Gallery
The building & location
General views of the building and location via Google Maps (Street View / satellite) — illustrative only; they show the property and its surroundings, not a staged interior. Real photos to follow.
A corner HDB shophouse with a rare Cat-1 spa licence and a signed tenancy — income from day one, no GST, in a Kallang catchment of ~101,000 residents.
Indicative only — confirm stamp duty, GST & apportionment with your lawyer / IRAS.
| Passing rentⓥ | S$10,000 / month (S$120,000 / yr) |
| Gross yield (on guide price)ⓥ | ~4.6% |
| Property tax (commercial, 10% of AV)ⓥ | ~S$10,581 / yr |
| Net yield (after property tax)ⓥ | ~4.2% (indicative) |
| Leaseⓥ | Signed Jun 2026 – Jun 2029 |
Passing rent on a signed lease (Jun 2026–Jun 2029). Gross yield on the guide price; net is after property tax (~S$10,581/yr) and any outgoings. Confirm the lease and licence terms in due diligence.
Yield basis (CEA): gross yield = annual rent as stated above (passing or projected, per the stated basis) ÷ the stated asking price; net yield is after property tax (a flat 10% of Annual Value), MCST/service charge and outgoings. These are historical/indicative, not a forecast or a guarantee of return — verify the tenancy and the IRAS Annual Value independently before relying on them.
Cat-1 licences are tightly controlled and rarely available — the unit comes with one in place, with a tenant already operating on a signed lease.
A corner shophouse with two faces to the street — more visibility and footfall than a mid-terrace unit, in a catchment of ~101,000 residents.
An HDB shophouse, so no GST on the purchase; the signed tenancy means it earns from day one rather than needing to be leased up.
Published government plans near this property — the facts, with sources. What they mean for value is a question worth asking.
General market information on this page was last updated on 29 Jul 2026.
| Recent HDB-shophouse sales · vicinity | Sold | Tenure | Price | psf |
|---|---|---|---|---|
| Upper Boon Keng Rd 1,367 sf | Mar 2025 | HDB LH | S$1.95M | S$1,426 |
| Upper Boon Keng Rd 1,485 sf | Aug 2023 | HDB LH | S$1.80M | S$1,212 |
| Lorong 1 Toa Payoh 1,410 sf | Mar 2026 | HDB LH | S$1.865M | S$1,323 |
| Race Course Rd 936 sf | Jul 2024 | HDB LH | S$1.95M | S$2,082 |
Actual HDB-shophouse sale caveats on Upper Boon Keng Rd and nearby (HDB.sgshophouses.com — verify). Treat these as a REFERENCE, not a like-for-like valuation: shophouses vary widely by exact location, frontage and footfall — a corner, dual-frontage unit on a busy stretch (as here) commands more than a mid-terrace one, even on the same road. Same-street sales have transacted around S$1.8–1.95M; the guide here carries a premium for the corner position, the footfall, and the signed lease + Cat-1 licence — an income play that leans back toward these on non-renewal.
A signed lease and a hard-to-replicate licence carry the income. What would it take to build that from a vacant unit — and how long?
A corner HDB shophouse is uncommon; one with an in-place Cat-1 spa licence more so. When does the next comparable one come to market?
Indicative figures for general information — not a valuation or forecast. Yield, tax and licence terms to be confirmed in due diligence.
Straight answers, including the trade-offs — buy with eyes open. Verify tenure, licence, lease and tax in due diligence.
Not quite the one? A few more from the current collection in a similar bracket — happy to walk you through any of them.
This is an income-and-licence story, not a land play — I'll set out the passing rent, the licence and lease runway, and the honest premium-to-sale-comps so you buy with eyes open.
PropNex Realty Pte Ltd (Licence No. L3008022J) · CEA R000289H
Verify me: search 9693 7787 on the CEA Public Register. If an advert for this property shows a different number, it is not me.
WhatsApp 9693 7787For buyers who haven't transacted before: the resale journey, stage by stage.
Indicative for a resale purchase — commercial adds GST timing. Confirm with your lawyer.
Per-level use, transacted comparables, stamp-duty and yield — the way this page was built. No obligation.
Ask Andrea Goh for my property report