Seven retail units at Holland Road Shopping Centre sold for $71.1 mil as Holland Village repositions
The seven ground-floor retail units at Holland Road Shopping Centre, currently occupied by CS Fresh supermarket, have changed hands for $71.1 million, according to a caveat lodged in late July (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The seven ground-floor retail units at Holland Road Shopping Centre, currently occupied by CS Fresh supermarket, have changed hands for $71.1 million, according to a caveat lodged in late July.
Based on the combined strata area of 12,260 sq ft, the freehold units were sold at $5,801 psf.
The deal comes amid renewed transaction activity in Holland Village, even as the precinct adjusts to shifting footfall patterns following the opening of One Holland Village.
A property title search by EdgeProp Singapore shows the buyer is Millennium Century, a private investment holding company incorporated in June 2022. According to filings with the Accounting and Corporate Regulatory Authority (ACRA), its shareholders and directors are Lee Sai Kit, Tay Lee Hoon, and Sean Lee Ka Shing.
The units were previously owned by the family of Macau businessman Loi Keong Kuong, chairman of Rio Hotel & Casino. Last July, it was reported that the family was seeking $84 million for the seven shop units and a basement carpark. A decade ago, they had acquired the units for $61 million ($4,976 psf).
Transaction activity has also been observed in nearby Holland Village last year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Other recent transactions at Holland Road Shopping Centre
Following the July 2025 sale, two other units at Holland Road Shopping Centre changed hands last year.
A 1,561 sq ft fourth-floor unit tenanted to café Frankie & Fern’s, which opened last year, was sold for $6.1 million ($3,908 psf) in September. A smaller 377 sq ft second-floor unit, which has been tenanted by ethnic wear boutique Ancee since 2022, fetched $1.75 million ($4,645 psf) in December, based on caveats lodged.
Transaction activity has also been observed in nearby Holland Village. In February 2025, the shophouse at 19/19A Lorong Liput was sold for $11.8 million, or $7,027 psf based on land area. The ground floor is tenanted to Mian Jia Noodle Bar, while the upper floor is leased to WeBarre fitness studio.
The property was acquired by HVN VIII Holdings, whose directors are Goh Ching Huat, CEO of lifestyle products retailer Ossia International, and Goh Ching Wah, founder of Harvey Norman Ossia and executive chairman of Ossia International.
In February 2025, the shophouse at 19/19A Lorong Liput was sold for $11.8 million, or $7,027 psf based on land area. The ground floor is tenanted to Mian Jia Noodle Bar, while the upper floor is leased to WeBarre fitness studio (Photo: Google Maps)
In March 2025, the second-floor unit of a corner shophouse at 31A Lorong Mambong — leased to Anytime Fitness — was sold for $7.6 million ($3,315 psf). The freehold unit has a floor area of 2,293 sq ft.
An ACRA search shows the buyer is Art Doozie, with Dr Low Lee Yong as the sole director. A medical doctor who founded MHC Asia Group, Dr Low sold the healthcare tech business in 2019 and has since pursued a career as an abstract artist.
The Lorong Mambong deal was brokered by CBRE, which first marketed the unit in January 2024 at $9.6 million. The previous owner purchased it for $4.6 million ($2,006 psf) in December 2016, according to caveat records.
In March 2025, the second-floor unit of a corner shophouse at 31A Lorong Mambong — leased to Anytime Fitness — was sold for $7.6 million ($3,315 psf). The freehold unit has a floor area of 2,293 sq ft (Photo: CBRE)
Changing retail landscape
Holland Village, in prime District 10, has evolved since the commercial component of One Holland Village opened in December 2023. One Holland Village Residences and Quincy House serviced apartments were completed the following year. The mixed-use development was developed jointly by Far East Organization, Sino Group and Sekisui House.
According to an agent who declined to be named, the mall’s opening has diverted footfall from some older establishments in Holland Village.
Several long-standing names have since closed: Thambi Magazine Store, which had operated for 80 years closed its main store in 2024; Häagen-Dazs, which had been in the precinct for 30 years closed in 2021; and Crystal Jade La Mian Xiao Long Bao, which operated there for 20 years, closed last year.
Holland Village, in prime District 10, has evolved since the One Holland Village mixed-use development opened in phases since December 2023 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
At the same time, new operators have moved in. Little Farms Market grocery store and Little Farms Table café now occupy the space vacated by Crystal Jade. Plain Vanilla opened a pop-up last October that runs until February. Sushiro, Japan’s popular conveyor-belt sushi chain, opened an outlet at Holland Road Shopping Centre eight months ago.
Clemence Lee, executive director of capital markets at CBRE, continues to field “quite a number of enquiries” for shop units in the area.
“The area has gentrified quite a fair bit since the opening of the mall,” he says. “Investors are keen, but pricing has stayed relatively high, with limited stock available for sale.”
Last October saw the launch of the 99-year leasehold, 666-unit Skye at Holland, which was 99% sold at an average of $2,955 psf (Photo: CapitaLand and UOL Group)
More residential projects
Transformation in the Holland Village precinct is set to continue, with additional residential projects underway.
Last October saw the launch of the 99-year leasehold, 666-unit Skye at Holland, which was 99% sold at an average of $2,955 psf. Only five units remain available in the residential project by a consortium made up of CapitaLand, UOL Group, Singapore Land Group and Kheng Leong Co.
Nearby, HDB launched 342 flats under the June 2024 Build-to-Order exercise and plans to release more flats in Holland Plain.
URA has designated Holland Plain as a future residential precinct. One government land sales (GLS) site was sold last August to Sim Lian Group, with an adjacent residential site targeted for launch later this month. In total, eight residential parcels are slated for release in the precinct.
In addition to the existing HDB blocks in Commonwealth and Holland area, HDB launched 342 flats under the June 2024 Build-to-Order exercise and plans to release more flats in Holland Plain (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Broader shophouse market trends
Beyond Holland Village, transaction trends in the wider shophouse market show continued investor preference for freehold and 999-year assets.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, Districts 8 (Farrer Park/Little India and Jalan Besar) and 15 (Joo Chiat/Katong) accounted for more than 45% of total shophouse transaction volume in 2025. He attributes the higher activity to the relatively “bite-sized” assets in these districts.
Lee adds that 86.7% of shophouses sold in 2025 were on 999-year or freehold tenure. Many were tenanted by F&B operators.
However, challenging conditions in the retail and F&B sectors led to fewer leasing transactions. The number of rental contracts declined 7% to 3,310 in 2025, from 3,561 in 2024. Rents eased marginally by 1.4% to $6.51 psf per month, compared with $6.60 psf the year before.
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