Singapore, 19 Feb 2021 Last November, Singaporean property investor Peter Chiu was shopping for a flat in Tiong Bahru. After visiting several flats, he made an offer on a 1,022 sq ft unit on the third floor of Block 57, located above Tiong Bahru Bakery on Eng Hoon Street. The former four-room SIT (Singapore Improvement Trust) flat had been renovated by the previous owner, an interior designer who had owned it for 20 years. She had knocked down the walls of two bedrooms and converted the unit into a spacious one-bedroom apartment.
Elena Ang, associate district director at AAG division of OrangeTee, brokered the sale of the unit to Chiu. Ang has been handling the rental of the unit at Eng Hoon Street on behalf of the previous owner for almost 20 years. “It has always been easy to rent out,” she says. “For the past 20 years, the rental rate has typically been between $3,400 and $3,800 a month