How Anchorpoint transformed from neighbourhood mall into $295 mil retail asset
Anchorpoint retail space includes the first and basement levels of the building at 370 Alexandra Road and the conserved two-storey bungalow at 368 Alexandra Road
One of the sights that Alexandra Wong, general manager of Anchorpoint mall, never tires of watching is children “swimming” across the basement atrium — not in water, but over a floor of blue mosaic tiles that resemble a pool.
The scene is part of a nautical-inspired redesign introduced during a multi-million-dollar makeover of the 29-year-old neighbourhood mall, with the final phase slated for completion by end-1Q2026.
Architectural design studio Amongst was engaged to reconceptualise the interiors, introducing elements such as an arched ceiling at the main entrance that evokes a ship’s hull, and travertine flooring that echoes the wooden deck of a yacht. The redesign also included the Brewmaster House, a two-storey conserved bungalow fronting Alexandra Road that forms part of the property.
The “pool” of blue mosaic tiles at the basement atrium (Photo: Anchorpoint)
The Brewmaster House was so named as it was formerly the brewmaster’s office. Built in the 1920s in the Arts and Crafts style, it was part of Singapore’s first commercial brewery — Archipelago Brewery Co — established in 1931, which owned Anchor Brewery.
“We’ve always believed there’s no reason a suburban mall serving everyday family needs has to look or feel the same as every other mall,” says Wong. “A neighbourhood mall can still offer a fun, high-quality experience, where people can genuinely enjoy running their errands or spending time in.”
Wong often walks the mall incognito, listening in on how shoppers respond to the changes. “They like how bright it feels now, and that the design has much more character,” she says.
Community members have also written in to express their appreciation for the mall's changes. “Many grew up coming here and are now bringing their own children almost every day,” Wong adds. “That kind of feedback tells us we’ve retained the mall’s identity and emotional connection with the neighbourhood, while keeping it relevant for the next generation.”
The conserved Brewmaster House was built in the 1920s, and has also been upgraded (All photos by Samuel Isaac Chua/EdgeProp Singapore)
Common Man Coffee Roasters occupies the first level of the Brewmaster House, with Yoga Movement on the second level
‘Multi-million-dollar enhancement’
The asset enhancement initiatives (AEI) extended beyond aesthetics. Anchorpoint’s mechanical and electrical systems were significantly upgraded, including the installation of new exhaust ducts and gas pipes, as well as an overhaul of the central air-conditioning chiller system. The lift lobbies and washrooms were also modernised.
When the current owner acquired the mall from Frasers Property Trust for $110 million in December 2020, the transaction included two property titles: one for the two-storey commercial mall at 370 Alexandra Road, and another for the conserved bungalow at 368 Alexandra Road.
The mall at 370 Alexandra Road is held by Copperdome, while the conserved bungalow at 368 Alexandra Road is held by Copperhills. Both entities are part of Jobina Construction, a privately held company founded in 1981 that has developed several residential projects, including landed homes and condos.
Starbucks, an existing tenant at Anchorpoint, was renovated recently
Jobina Construction also owns Cluny Court at 501 Bukit Timah Road, which it acquired around 2003, according to a property title search. Situated at the corner of Bukit Timah Road and Cluny Park Road, Cluny Court comprises a pair of adjoining conserved shophouses built in the 1920s. It has since been transformed into a mixed-use development with apartments on the upper floors and a two-storey neighbourhood mall below, offering cafés such as Da Paolo Gastronomia, Tiong Bahru Café and Plain Vanilla; Cold Storage supermarket; wellness studio and boutiques.
The same team that manages Cluny Court now oversees Anchorpoint, says Wong. “Cluny Court has always worked as a relaxed neighbourhood haven where people meet for coffee but can also run their everyday errands,” she adds. “That balance was something we felt Anchorpoint could achieve at a larger scale.”
The anchor tenant, Cold Storage, is in the basement
Tenant mix – ‘Striking a delicate balance’
One of the early challenges faced by Anchorpoint’s management team upon acquiring the mall was not only the impact of Covid-19 but also the absence of a supermarket. This was addressed with the introduction of Cold Storage supermarket.
Another new anchor tenant is McDonald’s, which relocated from Queensway Shopping Centre. Other new tenants include Ya Kun Kaya Toast, Q&M Dental and Snap Fitness 24/7. They join existing tenants such as Jack’s Place, Ma Maison, Starbucks and Watsons.
“Our goal was to strike a delicate balance — retaining familiar, trusted brands that long-time shoppers loved, while introducing new lifestyle, dining and family-oriented concepts that would appeal to younger families moving into the area,” Wong says. “That balance helps keep the mall both resilient and relevant.”
The management team also took advantage of significant traffic flow from the junction of Queensway and Alexandra Road, as well as cyclists and pedestrians using the nearby Rail Corridor and Park Connector Network.
Tiong Bahru Bakery anchors The West Deck
“That gave us the confidence to open up the façade and create an alfresco lifestyle dining stretch, now known as The West Deck,” says Wong. Planter boxes were removed, a new sheltered walkway installed, and a single large unit subdivided into four smaller units housing F&B concepts such as Tiong Bahru Bakery and Overbrod Scandinavian Deli. These units now enjoy greater visibility from the main road and naturally draw in pedestrians, joggers and cyclists.
While Tiong Bahru Bakery anchors The West Deck, the central atrium is anchored by The Marmalade Pantry. Common Man Coffee Roasters and Yoga Movement helm the Brewmaster House.
Wong also wanted to replicate the success of Cluny Court's unique owner-led concepts at Anchorpoint. Today, these include Overbrod Deli, A KIND OOOF jewellery, Straits Clinic and Sakuraya Fish Market. “These tenants bring character, passion and a level of care that shoppers can really feel,” she adds.
Sakuraya Fish Market in the basement
Time to exit?
Anchorpoint is now 95% leased. Previously, under Frasers Centrepoint Trust, the mall had a net lettable area (NLA) of about 71,213 sq ft, according to its 2020 annual report. Following the AEI by the current owners, the NLA has expanded to about 78,636 sq ft.
After holding the asset for five years, the current owners are now looking to exit. “This is a natural point in the asset’s life-cycle,” says Wong. “We’ve positioned and upgraded Anchorpoint, strengthened its tenant mix and fundamentals, and we have brought it to a level of maturity where it is well-placed for a new owner to take it into its next phase.”
According to Wong, the next owner will also benefit from the neighbourhood’s continued growth and limited direct competition.
The central atrium is anchored by Marmalade Pantry
CBRE has been appointed as the exclusive marketing agent, with a guide price of $295 million. This translates to $3,751 psf based on the current NLA of 78,636 sq ft.
The mall has a 150m frontage along Alexandra Road and Queensway. It also has three entrances: the main entrance, which benefits from foot traffic from Ikea across the overhead bridge and a bus stop directly in front of the property; a second access point at the junction of Alexandra Road and Queensway; and a third entrance serving residents of The Anchorage, a 775-unit private condo developed as part of the mixed-use project. Also, Redhill MRT Station on the East-West Line is about a 10-minute walk away.
Another distinctive feature is that Anchorpoint spans just two levels — the first floor and basement. “In any mall, these are the two most premium floors,” says Clemence Lee, executive director of capital markets at CBRE. “That adds value to the asset because all tenants enjoy equally prime positioning.”
The overhead bridge from the Ikea store to Anchorpoint
Interest in retail assets spikes
According to Lee, investor demand for well-located suburban and niche retail malls has risen sharply. Recent transactions included The Rail Mall ($78.5 million) in 2024, followed by Piccadilly Galleria ($65.46 million), Quayside Isle ($97.3 million), Kinex ($375 million) and Clementi Mall ($809 million, or a record $4,132 psf) in 2025.
More recently, Bukit Panjang Plaza was sold for $428 million in January, while i12 Katong is reportedly being transacted at $370 million.
“These deals reflect strong investor appetite for well-located, defensively positioned retail assets,” says Lee. “Anchorpoint represents a rare and strategic opportunity. Its freehold tenure, coupled with its prime location in one of Singapore’s most dynamic suburban nodes, positions it as a highly sought-after asset.”
The property has been launched for sale by expression of interest, which will close on March 10. Lee expects interest from family offices, property funds and high-net-worth individuals.
Anchorpoint is also set to benefit from ongoing government rejuvenation initiatives, including upcoming private residential developments and Build-To-Order flats in Queenstown. The nearby Alexandra Hospital is also being upgraded to a major integrated general hospital.
“This transformation will provide a significant boost to catchment density and ensure a steady influx of a younger, more vibrant demographic,” Lee notes.
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