Pre-war flat in Tiong Bahru listed at $2m, just 43 years left on lease, Latest Singapore News - The New Paper

Pre-war flat in Tiong Bahru listed at $2m, just 43 years left on lease

A 1,033 sq ft unit in 82 Tiong Poh Road with 43 years left on its lease changed hands for $1.12 million in August, indicating that there are a number of buyers interested in pre-war flats. 

Speaking to Shin Min Daily News, property agent Celeste Loh said the previous owner was a single woman who had rented out the unit before deciding to put it out for sale.

According to AsiaOne, PropertyGuru’s website showed that there are currently three other units for sale in the same block – one of them with an asking price of $2 million. Block 82, along with five others on the same street, were built in 1937 and also have 43 years left on their lease. 

Speaking to AsiaOne, another property agent, Johnson Tan, said that potential buyers of pre-war flats are not put off by the shorter lease.

This is due to the rarity of such flats in the market, said Tan, who has listed a three-bedroom unit at 82 Tiong Poh Road for $1.6 million. The current occupant of the flat is a three-generation household who are looking to move out.

"The potential buyers must really like the old flats that you can't find in other places in Singapore, and have some extra money," added the senior associate district director at OrangeTee & Tie.

Another plus factor is the location – within walking distance to eateries and supermarkets, and just a 15-minute train ride away to the Central Business District.

HDB Record

In June, a 4-room flat in Tiong Bahru was sold for a whopping $1.5 million, making it the most expensive HDB resale flat sold to date. 

The 1,894 sq ft unit in Moh Guan Terrace had only 49 years left on its lease.

Following that sale, home-owners in that estate are hoping to achieve high prices for their units despite the short leases, reported Shin Min, citing property agents they spoke to.