Pasir Ris 8 is an upcoming 487-unit mixed-used development located right next to Pasir Ris MRT on the East-West Line (EWL) and above the Pasir Ris Bus Interchange. Read our review here.
Rezi 3Two is jointly developed by Tee Realty Pte Ltd and Heeton & KSH Pte Ltd under Development 32 Pte Ltd
Project Name: Rezi 3Two
Address: 48 Lor 32 Geylang, 398308
Site area: approx. 13,287 sqft
Configuration: 65 units in one 8-storey block
Unit types: 41, 1BR + study units (452 – 495 sqft)
12, 2BR units (474 – 646 sqft)
12, 3BR units (818 – 1,012 sqft)
Carpark lots: 65 lots (basement carpark)
Estimated TOP: by Dec 2016
Located at the mouth of Lor 32, Rezi 3Two is almost done and on track for a TOP no later then December 2016. Its showflat has been demolished. However, the sales gallery is still open, at time of writing. It does not have any showunits except for the 3D model but there are pictures you can look at.
The sales gallery is next to the Foong Shoon Fui Kuan Building a few minutes after the actual site, closer to Geylang Road. The closest hawker centre to Rezi 3Two is diagonally across the street from the sales gallery.
As mentioned in the above category, there are a few things that Rezi 3Two has which sets it apart from other properties in Geylang. To iterate:
- No mechanical car park
- Basement carpark similar to HDB lots
- Two roof terraces (which are also unique for Geylang properties)
- Two gyms (open-air & air-conditioned)
- Not built wall-to-wall with neighbouring buildings
- All 3BR units have two master bedrooms so two couples have their own space
- 3BR units have enclosed kitchens
- 1+1 BR units have the sink installed outside the bathroom
- No bay windows
- Unaffected by bank loan quota for Geylang properties
From the 3D model, Rezi 3Two is visually distinct from its competitors. It looks like a blend between a conventional boutique development and an executive condominium. The basement carpark also sets it apart and makes it feel less of a Geylang property.
Furthermore, Development 32 have opted to make Rezi 3Two more suitable for families instead of targeting the rental market in Geylang. This is most seen in the 3BR unit where there are two master bedrooms with attached bathrooms.
The developer was clear about developing living space that would be suitable for inter-generational families and the 3BR unit – of which they’re proud of – offers married couples with a child to still share space with their parents.
The common bedroom for the 969 sqft unit for example, can fit a queen size bed. While this is expected of any common bedrooms in most properties, in this district, it’s notable.
While the sizes are more evocative of Geylang properties, at 818 sqft to 1,012 sqft, the units are a little bigger.
Also, as 3BR units in Geylang are not offered with regularity, Rezi 3Two can easily claim a demographic that the district largely does not cater for.
Facility-wise, Rezi 3Two has more than their Geylang counterparts though the swimming pool is modest. But the sky terraces are a nice and unique addition. They may lack the size of sky terraces in condominiums from other districts, but having a cosy spot to relax in outside the apartment helps to make the overall space feel larger.
It helps that the outdoor gym is located on one of the sky terrace. You can hop on a bike and stave off the tedium of stationary cycling by looking out into the street.
The open gym is located on the roof terrace that’s on the fourth floor. The lower floor sky terrace has a Jacuzzi installed and is yet another addition absent from most residential developments in Geylang.
Even the multiple points of ingress and egress is uncommon where Geylang is concerned. The 3D model shows at two points of egress – from Lor 32 and developer made side road – and one ingress behind it. Some are labelled as tentative so it’s likely the points of entry are currently being debated.
What is assured however, is that residents of Rezi 3Two would have a much easier way of travelling in and out of the development.
Geylang is a contentious district.
Its viability as the destination for new residential developments have been and will continue to be debated for years to come. Its infamous status vilifies it, casting a dubious shade that stretches deep into the long alleyways and winding streets. But its potential in a shrinking Singapore cannot be ignored. There is much promise in this red light district. Already, its conveniences where amenities and public transport are concerned, is unrivalled.
But reticence from the general public (which is justified), paints it and residential developments within, in an even more unfavourable light, locking Geylang in a constant battle of good and bad.
Fortunately then, for upcoming development Rezi 3Two, that it enjoys all the conveniences of Geylang without being bogged down by its status. Situated along Guillemard Road and across the road from Kong Hwa Primary School – a top 15 school in Singapore -, Rezi 3Two may have a Geylang address, but its location places it just outside of the district.
As a result, the property is unconventional compared to other Geylang properties, offering a better chance for interested parties to own a unit here without getting hampered by bank loan quotas issued solely for in Geylang.
This makes Rezi 3Two an extremely attractive project for people interested in the Geylang area but prefer to not live right smack in it.
But being closer to Guillemard Road instead of the traffic prone Geylang Road is not all there is to the upcoming development. Rezi 3Two is somewhat in the middle and therefore similar distance to two MRT stations. The slightly further one – Aljunied MRT – is along the east-west line and is only a bit harder to get to because of the traffic lights that moderate the flow of traffic. On afternoons during the off-peaks, it’s about a 12 to 15 minute stroll from Rezi 3Two.
The other MRT station is Dakota and this one is on the circle line. It’s also the quicker alternative as well as being much easier to get to. The walk is about 10 to 12 minutes and you get there by crossing Guillemard Road via the overhead bridge. Continue past Cassia View and simply follow this path. Make a left at Cassia Link at the end instead of crossing the road and continue toward the Mountbatten Community Club.
As you cross the traffic lights while walking in more or less a straight line, the Old Airport Road food centre will be on your right. Make a left at the HDB estate opposite the food centre and in front will an overhead bridge and a bus stop. You can cross the bridge and go into the underground station from here or walk past the bus stop and cross another road to get to the escalators on this side of the street.
The bus stop in the picture above is in front of block 99 and has buses that go further east with several stopping at the Bedok Interchange and Tampines Interchange. The bus stop across the road has buses that go toward Kallang, Orchard (16) as well as Toa Payoh and Boon Lay. Broadrick Secondary School is just after that bus stop, about a five minute walk down toward its main gate.
While getting to the MRT stations won’t take too long by walking, understand that regardless of which station you ultimately choose to walk toward, it will be under the open air so it will be difficult to get there by walking during wet seasons.
Fortunately, there is a bus stop just along Guillemard Road, next to the overhead bridge no more than a two minute walk out from Rezi 3Two.
Only four bus stops service this stop. Two of them – 197 & 7 – end at Bedok Interchange while 70 and 70M ends at Yio Chu Kang. The same buses service the opposite route, at the stop in front of the primary school. 197 goes to Jurong East Interchange, 70 goes to Shenton Way, 7 finishes at Clementi Interchange while 70M goes all the way to Yio Chu Kang Terrace in what is likely a round trip.
Bus 7 also goes toward City Plaza while 70 and 70M passes by Paya Lebar MRT station about four bus stops down. This is especially helpful as you’re not hamstrung during wet weather.
Additionally, Guillemard Road segues to Nicoll Highway so if you drive, it’s possible to get to Suntec City in roughly 10 minutes on a good traffic day.
Furthermore, Rezi 3Two, unlike other properties in Geylang is not built wall-to-wall, allowing the property far more room to breathe. As a result, it is also connected to the four surrounding roads which makes it easier to drive out onto the less congested one at the time instead of being forced to always use Geylang Road.
This allows Development 32 Pte Ltd to build Rezi 3Two in slightly different ways from its competitors in the district. The most notable of these is that unlike other freehold properties in Geylang, Rezi 3Two does not have a mechanical carpark, opting instead for a basement carpark similar to HDB lots. This makes ingress and egress so much more efficient for residents, especially on days when traffic is heavy and the exit points are turned into chokeholds.
Travelling to and from Rezi 3Two then looks to be simple enough and in this regard, it benefits greatly from being on Geylang’s periphery. Amenities as well, are located along every street, nook and cranny of Geylang. As such, residents of Rezi 3Two need not leave their immediate area to eat or relax at a bar.
The Tuckshop, a popular local pub is about an eight minute walk along Guillemard Road, after the bus stop at the overhead bridge. It’s located closer to Lor 36 but along the way, hawker centres and small shops present more alternatives.
The nearest hawker centre however is at the end of Lor 23, just after the current Rezi 3Two sales gallery.
It’s a five minute walk, maybe less from the development. Turn around the bend or cross the street and a plethora of hawker centres and retail shops stretch out as far as the eye can see. There simply is no way to dispute the fact that where amenities are concerned, Geylang delivers an abundance.
So unlike other property reviews where individual shops and malls have to be called out, there’s really no need to do the same here. All a resident has to do is pick a street and walk out to it. You won’t have to walk far to find food or something to do.
The only concern on most people’s mind is what makes Geylang infamous. Therefore, while it’s a vibrant place that hearkens back to old Singapore, it may be unsuitable for families or singles especially if they are women, to be living within Geylang.
And this inadvertently, serves up another plus point for Rezi 3Two.
Being closer to Guillemard Road, the resident in question can actively ignore the more dubious parts of Geylang by simply avoiding it altogether. There are no brothel houses along this street so you won’t have to endure the questionable nightlife activities occurring downstairs while you’re at home winding down.
As for other amenities, there are many along Guillemard Road. Or you could walk out to the Old Airport Road Food Centre or take bus 197 from to grab a bite. While there, hop on bus 31 or 16 at the bus stop at the Food Centre or further down at Dakota to go to Parkway Parade. Bus 197 from the bus stop along Guillemard Road also goes to Parkway Parade. From Parkway you can walk to 112 Katong and catch a movie or to Joo Chiat where more restaurants, pubs and bars fill the streets. The journey on 31, 16 and 197 is roughly 15 to 20 minutes depending on traffic conditions.
Given all that’s been said so far, living at Rezi 3Two is to reap all the benefits of being in Geylang without any of its bad points.
Geylang properties, despite the societal stigma the district carries, is still popular for their much lower quantum. Also, while freehold properties are generally touted as rare in Singapore, Geylang seems to have the highest concentration. Put those two together and add at least two MRT stations within walking distance (depending on where you are however), and you’ve got a recipe for success.
Based on these elements, it’s easy enough to see why Rezi 3Two has seen its units move at a consistent pace. With 65 units available, 38 have been transacted as sold so far. As expected, the 1+1 BR units were the most popular, with 32 out 41 transacted. Two out of 12 2BR units have also been sold, although they are the biggest of the 2BR offerings, at 818 sqft.
Disclaimer: All transactions and PSF values are accurate at time of writing
3BR units have seen only four transacted but out of 12 available, this is still good progress. The quantum for the 3BR units are also a lot higher as they start at $1m but given how the biggest 1,012 sqft unit was transacted at $1.3m, the average prices are still within the $1m – $1.5m range often considered as being in the comfortable range.
The approximate transacted PSFs are as follows:
An important thing to note here is that unlike other Geylang properties, Rezi 3Two has a much higher starting quantum of $680K. Even #1 Suites which has the higher quantum compared to Treasures @ G20, has a median price of $636,398 for a 560 sqft unit.
However, #1 Suites is right smack in Geylang and issues like the questionable nightlife and jammed roads will be things residents will face with some regularity. As a result, it may also not be suitable for families with children or single women.
Rezi 3Two does not suffer terribly from this and so the higher quantum reflects it. Furthermore, while geographically it is located in Geylang, its actual location puts it just outside, so interested parties do not have to worry about the bank loan quota in place specifically for Geylang properties.
Potential buyers can get a loan from any local bank instead of having to approach financial institutions and pay a higher interest rate. This interest rate is also what will likely increase the actual quantum someone might pay for a unit at #1 Suites or any property in Geylang. It is possible after all is said and done, that a $636K unit at #1 Suites with interest calculated might cost as much as a 1+1 study in Rezi 3Two.
Units at Rezi 3Two are also smaller but this is symptomatic of both dwindling space and the fact that Geylang is a densely packed district. However, layout planning is key and it does look like unlike its competitors in the area, Rezi 3Two will indeed have functional layouts that are more synonymous with well-designed condo units than the install-your-own-partitions-to-maximise-your-rental type units in many Geylang properties.
According to URA, Lor 32 Geylang has a median rental yield of 3.36%. At this rate, a 1+1 BR unit with a median transacted price of $704,000 incurs a monthly rent of $4.8K. For Geylang this is crazy but given that Rezi 3Two has one foot in Geylang and the other outside of it, it seems about right. While not exactly in Dakota, Rezi 3Two does benefit from its proximity to the Mountbatten GRC.
With that said however, it would be easier to rent out a 1+1 BR unit at a more moderate price not higher than $3,000. The market rate is about $2,000 so anything between $2,500 and $3,000 would be a safe bet. The larger 3BR units may be able to get away with being priced at $5K-$6K per month.
Rezi 3Two is being designed with the family unit in mind so ultimately, rental will be a small component. There are after all more rental friendly units in Geylang proper.
Rezi 3Two is yet another new development in Geylang but it also signals the end of something. Geylang is slated for a rezone and many existing residential properties are expected to go en bloc. When that happens and according to the rezone rules established by the government, only commercial retail or offices can be built.
The residential supply in Geylang as a result will shrink, and may likely cause properties that have some of the lowest quantums in Singapore to increase if demand increases. And given the trajectory of population growth, demand for houses will only increase. As many Geylang properties are private freehold developments, the pool is made bigger by the eligibility of foreigners.
With less options in the following years, Geylang properties like Rezi 3Two will become a rare commodity. Couple that with its no bank loan quota and you’ve got a property that offers interested parties an actual chance to purchase with incurring higher interest rates from financial institutions.