If you've been quietly watching the commercial property space as an alternative to another residential investment, what's happening at Siglap right now deserves your full attention. A portfolio of four freehold ground-floor retail units in one of Singapore's most established east-side neighbourhoods has just hit the market at $13 million, and the story behind this listing tells you a lot about where smart money is moving in 2025.
Four ground-floor retail units at Siglap V, a freehold mixed-use development along Siglap Road and East Coast Road in District 15, are being offered for collective sale via Expression of Interest at a guide price of $13 million. That works out to approximately $3,552 per square foot on a combined strata area of around 3,660 square feet. These are not empty shells. All four units are fully leased, three to a spa and massage operator and one to a hair salon, giving any buyer immediate rental income from day one.
What makes this listing stand out beyond the price tag is the tenure and structure. Freehold commercial in a mature, well-connected neighbourhood is genuinely scarce. Siglap V sits on a corner site with dual frontage onto both Siglap Road and East Coast Road, and it's within walking distance of Siglap MRT on the Thomson-East Coast Line. That combination of freehold tenure, dual street frontage, and TEL connectivity is not something you find every other month.
There's also no Additional Buyer's Stamp Duty payable here. This is a commercial asset, which means it's open to foreigners and corporate buyers without the ABSD burden that now makes residential purchases significantly more expensive for many investor profiles. For buyers who have been priced out of adding another residential property to their portfolio, this is exactly the kind of alternative that's been drawing serious interest.
In my view, this listing is a direct consequence of what's happened to ABSD over the last two years. When the government raised ABSD to 60% for foreign residential buyers and pushed it higher for Singaporeans buying their second and third properties, it didn't kill investment appetite. It redirected it. What I'm seeing on the ground is that HNW buyers and even some smaller investors are looking seriously at commercial strata, particularly freehold neighbourhood retail, as a way to stay invested in Singapore property without the stamp duty penalty.
Here's the thing most people miss about neighbourhood retail in mature estates. A spa and a hair salon are not glamorous tenants. They're not flagship luxury brands. But that's precisely why I'd want them. These are service businesses that depend on local residents, not tourist footfall or discretionary luxury spending. In 25 years I've watched this pattern before. The retail units that survive economic cycles are the ones serving daily needs within a dense, affluent residential catchment. Siglap fits that profile perfectly.
The $3,552 psf price point is firm, no question about that. But you're paying for freehold tenure in a location with genuine long-term scarcity. Strata retail in established D15 doesn't come up often, and when it does it tends to be single units. A portfolio of four adjoining corner units with dual frontage and full occupancy is a different conversation entirely. The seller knows what they have.
If you're a private condo investor looking at your next move, this is worth studying even if $13 million is above your budget right now. The yield math matters here. At a purchase price implying roughly $3,552 psf, and assuming a gross yield in the neighbourhood of 3.5%, you're looking at an estimated monthly rental income of around $37,000 to $38,000 across the combined space. That's indicative, and any serious buyer must verify actual passing rents and lease terms before committing. But the structure, freehold, fully leased, no ABSD, dual frontage, TEL access, makes a compelling case for income-focused investors who want hard asset exposure without the residential stamp duty burden.
For expats and overseas buyers, this is one of the cleaner entry points into Singapore commercial property available right now. No ABSD, no restriction on foreign ownership, and the asset is already generating income. If you've been looking for Singapore real estate exposure but the residential ABSD has made the numbers unworkable, freehold strata commercial deserves a proper look. The key is understanding tenancy structures, lease expiry timelines, and whether there's rental reversion potential when leases come up for renewal.
For HDB upgraders focused on their own home purchase, the direct relevance here is more indirect but still real. Strong commercial demand in Siglap and East Coast reinforces what many of us already know about D15. This is an area with genuine long-term residential appeal backed by a thriving ground-level ecosystem of services, F&B, and connectivity. If you're considering upgrading into a resale condo or a new launch in this corridor, the fact that investors are paying premium prices for freehold commercial here tells you something about where the neighbourhood is heading.
Freehold neighbourhood retail with full occupancy, dual frontage, TEL connectivity, and no ABSD doesn't sit on the market for long when the numbers make sense. Whether you're a serious investor evaluating this specific opportunity or someone just beginning to explore commercial property as part of a broader strategy, the Siglap V listing is a useful benchmark for understanding where freehold strata commercial is priced today in Singapore's best residential neighbourhoods. If you want to talk through how commercial strata fits into your overall property portfolio, or if you're trying to figure out your next move in this market, reach out to me directly on WhatsApp at +65 9750 1055 or visit keithtanboonkee.com. Let's have a proper conversation.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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