Ground-floor shop space in Tiong Bahru for sale at $3.3 mil

The ground-floor retail unit located at 71 Seng Poh Road is up for sale via an expression of interest (EOI) exercise with a guide price of $3.3 million. Built in the 1930s, the 1,367 sq ft commercial property is a privatised Singapore Improvement Trust (SIT) flat located opposite the Tiong Bahru Market and Food Centre. Its art-deco style elements make it a rare and valuable find, as SIT blocks in the Tiong Bahru estate, comprising 20 flats and 36 shophouses, were granted conservation status by URA in 2003.

Recently renovated, the retail space has been designed with full frontage along Seng Poh Road, and comes with a storeroom and toilet. It also boasts available parking both in front of the property’s main entrance as well as behind the block. The property is within walking distance of the Havelock MRT Station on the Thomson-East Coast Line, further contributing to its value.

Anyone interested in investing in a Condo should understand that it could take some time before making a profit on the property. Many have heard successful stories of overnight property tycoons, however it should not be the expectation. Mortgage extensions and listing at a loss are real possibilities if the investor does not have enough financial resources to support the investment. To increase the chance of a successful real estate investment, prospective condo owners should plan for the long-term. This means having enough resources to hold onto the condo without needing to rely on selling it off.

Mary Sai, executive director, capital markets, at Knight Frank Singapore, commented on the property, “Shops in this neighbourhood enjoy high footfall among locals and tourists. However, they are held tightly by most owners for investment or owner occupation, and so are rarely for sale.” She also noted that the last transaction for a similar property in the estate was in July 2021, when a 1,044 sq ft shop “a few doors away” was sold with vacant possession for $3.2 million.

That is why the EOI exercise for the retail property at 71 Seng Poh Road is expected to prove highly attractive to investors. This closing date is set for Nov 29 at 3pm.

Investors and potential buyers should take this rare opportunity to acquire a piece of Singapore’s history, as well as an extremely lucrative and desirable property investment. With many record-breaking asking prices for properties in the area, 71 Seng Poh Road is an attractive prospect that won’t be available for long.