The neighbourhood of Joo Chiat (pictured) will undergo major transformation in the next few years, with new buildings and changing demographics to rejuvenate the sleepy area.
Smaller boutique condos with less than 100 units each are springing up, including the sold out 25-unit Studios@Tembeling at average prices of between S$1,200 psf and S$1,300 psf. The freehold Parc Seabreeze along Joo Chiat Road was also fully sold with its 94 units averaging S$1,300 psf.
Launched in 2010, the 127-unit Coralis condominium is 96 percent sold at an average price of S$1,400 psf. Meanwhile, the Red House Bakery, which has been closed for almost a decade, will be remodelled into a mixed-use project comprising homes and shops.
“They will add a new buzz in lifestyle and dining options,” according to Joseph Tan, Executive Director, Residential at CBRE.
“When One KM opens in mid-2014, it will bring in more brands to suit the tastes of the Y-Generation,” he added.
Projects in Joo Chiat offer freehold tenure and easy access to the city. The developments are also adjacent to various amenities such as CHIJ Katong Convent, Tao Nan School, Parkway Parade and East Coast Park.
But Tan Kok Keong, Head of Research and Consultancy at OrangeTee, added that “there are still people who like (Joo Chiat) for being less crowded”.
Long term, the area’s transformation could make it more appealing and “prices would also remain attractive for a freehold property there”, said Ong Kah Seng, Research Director at R’ST.
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