A Singapore Improvement Trust (SIT) flat along Eng Watt Street in the hipster enclave of Tiong Bahru has been put on the market for a stunning $1.2 million, according to an online listing on PropertyGuru.
The asking price for the 1,080 sq ft flat, situated on a low floor, works out to approximately $1,111 psf on the built-up area.
Located in Singapore’s first public housing estate, the 99-year leasehold conservation flat built by HDB’s predecessor is almost 50 years old.
The listing description for the one-bedroom, one-bathroom unit states that it is rare and cosy, and comprises a spacious open concept living and study area, recently renovated kitchen, and walk-in wardrobe.
DTZ property agent Daniel Tan, who is marketing the property, said: “The unit has been on the market for about two months and has only received four to five enquiries from potential buyers. The owner paid a fair bit to renovate the place, which is within walking distance to the MRT station and famous Tiong Bahru Market.”
He noted that foreigners are eligible to buy the unit. This is in contrast to resale HDB flats, which can only be sold to Singaporeans and permanent residents. Another plus point is the limited availability of such homes, added Tan. Research shows there are just 138 SIT blocks remaining in Singapore.
However, the price seems considerably higher than other similar units put up for sale recently. Tan cited the example of an SIT flat in the area that was going for around $900,000 but was “a bit run down”.
Meanwhile, another SIT flat at the nearby Moh Guan Terrace was submitted for a DTZ property auction last month with an indicative price of about $870,000. It has a lease balance of 51 years and is fully renovated.
The agency noted that very few listings for privatised conserved apartments in Moh Guan Terrace are available on the resale market.
The area tends to have attractive rents of $2,900 to $4,350 per month for a unit with a floor area of 750 to 860 sq ft, added DTZ.
Image: Tiong Bahru flat. Source: Brian Beggerly; Flickr
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
