In the heart of Tiong Bahru, one of Singapore’s oldest and most charming neighbourhoods, a pre-war flat has set the local property market abuzz. The second-floor unit, which retains its original condition, fetched an impressive $1.12 million, highlighting the demand for properties in prime locations, even with short remaining leases.
The 1,033 sqft apartment was valued at $1,084 per sqft. Celeste Loh, the realtor, sealed the deal with the owner, who rented out the apartment for many years while enjoying rental yield, proving a testament to the enduring allure of Tiong Bahru’s heritage charm and the flat’s potential. Let’s read more about this Tiong Bahru pre-war flat sale!
The timeless appeal of Tiong Bahru
Tiong Bahru is not just a residential enclave; it’s a living museum of Singapore’s history. As the nation’s first housing estate built in the 1930s, the pre-war flats in the neighbourhood hold tales of yesteryears within their walls.
- Architectural charm: The Art Deco style buildings, with their streamlined and geometrical features, evoke nostalgia. These low-rise flats, juxtaposed against the modern high-rises, make Tiong Bahru an architectural gem.
- Bustling lifestyle: Today, Tiong Bahru effortlessly blends the old with the new. Quaint boutiques, indie bookstores, and hipster cafes line its streets, providing a stark contrast to the traditional wet markets and hawker centres.
- A community vibe: The neighbourhood hosts a blend of young professionals, expatriates, and older residents, creating a vibrant, eclectic community. The regular art festivals, weekend markets, and community events ensure there’s always something happening in Tiong Bahru.
Read more: Exploring Tiong Bahru’s Secrets: Then and Now
Celeste Loh’s tenacity pays off
Having overseen the transaction, property agent Celeste Loh, speaks of the apartment with evident pride. We reached out to Celeste to understand the factors driving this noteworthy sale.
Closing the deal
The transaction was completed in August 2023.
Time to market
It took Celeste 15 long months to finally seal the deal.
Main selling point
“The apartment’s great location and its size make it ideal for buyers seeking a personal residence,” notes Celeste.
Why the high price?
Celeste believes the sale was a hedge against inflation and highlighted its excellent potential for rental yields. “The numbers simply made sense,” she adds.
Observations during the selling process
Celeste encourages potential buyers to envision beyond the flat’s present condition. “Envision the potential of transforming it into a dream home.” However, she also sounds a note of caution about its short remaining lease of 42 years.
“For own-stay buyers, this unit is on the 2nd level. It’s essential to consider factors like age, as there’s a long flight of stairs. Carrying heavy items could be a challenge. Ensure that the numbers add up, especially considering the lease’s impact on loan to value and CPF.”
Understanding the sale’s success
Given its rich history and the seamless amalgamation of tradition and modernity, Tiong Bahru properties are always in demand. The uniqueness of the apartment – its location, size, and potential for transformation – resonated with buyers, making it a hot property. Despite having 42 years left on the lease and being on the second floor, the unit’s charm in a heritage-rich precinct made it attractive, ultimately leading to the impressive sale price.
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Celeste Loh perfectly summarised it, stating the sale wasn’t just about the numbers. It was about recognising the potential of a property in one of Singapore’s most sought-after neighbourhoods.
Beyond the sale: Celeste’s personal journey
Celeste’s dedication isn’t limited to her professional life. “Being the last agent standing was a testament to my determination. The sale was a culmination of hard work,” she recalls, further noting the challenges and joys of being a mother to five children.
Conclusion
A recent article about Celeste’s exploits in the property market underscores her expertise and the depth of her commitment to her clients. With such transactions, it’s evident that while the allure of Tiong Bahru’s charm is timeless, it’s the modern-day tenacity of agents like Celeste that make these deals possible.
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