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Property investors keen on Tiong Bahru

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Tiong Bahru may have few amenities to boast about but that has not deterred property investors and tenants from scouting for homes.

Property consultants say the city fringe area is one of the country's oldest housing estates, with about 10 private condominiums.

Conservation apartments built by the Singapore Improvement Trust (SIT) - the Housing and Development Board's (HDB) predecessor - years ago also feature prominently on the landscape, they said.

But since 2006, more modern additions in the form of four private projects, such as the 2010- completed Regency, have sprung up, adding more than 680 new units to the mix.

There is a site on the reserve list at Kim Tian Road, a stone's throw away from Tiong Bahru Plaza and the MRT station but that has not been triggered yet.

The limited number of recently completed homes means the area is not at risk of oversupply - a draw for investors who want to preserve the value of their properties and see higher potential for capital appreciation.

But on the flip side, it means some investors - especially those with smaller budgets - have to settle for older condos that lack modern designs and conditions.
The area's oldest condo, Yong Siak View, was completed more than 30 years ago.

Over the past year, prices have gone up about 5per cent, in line with slow resale price recovery.

Average resale prices at Central Green Condominium were between $1,100 and $1,200 per sq ft (psf) in the first half of the year, and $1,400 to $1,550 psf at the newer Regency.

The area has Tiong Bahru Plaza, several eateries at shophouses and Tiong Bahru market and its famous hawker stalls. Tiong Bahru station on the East-West MRT line is the key transport link.

Credit from The Straits Times
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