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. Appointed marketing agent, Knight Frank, describes the 1,367 sq ft commercial property as recently renovated and comes with a storeroom and toilet, plus available parking both in front of the property’s main entrance as well as behind the block.
Built in the 1930s, SIT flats feature art-deco style elements and include residences and shophouses. In 2003, SIT blocks in the Tiong Bahru estate, comprising 20 flats and 36 shophouses, were granted conservation status by URA.
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Located opposite the Tiong Bahru Market and Food Centre, the property is within walking distance of the Havelock MRT Station on the Thomson-East Coast Line.
Mary Sai, executive director of capital markets at Knight Frank Singapore, offers insights and remarks, “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.” As evidence, Sai cites the last transaction for a similar property in the estate happened in July 2021, when a 1,044 sq ft shop “a few doors away” from 71 Seng Poh Road changed hands for $3.2 million. It was sold with vacant possession.
The EOI exercise for the retail property at 71 Seng Poh Road will close on Nov 29 at 3pm.
Recent commercial transactions within a 500m radius of 71 Seng Poh Road demonstrate evidence of the high footfall of the area noted in Sai’s remarks. FoundOnEdgeProp held examples of HDB flats with record-breaking asking prices such as a jumbo HDB at Tiong Bahru sold for $1.5 million and a four-room HDB at Tiong Bahru View sold for $1.158 million with the buyer paying $158,000 COV.
These market insights demonstrate the location’s potentials for investors or owner occupiers considering the 71 Seng Poh Road retail unit for sale through the Nov 29th EOI deadline.