A pair of adjoining freehold shophouses in the heart of Katong has been put on the market for $16 million, offering investors immediate rental income and the opportunity to unlock redevelopment upside in one of Singapore's most tightly held heritage precincts.

The shophouses at 57 and 59 East Coast Road have been launched for sale via an expression of interest (EOI) exercise, which will close on July 31.

The freehold properties, located in the heart of Katong in prime District 15, are zoned for commercial use. They occupy a combined land area of 2,521 sq ft and have an existing gross floor area (GFA) of approximately 4,500 sq ft.

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The guide price of $16 million translates to about $3,556 psf based on the existing GFA.

The shophouses are currently leased to Monk's Brew Club, which operates a café on the ground floor and a co-working space on the upper floor.

Redevelopment potential

According to Torie Frances Doshi, associate group director at PropNex Shophouse Elites, who is jointly marketing the properties with associate district director Alfred Chee, the asset also offers redevelopment potential.

With a gross plot ratio of 3.0, the properties could be refurbished with a new rear extension of up to five storeys, increasing the total GFA to about 7,563 sq ft, notes Doshi. Given the commercial zoning, the additional space could potentially accommodate offices, co-living units or serviced apartments under the SA2 scheme, which requires a minimum stay of three months.

"The iconic Katong area in District 15 has always been highly sought after by both locals and foreigners for its seaside charm, as well as its eclectic mix of local food and lifestyle attractions," says Doshi.

Wave of rejuvenation

Adding to the area's appeal, the properties sit opposite the former Katong Plaza, which Fragrance Group acquired for $180 million in 2024 and is redeveloping into a 14-storey hotel with 374 keys.

This further strengthens Katong's appeal as a hospitality and lifestyle destination. Existing hotels in the vicinity include the 451-room Holiday Inn Express Singapore Katong, part of the Katong Square development; the neighbouring 576-room Grand Mercure Singapore Roxy, which is integrated with Roxy Square; and the 229-room Village Hotel Katong, located within the Katong V mixed-use development.

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Shopping malls i12 Katong and Parkway Parade are also nearby. Meanwhile, several significant residential projects have been launched in the area in recent years.

The 638-unit Tembusu Grand, launched in April 2023, has been fully sold and was completed last year. Meanwhile, the 846-unit Emerald of Katong achieved a 99% take-up rate during its launch weekend in November 2024. Based on caveats lodged, only two units remain available. The project is expected to be completed next year.

Sustained investor interest

Recent transactions also point to sustained investor interest in East Coast Road shophouses. Based on caveats lodged with URA Realis, there were three transactions since September 2025.

Further down East Coast Road, an intermediate shophouse changed hands in January 2026 for $16 million. The freehold property at 199 East Coast Road sits on a 1,795 sq ft site with an existing GFA of 4,010 sq ft, translating to $3,990 psf based on GFA. The 1950s shophouse was acquired by its previous owner, B Capital, for $8.5 million in August 2021.

The property had housed Boon Tong Kee for more than 15 years. Following B Capital's acquisition and refurbishment, the three-storey shophouse now houses Pain Vanilla Café on the ground floor. The January 2026 transaction price of $16 million was therefore 88.2% higher than the purchase price achieved 4½ years earlier.

Meanwhile, the intermediate shophouse at 39 East Coast Road changed hands in September 2025 for $8.6 million, or $4,914 psf based on its existing GFA. The freehold property sits on a 951 sq ft site with an estimated GFA of 1,750 sq ft. It has permanent F&B approval on the ground floor and is leased to Q-Wa Bar & Yakitori, which operates a barbecue restaurant on the lower floor and a cheese-and-wine restaurant upstairs.

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In November 2025, another intermediate shophouse at 276 East Coast Road changed hands for $4.2 million. Unlike the subject properties, the asset comprises commercial use on the ground floor and residential use on the upper floor. As a result, foreign buyers would be subject to the 60% additional buyer's stamp duty (ABSD) applicable to the residential component.

‘Two assets in one’

"What makes 57 and 59 East Coast Road compelling is the combination of a large, unified built-up area of about 4,500 sq ft and a wide frontage of almost 10m," says Doshi. "There is also immediate rental income from established tenants.

"Buyers are effectively acquiring two assets in one, with the option to continue operating the property as is, reposition the concept, or unlock the significant redevelopment potential that comes with a 3.0 plot ratio on freehold commercial land."

According to Doshi, the property is likely to appeal to investors, family offices and lifestyle buyers "seeking a meaningful stake in Singapore's most beloved heritage precinct".