Property buyers who acquired homes close to the red-light district of Geylang (pictured) are generally aware of the trade-offs in the area, noted an article first published in The New Paper.
Despite the presence of prostitutes and pimps plying their trade and kerb crawlers hanging around the area, residents put up with the sleazy and loud nightlife in favour of the highly affordable homes which are located near the city centre.
According to Tan Kok Keong, Head of Research and Consultancy at OrangeTee, some properties within the red-light district are being transacted at around S$750 psf.
In comparison, properties in the outskirts are being sold at almost double this price.
Tan said: “Those nearer City Plaza are currently going at S$1,000 psf while across the road in Green Lane, there are some projects going for S$1,200 to S$1,400 psf.”
Is Geylang a good place to invest? Check out PropertyGuru’s exclusive report last year on the district’s investment prospects (http://www.propertyguru.com.sg/property-management-news/2011/11/31724/is-geylang-a-good-place-to-invest-).