The units are part of the retail podium at Stars of Kovan, a mixed-use development in Hougang (Picture: Sakal Real Estate)
A portfolio of strata retail units at Stars of Kovan, a 99-year leasehold mixed-use development on Upper Serangoon Road in Hougang, has been launched for sale by expression of interest (EOI), marketing agent Sakal Real Estate says in an April 7 press release.
The collection of 36 strata retail units up for sale totals 22,638 sq ft. It makes up the bulk of the 46 strata retail lots at Stars of Kovan. The portfolio also includes a basement carpark spanning 26,264 sq ft, with 80 carpark lots.
"This portfolio represents a rare opportunity to acquire a controlling interest in a premium suburban retail asset in one of Singapore's most established residential enclaves,” says Steven Ming, managing director of Sakal Real Estate.
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The portfolio is owned by Fortune Reit, a Hong Kong-listed Reit managed by ARA Asset Management, which is part of the ESR Group. The Reit purchased the retail units and the basement car park from CK Assets Holdings, the project’s developer, for $88 million in September 2022.
Sakal Real Estate says there is “currently no formal asking price” for the portfolio. It adds that the portfolio’s most recent valuation stands at $95 million as of December 2025.
In its 2025 interim financial report, published on March 10, Fortune Reit lists the Stars of Kovan portfolio as its sole property outside of Hong Kong, with an occupancy rate of 100%.
Stars of Kovan is a 99-year leasehold mixed-use development with residences and retail space on Upper Serangoon Road (Picture: Sakal Real Estate)
Stars of Kovan was completed by CK Asset Holdings in 2019. As a mixed-use development, it has 390 residences atop a retail podium, along with five strata terrace units. CK Asset Holdings is also a major shareholder of Fortune Reit.
Located at the junction of Serangoon Road and Tampines Road, the property sits opposite the Kovan MRT Station on the North East Line.
Caveats lodged with URA show that apart from the units purchased by Fortune Reit, eight strata retail units at Stars of Kovan were moved by the developer between 2016 and 2019. The units, measuring from 215 to 603 sq ft, fetched from $4,718 psf to $6,832 psf.
The EOI will close on May 13 at 3pm.
Check out the latest listings for Stars Of Kovan properties