Portfolio of 16 freehold retail units at Crown Centre on the market for $33.8 mil
A portfolio of 16 units on the ground floor of Crown Centre has been launched for sale by expression of interest with a guide price of $33.8 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Crown Centre, at 557 Bukit Timah Road, is a prime freehold mixed-use development comprising strata retail and office space on the first two levels, with apartments above. Located in District 10, it is surrounded by upscale landed housing.
“It’s an island site, with prominent frontages along Bukit Timah Road, King’s Road and Queens Road,” says Sammi Lim, founder and executive director of Brilliance Capital.
For the first time in 13 years, a portfolio of 16 strata retail units on the ground floor has been launched for sale via expression of interest (EOI) by Brilliance Capital, the exclusive marketing agency. The EOI closes on September 23.
The portfolio carries a guide price of $33.8 million, or $5,688 psf, based on the total strata area of 5,942 sq ft.
The building has a prominent frontage along Bukit Timah Road, as well as Queen’s Road and King’s Road (All photos by Samuel Isaac Chua/EdgeProp Singapore)
‘Single largest owner’
According to Lim, the acquisition would make the buyer the single largest owner in Crown Centre.
The units are fully leased to a diverse range of tenants, including fast food chains such as Domino’s Pizza, Popeyes, and Pizza Hut, as well as enrichment centres like PBL Academy, The Pique Lab, and Kelly Academy Chinese Tuition. Other services include Hi-Tech dry cleaning and laundry, Kiyo pet groomers, and Eliza hair studio.
All the units are leased, with F&B tenants including Popeyes, Pizza Hut and Domino's Pizza
Enrichment centres include Kelly's Academy, PBL Academy, and The Pique Lab
Hair salon
Pet groomers
Dry cleaners and other laundry services
Lim notes that the investment offers stable rental income. It also gives the buyer significant influence over the property’s long-term management and strategic direction — particularly in the event of a collective sale — as the portfolio represents about 30.5% of the development’s share value.
The seller, Best Reward, is part of Far East Flora Holdings, a major wholesaler and retailer of flowers, plants, and accessories, with operations in Singapore, Hong Kong, Malaysia, and online. The group also specialises in interior landscaping through its O2Plants division.
The various tenants on the first level of Crown Centre (Source: EdgeProp Inspector)
Best Reward purchased all 19 ground-floor units in November 2013 in a deal brokered by CBRE. At the time, the units accounted for 39.7% of the development’s share value. The units were launched for sale the previous year (November 2012) with an indicative price of $32 million ($4,000 psf). The final purchase price, however, was not disclosed.
In recent years, the company sold two small internal units on the first level — #01-08 (323 sq ft) in 2018 and #01-09 (215 sq ft) at the end of 2024. The latter fetched about $920,000 ($4,274 psf) in a deal brokered by Lim.
The largest unit on the ground floor — #01-03 at 1,245 sq ft — is not part of the current portfolio for sale. Formerly occupied by Crown Bakery for a decade, it has been leased since early 2025 to Italian restaurant Burrata Joy & Gustavo Lapasta Bukit Timah.
The Assembly Place is operating the walk-up apartments at the three blocks on Duke’s Road and Bukit Timah Road as co-living spaces, and the ground-floor shops, which are leased to F&B and other tenants
Rising demand for prime, freehold assets
Lim points to rising demand for commercial properties with prominent street frontage, citing the recent $84 million sale of seven ground-floor strata retail units at Holland Road Shopping Centre, now tenanted by CS Fresh supermarket. The sale includes the carpark in the basement. Lim had brokered the earlier sale of the ground-floor units in 2016, to the family of Macau property tycoon Loi Keong Kuong for over $61 million ($4,976 psf), based on a strata area of 12,260 sq ft.
Nearby, three adjoining freehold blocks at 551-553 Bukit Timah Road and 6-8 Duke’s Road were sold en bloc to Hillcrest Investments, an affiliate of Indonesian billionaire Sukanto Tanoto’s Royal Golden Eagle, in December 2021. The $53.9 million purchase price translated to $1,504 psf per plot ratio, inclusive of development charges, based on a 3.0 gross plot ratio and an assumed 60:40 residential-to-commercial split, according to JLL, which brokered the deal.
Instead of redeveloping, RGE engaged The Assembly Place to operate the walk-up apartments as co-living spaces and manage the ground-floor shops, which are now fully tenanted.
At the neighbouring Coronation Shopping Plaza, a 377 sq ft third-level strata retail unit changed hands for $1.795 million ($4,765 psf) in December 2024
Crown Centre also has a gross plot ratio of 3.0, assuming redevelopment into a mixed-use project with a 60:40 residential-to-commercial ratio. The most recent transaction there, based on caveats lodged, was in November 2021, when two adjoining second-level units totalling 807 sq ft sold for $2.55 million ($3,159 psf).
At Coronation Shopping Plaza, another low-rise freehold mixed-use development along Bukit Timah Road, a 377 sq ft, third-level strata retail unit changed hands for $1.795 million ($4,765 psf) in December 2024. Built in 1979, the development comprises strata retail and office units, as well as apartments.
Nearby is King’s Arcade, a freehold mixed-use development completed in 2002. The four-storey block has 14 apartments on the upper floors and three shop units on the ground floor. The last transaction for a shop unit there was in 2010, when a 2,379 sq ft unit changed hands for $3 million ($1,261 psf), based on caveats lodged.
The last recorded transaction of a shop unit on the ground floor of King’s Arcade was in 2010, for a 2,379 sq ft unit that changed hands for $3 million ($1,261 psf)
Connectivity, foot traffic
Lim notes that commercial properties in Bukit Timah are highly sought after for their prime District 10 location, proximity to MRT stations such as Botanic Gardens (an interchange for the Downtown and Circle lines) and Tan Kah Kee (Downtown Line), and connectivity via the Pan-Island and Bukit Timah Expressways. These attributes underpin strong rental performance and steady demand, making the area attractive to retail investors.
In addition to being within an affluent residential enclave, Crown Centre is close to prestigious schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College. This location ensures a steady flow of high-quality foot traffic, she notes.
Artist's impression of the Bukit Timah Turf City redevelopment, which is expected to add 15,000 to 20,000 new homes alongside green corridors, cycling paths, and community amenities (Source: URA Master Plan)
Combined with limited retail competition in the immediate vicinity, it supports consistently high occupancy and resilient rental yields — factors that strengthen Crown Centre’s investment appeal, according to Lim.
Future growth prospects are also promising, she adds, with the Bukit Timah Turf City redevelopment expected to add 15,000 to 20,000 new homes alongside green corridors, cycling paths, and community amenities. “The transformation will likely boost demand for retail and F&B offerings at Crown Centre,” reckons Lim, “further enhancing its investment potential.”
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