SINGAPORE (EDGEPROP) - A 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. The 1,367 sq ft commercial property is on the first floor of a privatised Singapore Improvement Trust (SIT) flat located opposite the Tiong Bahru Market and Food Centre.

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.

The ground-floor retail space at 71 Seng Poh Road has been recently renovated and comes with a storeroom and toilet, says appointed marketing agent Knight Frank. It is currently a pharmaceutical store with full frontage along Seng Poh Road, plus 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.

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“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,” says Mary Sai, executive director, capital markets, at Knight Frank Singapore.

She adds 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” 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.

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