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\nIn Little India, Hindu temples sit right next to modern condominiums.
\nGazetted as a conservation area in 1989, Little India retains much of its old-world charm, with many shophouses and religious monuments still standing today. However, there are plans to make the area more vibrant and liveable, with new residential and commercial developments taking shape.
\nBy Romesh Navaratnarajah
\n31-year-old Jagwinder Singh has seen first-hand the evolution of his home and workplace of Little India.
\nHe has spent the last 15 years living in the area and helps to run Jaggi\u2019s, a family-owned restaurant temporarily located at Chander Road, which is known for its North Indian cuisine.
\nSingh told PropertyGuru that he likes the vibrancy of the neighbourhood, which was designated as a conservation area in 1989.
\nToday, it is home to religious monuments, saree shops, popular eateries and backpacker hostels.
\nHe describes the experience as \u201cliving in the heartlands, but also within the city at the same time. You can see shophouses, commercial buildings, restaurants and HDB flats within the vicinity,\u201d he said.
\nOng Teck Hui, National Director of JLL Research, believes the key advantage of Little India as a submarket is its proximity to the city centre.
\n\u201cIt is just one or two MRT stops away to Dhoby Ghaut interchange from either the Little India or Farrer Park stations.
\n\u201cThat makes it easy to get to Orchard Road or the Raffles Place \/ Marina Bay financial district,\u201d he said.
\nOng noted that its rich history and cultural importance as an enclave of Singapore\u2019s Indian community has also helped Little India to grow into a busy commercial hub and tourist attraction.
\nHaving a riot
\nStill, the area has its fair share of social problems. \u201cOn weekends, you see a very different scene,\u201d said Singh, referring to the thousands of South Asian workers who gather in Little India to socialise and relax.
\nWhile their presence is generally accepted by residents, there are reports of some foreign workers getting into drunken brawls and engaging in other anti-social behaviour, such as littering, spitting and public urination.
\nSome years ago, Little India received international attention, but for all the wrong reasons, after Singapore\u2019s first riot in 40 years was sparked following a fatal accident involving a foreign worker.
\nA total of 27 suspects were later arrested while 18 people were injured.
\nSuch incidents have unfortunately tarnished Little India\u2019s reputation to some degree, but Singh pointed out that the situation has improved greatly, with increased police patrols and hefty fines imposed.
\nFor instance, there is a $300 composition fine for first-time offenders caught spitting in public.
\nCondo boom
\nNonetheless, the area\u2019s city fringe location and proximity to amenities such as MRT stations, shops and eateries is spurring the construction of new residential developments, including the 305-unit Sturdee Residences.
\nThe condominium located at Sturdee Road was launched in end-April by developer Sustained Land.
\nTo date, 185 units (60 percent) have been sold, beating market expectations. The 99-year leasehold project comprises one- to five-bedroom units across two 30-storey towers, with sizes ranging from 420 sq ft to 1,830 sq ft.
\nAccording to JLL\u2019s Ong, the project has an average price of $1,604 psf, with the average unit size of 620 sq ft within the popular size range for many investors.
\nSturdee Residences is expected to be completed in 2020, and the project\u2019s location is without a doubt its main selling point.
\nResponding to media queries, a spokesperson for Sturdee Residences said that the surrounding area is rapidly transforming, and will be a natural extension of the Ophir-Rochor growth area.
\nTo be developed over the next 10 to 15 years, the Ophir-Rochor area will comprise new integrated mixed-use developments featuring offices, hotels and residences, set within a garden-like environment, revealed the Urban Redevelopment Authority\u2019s (URA) Master Plan.
\n\u201cWhile the highly-anticipated Rochor-Ophir corridor is underway, a Soho-like movement is also taking flight in some parts of the neighbourhood, particularly in Rangoon Road and the Jalan Besar area,\u201d said the spokesperson.
\n\u201cWith the arrival of the Downtown Line\u2019s Bendemeer MRT station and the completion of the Rochor-Ophir corridor, among other exciting developments, we expect this area to be an even more coveted address than ever.\u201d
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\nSturdee Residences is a 99-year leasehold project located at Sturdee Road.
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\nHotly contested site
\nSeparately, the URA plans to launch the public tender for a residential site at Perumal Road in Farrer Park in November, under the second half 2016 Government Land Sales (GLS) Programme.
\nProperty agency OrangeTee expects the Perumal Road site to do well due to its relatively small size of 0.39ha, central location, and proximity to Farrer Park MRT station. It could yield around 200 units.
\n\u201cThe total number of bids are expected to come in at around 10 to 20 bids, with the winning bid ranging from $830 to $890 psf per plot ratio,\u201d said OrangeTee.
\nExpats moving in
\nLittle India\u2019s rental market is seeing brisk transactions as well.
\nFor example, City Square Residences in Kitchener Link has proven to be popular among tenants, with the two-bedroom or smaller units forming a significant proportion of units leased, said Ong.
\nHe noted that in the second quarter of 2016, the average rent for one-bedroom units was between $2,700 and $2,800 per month, while two-bedroom units averaged around $3,400 to $3,500 per month. Three-bedroom units commanded an average of $4,200 to $4,300 per month.
\nSaid Ong: \u201cThis shows that while Little India is close to the city and provides abundant amenities, rents there are reasonably affordable, especially to budget conscious tenants.
\n\u201cHence, Little India has become popular among tenants and investors.\u201d
\nNew shops, healthcare facilities
\nMeanwhile, the upcoming supply of residential units is also pushing demand for new commercial spaces.
\nFor many years, the 24-hour shopping mall Mustafa Centre thrived without much competition, before City Square Mall, Singapore\u2019s first eco-mall, opened in 2009.
\nIn March this year, Farrer Park Hospital officially opened its doors to serve patients.
\nThe 220-bed facility hospital is part of a fully-integrated healthcare-hospitality complex named Connexion, built directly above Farrer Park MRT station for more than $800 million.
\nA check of listings on CommercialGuru shows that rents for the medical suites at Connexion range between $7 psf and $8 psf per month.
\n\u201cNew developments such as Connexion at Farrer Park, an integrated hospital, medical centre and hotel complex, make the district even more vibrant,\u201d said Ong.
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