She added that when the property was put up for sale in the third-quarter of last year, there were many interested parties, most of them with relatively young families.
Ms Wong said the area is also steeped in heritage, given that Moh Guan Terrace is located along the Tiong Bahru Heritage Trail and next to a conservation area. Ms Wong said the market price for a standard 10-year-old four-room HDB flat in Tiong Bahru is $700,000 to $800,000. While historical value may play a role, she said the flat's tenure, size and location are more important factors affecting the buyer's decision.
Long-time Tiong Bahru residents who spoke to TNP said their families are unlikely to sell their homes despite knowing that they could possibly fetch a high price given the popularity of the area.Miss Lynette Chua, 25, who lives in Boon Tiong Road, said while she was surprised at the value of the Moh Guan Terrace unit despite its short lease left, the convenience of the area is highly desirable.
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