Singapore’s Tiong Bahru district has always been a fascinating blend of the old and the new. A neighbourhood adorned with quaint shops and coffee houses, has remained a place where heritage meets modernity. It’s a place where you’ll find retirees and young couples alike, each drawn to its unique character – Tiong Bahru attracts a distinctive demographic. Selling a property here is usually an interesting process, and our team at PropertyLimBrothers proved they were more than up to the task. Here’s how our listing managers Jonathan and Kevin managed to sell a flat with a 44-year balance lease; a case study in real estate ingenuity.
The Listing: Not your ordinary home
The property Jonathan and Kevin were tasked with selling was far from ordinary. 76 Guan Chuan Street is a testament to the architectural brilliance of yesteryears. One of the rare pre-war flats built by the Singapore Improvement Trust (SIT), this structure from the 1930s showcases Singapore’s early public housing initiative. Its unique architectural elements, like the internal air well and rear staircase, are a nod to its heritage. Alfred G. Church, the chief architect from 1936 to 1941, influenced its design. His creations reflect the Streamline Moderne style, which were reminiscent of British public housing during the same era. Tiong Bahru’s vibrancy, marked by renowned eateries and markets, adds to the allure of residing in this historic district.
The original 4-room flat in this Tiong Bahru block had undergone a metamorphosis. It was transformed into a chic 1-bedroom plus study unit, reflective of the modernity that Tiong Bahru itself exudes. The owners were seeking to sell it to get a bigger home for their expanding feline family.
However, this property presented a trilogy of hurdles:
- Changed Layout: The place was changed to suit a very specific lifestyle.
- Heritage Rules: There were specific rules because the flat is a heritage property.
- Short Lease: 44 years left on the property lease. It’s worth noting that this balance lease for a pre-war flat is not uncommon in the enclave.
Strategy: Marrying Technology and Expertise
To combat these challenges, our team embarked on a tactical journey. Leveraging 3D rendering technology, we created a lifelike digital model and a 3D view of renovation possibilities, from reinstating the hacked-off bedrooms to other interior alterations so that potential buyers could envision the space however they wanted it to be. By transforming flat sketches into immersive three-dimensional visuals, potential buyers can easily grasp spatial layouts, design possibilities, and even envisage how specific renovations might appear within the context of the unit. This technological advantage bridged the gap between imagination and reality, which ensured that potential buyers could make informed decisions with a clear vision of the property’s potential.
The team’s unparalleled knowledge of Tiong Bahru’s market dynamics and future developments also played a pivotal role. Our listing manager Jonathan explains, “Understanding the heritage, the future growth in the area, and how this house could serve as an investment property were crucial elements in our selling strategy”.
Heritage Rules
The allure of a heritage flat is intertwined with a set of stringent conservation rules overseen by the Urban Redevelopment Authority (URA). These guidelines, ranging from the meticulous preservation of the façade to careful consideration of internal renovations, may have initially seemed daunting to potential buyers. Structural modifications, window replacements, and even the introduction of modern amenities require a sensitive approach that respects the property’s historical integrity. However, beyond the undeniable charm and architectural uniqueness, owning a heritage flat offers a tangible connection to Singapore’s storied past. For many, the opportunity to live amidst history, to be a steward of a slice of the nation’s cultural legacy, and to enjoy the unique character that such properties exude, far outweighs the constraints of conservation rules. It was not merely about owning real estate; it’s about inheriting a piece of a timeless narrative.
Our team also tackled the issue of the most common question posed: “Why would someone consider a low lease unit?” In essence, the team explained that it boiled down to value. With a budget of $1.25 million, one might only be able to secure a compact-sized unit in new launch condos outside the central region. Yet, in Tiong Bahru, the same budget can fetch a spacious heritage unit that offers a blend of modernity and history. Additionally, potential buyers needed to consider the added monthly costs associated with private condominiums. Our unit precluded them from these hefty MCST fees.
The balance lease for a pre-war flat in the area averaged around 44 years (at the point of the sale), which seemed like a hurdle to many. However, the pricing environment in the enclave was competitive. In terms of a per-square-foot basis, our unit was comparable to the other options in the enclave, particularly as it was tastefully renovated. Incidentally, the buyer profile for this area mostly encompassed those seeking larger units, proximity to amenities, and investment potential — given the ease of renting out to expats. Many inquiries pointed towards these desires. Remarkably, the eventual buyers fit this profile.
The Outcome: A Symphony of Skill and Serendipity
After a total of 32 viewings, the sale was eventually finalised. Jonathan thinks that 20% of it was luck, but 80% was skill. He says, “Knowing the area, the future growth, and the details about the flat helped us make the sale.”
For our listing managers, this venture was more than a business transaction; it was an educational experience. The process emphasised the importance of transparent communication with sellers, strengthening their ability to uphold the highest standards of client service.
The Bottom Line: Skill and Creativity Win
This Tiong Bahru sale serves as a validation of PropertyLimBrothers’ market philosophy—grounded in trustworthiness, enriched by creativity, and elevated by tech-savvy solutions.
In an era where one-size-fits-all solutions are increasingly elusive, this Tiong Bahru tale accentuates the crucial role of creativity and expertise. The sale wasn’t merely a transaction; it added to Singapore’s diverse housing story, showing that in real estate, being knowledgeable and caring go hand in hand to create the best results.
The Realtors: Jonathan and Kevin
Jonathan and Kevin, committed members of the PropertyLimBrothers team, exude enthusiasm for their work, deriving joy from connecting with people of diverse backgrounds. They see every transaction as an opportunity for conversation that enriches them. “Getting to meet people from different walks of life every day and engaging in conversation that is not usually discussed is the best aspect of my job,” Jonathan shares.
