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.
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.
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.
Distances via OneMap; ratings via Google Places, indicative and subject to change.
OneMap-routed distances/times; ratings via Google Places, indicative and subject to change.
🚌 Bus is the practical link:
Times are indicative — weekday 08:30 for public transport (OneMap routing); drive times are off-peak, no live traffic — both vary with actual conditions.
| 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.
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.
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.
Published government plans near this property — the facts, with sources. What they mean for value is a question worth asking.
URA retail price index sat at 104.4 in Q2 2026 (+0.8% QoQ, +4.0% YoY) (URA via data.gov.sg).
URA retail rental index printed 80.6 in Q2 2026 (+1.5% YoY) (URA via data.gov.sg).
SingStat's Retail Sales Index printed 97.3 in Jun 2026 (+4.0% YoY).
Kallang has an estimated ~39,200 resident households (~8,600 condo, ~400 landed) (SingStat GHS 2025).
Who actually lives here — this subzone, Census 2020.
21.3% of employed residents in Kallang earn S$10,000+/month (idx 118, above SG avg).
~6.6% of Kallang households span 3 or more generations (indicative — OneMap Census 2020).
Income here runs above the Singapore average — what does that change about the price point this catchment supports?
Where does this catchment shop?
No mall within a comfortable walk — this cluster is the neighbourhood centre by default.
Confirm the anchor tenants (coffeeshop, supermarket, clinic) at viewing.
Which of these three positions is this unit actually in, and does the rent reflect it?
General market information on this page was last updated on 29 Aug 2026.
The real number, what it means here, and the question it leaves you with.
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.
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CondoThis 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
WhatsApp 9693 7787For buyers who haven't transacted before: the resale journey, stage by stage.
Indicative for a non-residential resale purchase — GST timing and any ABSD depend on the specific unit; see the numbers section above. Confirm with your lawyer.
Investor Numbers Pack. A named report with your numbers — no pitch, no obligation.
Send me the Investor Numbers PackPer-level use, transacted comparables, stamp-duty and yield — the way this page was built. No obligation.
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