Prices Of Tiong Bahru Pre-War Flats Rising

With a whole slew of coffee houses and indie retail shops in Tiong Bahru, 20 blocks of pre-war conservation homes have gained renewed interest, pushing up prices by about 50 percent in the last two years, according to a report by Channel NewsAsia.

The pre-war flats were built in the 1930s and earned conservation status in 2003. Once an old estate, the area is located near Tiong Bahru Market and Food Centre and bounded by the Seng Poh, Outram and Tiong Poh roads.

Over the past year, it has gained attention from a number of coffee houses and independent shops.

“This was still considered an old estate two years ago. Many elderly folks lived here. But with new condominiums built, many expatriates and yuppies now live here,” said Tan Tiong Pin, owner of a Bhutan Shop specialising in art and home décor which opened in March.

With renewed interest in the Tiong Bahru estate, analysts said pre-war flat prices have also surged as conserved flats are rare in Singapore. For instance, a 1,000 sq ft pre-war flat is now priced at nearly S$1 million.

Source – PG

Many people always say properties of 99 year lease, if too old should not invest. What about Tiong Bahru in this case? Awesome! :)

 

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