Tiong Bahru, Singapore’s oldest housing estate, is known for its distinctive shophouses and walk-up apartments, which predate the HDB era. These low-rise flats, often without elevators, retain old-world charm but come with certain drawbacks—especially if you’re considering a unit with under 41 years left on the lease.
Despite their age, the walk-up market in Tiong Bahru remains active, with units priced at over $1M. While newer HDBs or BTOs may be more popular, some buyers are drawn to the unique character of these vintage properties. But is paying a premium for an aging unit worth it?
Record-breaking sales are still being made, despite their old age
Despite their age and shorter lease, Tiong Bahru walk-up apartments are still making record-breaking sales. In May 2023, a 1,894sqft, 4-room Jumbo unit at 50 Moh Guan Terrace sold for $1.5 million, setting the record for the highest resale transaction at the time—remarkable for a flat nearing 50 years old!
Image credit: Google Maps
Commenting on the sale, property platform Knight Frank highlighted that premium-priced flats typically feature unique characteristics or desirable locations, which are highly valued by the market.
In this case, the flat’s proximity to artisanal cafes, bakeries, local coffeeshops, and lush greenery helped increase its appeal to buyers. These advantages help mitigate some of the downsides, such as its age in this instance.
Current listings in the market
A cursory check on property listing websites reveals several walk-up units currently for sale. Most of them are located in the Tiong Bahru estate, along streets such as Moh Guan Terrace, Lim Liak Street, and Kim Pong Road.
However, it’s important to note that these aren’t the only areas in Singapore where you can find walk-up apartments. Other estates, such as Thomson and East Coast, also feature walk-up units, though they may technically be condos rather than HDBs.
Image credit: 99.co and PropertyGuru
In the Tiong Bahru estate, the most expensive listing we found is a 4-room HDB flat located on the top 5th floor of its block at Guan Chuan Street, which TOPed in 1967.
According to the listing, the unit has been tastefully renovated with modern chic interiors and is within walking distance of Tiong Bahru Market and Tiong Bahru MRT. Priced at $1.38M, this translates to around $1,687 psf, which is undoubtedly quite high for a 4-room HDB.
Image credit: PropertyGuru
We also came across another walk-up apartment listing for a 2-bedroom unit located at 79 Chay Yan Street, just a short walk from Lim Liak Street. Listed for $1.2M, this unit also TOPed in 1967, and its floor plan is well-designed to maximise functionality.
Image credit: PropertyGuru
Another listing that we spotted was a similar-sized 2-bedder unit located at 37 Lim Liak Street, advertised for a more affordable $800K ($845 psf). It’s also a considerably older unit; having TOPed in 1949, it is even older than post-independence Singapore, which is wild if you think about it.
According to the listing, the unit has been renovated to create an open-concept living area that seamlessly blends lounging, working, and unwinding—complete with sleek furniture, a statement bookshelf, and an abundance of natural light pouring through oversized windows.
Are walk-up units worth their price?
While their age is a unique selling point, it can also be a downside
There’s a certain charm and nostalgia that comes with these vintage apartments, but it’s important to address the elephant in the room: their age. This almost certainly means wear and tear and maintenance issues in the long run.
One such issue is that older apartments are often prone to water leakage. As the property ages, problems like concrete spalling and other structural issues can arise, leading to leaks, especially when water pipes are involved.
Speaking of pipes, water pressure for showers and sinks can also be a concern, particularly if the plumbing in the entire block hasn’t been upgraded or replaced over the years. This could mean higher maintenance costs or unexpected repairs, which can add up over time.
Another downside relates to the common areas. While the units themselves may have beautifully renovated interiors, the corridors and stairwells might not be as well-maintained, leading to issues like dirty floors, chipped paint, and even cracks.
A smaller point to consider is the uncertain future of these flats. Many of these old walk-up apartments have less than 45 years left on their lease, leaving their long-term fate unclear. This isn’t just a concern for walk-up apartments, but for aging HDB flats in general.
While the Government has been actively using SERS to en-bloc and rebuild old developments, it seems unlikely that they would demolish walk-up apartments—icons of Singapore’s history and heritage—anytime soon.
Prime location in central Singapore
Image credit: Darren Soh for Docomomo
Needless to say, Tiong Bahru is a highly sought-after location to live in. It’s conveniently situated near popular areas like Orchard Road, Chinatown, and Queenstown, with easy access to the CBD, making commuting hassle-free for those working there. Additionally, there’s no shortage of amenities within and around the Tiong Bahru estate, ensuring your daily living needs are well covered.
Image credit: Reddit
Tiong Bahru also has very peaceful and serene vibes, which is somewhat of a rarity these days. No hustle and bustle here! Visit the estate on a Saturday, and you’ll notice that even on its busiest day, the pace of life feels slower compared to other housing estates in Singapore.
With its low-lying residential properties and low-density living, Tiong Bahru feels like an urban kampung of sorts, giving it a unique character compared to other older HDB estates with towering blocks, such as Toa Payoh.
Pricing
Despite their age, these old walk-up apartments are priced on the higher side. As such, identifying what you value in a property is crucial if you’re considering purchasing one.
If you’re planning to buy the apartment to live in for the next few years, your exit plan—something real estate agents always mention—needs to be carefully considered. Unless something drastic happens in the Tiong Bahru estate, it seems unlikely that you’ll make a significant profit if you choose to sell in 5 or 10 years. Logic suggests that with age comes depreciation (i.e. lease decay), so keep that in mind.
Image credit: Darren Soh for Docomomo
Of course, if you’re planning to buy to live in it until the lease runs out, which is still a good 40+ years away, then it remains to be seen what will happen when we arrive at that junction. Will the Government step in to en-bloc?
It is possible, and if that happens, there is a chance of some profit. However, if nothing happens and residents are just expected to vacate, the price you paid right now will essentially be a long-term cost with no returns.
If you are planning to buy and rent out the apartment, you might have better prospects for returns. Of course, you will have to do your calculations to see if the monthly rental income will outpace the rate of depreciation. Based on some reports online, it seems that with a holding period of 10 years, owners can expect a return on investment of around 25% – 28%, and in 30 years, around 53% – 56%.
Is it worth the investment? Probably not. There are plenty of other properties, such as newer condos, that would likely net you a higher rate of return in terms of rental yield, as well as other investment instruments, such as stocks.
Should I buy a walk-up apartment in Tiong Bahru?
Overall, it really depends on your intentions for the purchase. One unique feature of the walk-up apartments in Tiong Bahru is their rustic charm, which other neighbourhoods and townships in Singapore cannot offer.
Plus, it is centrally located near urban areas, major roads, and highways, making daily commuting relatively easy. These are key factors that recent Tiong Bahru homebuyers likely considered when making their purchases.
No doubt, the uncertainty of the future, coupled with the lease decay effect, is something to constantly think about for properties in the area. One key question we outlined earlier is whether these historic developments will undergo SERS—it hasn’t happened yet, but it might!
In the meantime, it wouldn’t hurt to err on the side of caution when assessing if these apartments are worth the money.
If you genuinely want to live in Tiong Bahru because of its location and vibes, and if its surroundings fit your family’s lifestyle needs, then go for it. You’d be hard-pressed to find a similar neighbourhood elsewhere in Singapore. Treat your property as a slow-depreciating asset, and be prepared to consider it as an absolute cost in the long run. Of course, if SERS comes your way, it’ll be a pleasant bonus.
For more articles on Tiong Bahru finds:
- SIT built Singapore’s first flats before HDB even existed
- This HDB block in Tiong Bahru has 3 addresses & a secret WWII air raid shelter
- Transforming this Tiong Bahru walk-up into a midcentury modern apartment
Cover image adapted from: M3 Studio
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