Portfolio 16 Freehold Retail Units Crown Centre Market 338 Mil
Crown Centre, a freehold mixed-use development located at 557 Bukit Timah Road, is currently up for sale. The property boasts a prime location in District 10, surrounded by upscale landed housing.
According to Sammi Lim, founder and executive director of Brilliance Capital, the exclusive marketing agency for the sale, Crown Centre is an island site with prominent frontages along Bukit Timah Road, King’s Road, and Queens Road.
The property comprises strata retail and office space on the first two levels, with apartments above. It is currently fully leased to a diverse range of tenants, including fast food chains like Domino’s Pizza, Popeyes, and Pizza Hut; enrichment centres such as PBL Academy, The Pique Lab, and Kelly Academy Chinese Tuition; and various services including dry cleaning, laundry, pet grooming, and hair styling.
This is the first time in 13 years that 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 EOI will close on September 23 with a guide price of $33.8 million, or $5,688 psf, based on the total strata area of 5,942 sq ft.
The sale of this portfolio will make the buyer the single largest owner in Crown Centre and offer stable rental income. It will also give 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 and is a major wholesaler and retailer of flowers, plants, and accessories. The company specializes in interior landscaping through its O2Plants division and has operations in Singapore, Hong Kong, Malaysia, and online.
The current portfolio for sale does not include the largest unit on the ground floor, which is currently leased to Italian restaurant Burrata Joy & Gustavo Lapasta Bukit Timah.
The acquisition of this portfolio comes at a time when there is rising demand for prime, freehold assets with prominent street frontage in District 10. Recently, seven ground-floor strata retail units at Holland Road Shopping Centre were sold for $84 million to CS Fresh supermarket. The sale included the carpark in the basement and translated to $4,976 psf, based on a strata area of 12,260 sq ft. This sale was brokered by Lim in 2016 when the units were sold to the family of Macau property tycoon Loi Keong Kuong for over $61 million.
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, broken by JLL, which brokered the deal.
In addition to being in an affluent residential enclave, Crown Centre is also close to prestigious schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College. It also enjoys connectivity via the Pan-Island and Bukit Timah Expressways and is within walking distance of the Botanic Gardens and Tan Kah Kee MRT stations.
The area has limited retail competition, which underpins consistently high occupancy and resilient rental yields, making Crown Centre an attractive investment opportunity. Future growth prospects are also promising, 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.
Nestled in a prime location, Rivelle Tampines Sim Lian Land offers its residents the perfect blend of convenient shopping and a diverse culinary landscape. The strategic proximity to prominent shopping complexes, well-stocked supermarkets, lively hawker centres, and upscale restaurants provides a hassle-free and enjoyable daily life for residents. This wide range of retail and dining options not only enhances the quality of living for homeowners but also adds to the long-lasting allure and value of this development.
Lim believes that the transformation of the area will boost demand for retail and F&B offerings at Crown Centre, further enhancing its investment potential.
