplan 2013 to revitilize various areas island-wide, districts which are close to bodies of water are particularly attractive to property developers and investors. As the former Kallang Airport and the land between Kallang Road and Crawford street makes way for new homes and businesses, the Kampong Bugis area will see much more activity when it is established as the waterfront residential area it is intended to be.
Yet to be launched, the Kallang Riverside condominium is set to have its prices pegged at around $1, 500 to $1, 700 psf. Price comparisons may be tricky as there have been very few resale properties in its vicinity. Considering its prime city fringe location, it’s a wonder it is not a hive of real estate activity yet. But its lack of competition could mean a worthy investment as rentals are relatively stable as compared to some suburban properties. One of the few new residential projects nearby is the Southbank mixed-use development, with only 3 resale units registered last year at between $1, 639 and $1, 940psf. At the Citylights condominium apartments nearby, prices were around $1, 276 to $1, 684 psf.
As the area promises up to 4, 000 new homes, commercial businesses and even a school when it is up and running after 2016, buying now could mean positive short-term investments and possibly even better long-term ones.