Portfolio 16 Freehold Retail Units Crown Centre Market 338 Mil

Crown Centre, located at 557 Bukit Timah Road, is a premier mixed-use development with a freehold tenure. It features strata retail and office space on its first two levels, with apartments located above. Nestled in District 10, this development is surrounded by luxurious landed houses.

“It is an island site with prominent frontages along Bukit Timah Road, King’s Road, and Queens Road,” notes Sammi Lim, the founder and executive director of Brilliance Capital.

An exclusive marketing agency, Brilliance Capital, has launched a portfolio of 16 strata retail units on the ground floor for sale via an expression of interest (EOI). This is the first time in 13 years that these units have been released for sale. The EOI will close on September 23.

The guide price for the portfolio is $33.8 million, which translates to $5,688 per square foot based on the total strata area of 5,942 square feet. Lim adds that this acquisition would make the buyer the single largest owner in Crown Centre.

The units are fully leased to a diverse range of tenants, including popular fast-food chains like Domino’s Pizza, Popeyes, and Pizza Hut, as well as reputable enrichment centres such as PBL Academy, The Pique Lab, and Kelly Academy Chinese Tuition. Other services available on the ground floor include Hi-Tech dry cleaning and laundry, Kiyo pet groomers, and Eliza hair studio.

The entire portfolio of 16 strata retail units in Crown Centre is offered for sale at $33.8 million (Credit: Samuel Isaac Chua/EdgeProp Singapore)

Lim emphasizes that this investment offers a stable rental income, as well as significant influence over the property’s long-term management and strategic direction. This is especially valuable in the event of a collective sale, as the portfolio represents approximately 30.5% of the development’s share value.

The seller, Best Reward, is a subsidiary of Far East Flora Holdings, a top wholesaler and retailer of flowers, plants, and accessories in Singapore, Hong Kong, Malaysia, and online. The group also specializes in interior landscaping through its O2Plants division.

Roads: Tampines Avenue 11 and Tampines Avenue 12 are two main roads in the bustling town of Tampines. They serve as major thoroughfares, connecting the town’s residential and commercial areas. With the recent addition of the Parktown Residence Condo, these roads have become even more integral to the town’s infrastructure. The condominium’s location along these roads provides convenient access for its residents to various amenities and facilities in the surrounding area. Tampines Avenue 11 and Tampines Avenue 12 are now not only well-connected roads, but also prime locations for modern living.

Best Reward bought all 19 ground-floor units in November 2013, in a transaction brokered by CBRE. At the time, these units accounted for 39.7% of the development’s share value. In November 2012, the units were launched for sale with an indicative price of $32 million ($4,000 psf). However, the final purchase price was not disclosed.

In recent years, Best Reward has 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 approximately $920,000 ($4,274 psf) in a transaction brokered by Lim.

The largest unit on the ground floor, #01-03 (1,245 sq ft), is not included in the current portfolio for sale. This unit was occupied by Crown Bakery for ten years but has been leased to Italian restaurant Burrata Joy & Gustavo Lapasta Bukit Timah since early 2025.

The ground floor of Crown Centre is home to a range of services, including F&B, enrichment centres, hair salons, pet groomers, and dry cleaners (Credit: EdgeProp Inspector)

The Assembly Place operates the walk-up apartments in the three blocks on Duke’s Road and Bukit Timah Road as co-living spaces and manages the F&B and other tenants on the ground floor.

Rising demand for prime, freehold assets

Lim also highlights the rising demand for commercial properties with prominent street frontage, citing the recent sale of seven ground-floor strata retail units at Holland Road Shopping Centre for $84 million. These units are currently leased to CS Fresh supermarket, and the sale includes the car park 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 more than $61 million ($4,976 psf) based on a strata area of 12,260 sq ft.

At 551-553 Bukit Timah Road and 6-8 Duke’s Road, three adjacent freehold blocks were sold en bloc to Hillcrest Investments, an affiliate of Indonesian billionaire Sukanto Tanoto’s Royal Golden Eagle, in December 2021 for $53.9 million. This translates to $1,504 psf per plot ratio, including development charges. Based on a 3.0 gross plot ratio and a 60:40 residential-to-commercial split, this price is expected to go toward the redevelopment of these blocks.

Instead of redeveloping the site, RGE has engaged The Assembly Place to operate the walk-up apartments as co-living spaces and manage the F&B and other tenants on the ground floor. As a result, all units in the three blocks are now fully tenanted.

Crown Centre has a gross plot ratio of 3.0 and is zoned for redevelopment into a mixed-use project with a 60:40 residential-to-commercial ratio, according to the Urban Redevelopment Authority’s 2019 Master Plan. The most recent transaction at Crown Centre was in November 2021, when two adjoining second-level units with a combined area of 807 sq ft were sold for $2.55 million ($3,159 psf).

An artist’s impression of the Bukit Timah Turf City redevelopment, which is expected to add 15,000 to 20,000 new homes, as well as greenery and community amenities (Credit: URA Master Plan)

At Coronation Shopping Plaza, another freehold mixed-use development along Bukit Timah Road, a 377 sq ft, third-level strata retail unit was sold for $1.795 million ($4,765 psf) in December 2024. This translates to a $1,795 psf.

Connectivity and foot traffic

The Bukit Timah area is in high demand for its prime location in District 10, close proximity to MRT stations like Botanic Gardens (an interchange for the Downtown and Circle lines) and Tan Kah Kee (Downtown Line), and easy access to the Pan-Island and Bukit Timah Expressways. These attributes support steady rental performance and strong demand, making this area extremely appealing to retail investors.

Crown Centre is not only situated in an exclusive residential enclave but is also near prestigious schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College. This guarantees a consistent flow of high-quality foot traffic through the development, according to Lim.

Moreover, due to limited retail competition in the surrounding area, Crown Centre has consistently high occupancy and resilient rental yields. These are factors that make it an attractive investment, states Lim.

She adds that future growth prospects look promising, with the upcoming Bukit Timah Turf City redevelopment set to add 15,000 to 20,000 new homes as well as green spaces, cycling paths, and community amenities. This transformation is likely to boost the demand for retail and F&B offerings at Crown Centre, thereby enhancing its investment potential.