_Limited-Edition Portfolio of Four Large Format HDB Retail Units for sale by Expression of Interest
Singapore, 17 June 2025 – Knight Frank Singapore and CBRE are pleased to announce the launch of a rare portfolio comprising four prime Housing & Development Board (HDB) retail units, now available for sale via an Expression of Interest (EOI) exercise.
Strategically located in the heart of mature and established town centres in Singapore — Ang Mo Kio, Bukit Merah, Clementi, and Toa Payoh — the fully-tenanted portfolio presents an exceptional opportunity to acquire sizeable, income-generating commercial units in high-footfall locations. Each unit spans two levels within standalone HDB commercial blocks, with strata areas ranging from approximately 23,960 sq ft to 30,139 sq ft. Together, their combined strata area is approximately 104,808 sq ft.
Property Highlights
712 Ang Mo Kio Avenue 6
Occupying the entire first and second levels of a four-storey HDB commercial block, this 23,982 sq ft unit enjoys a prominent corner frontage and excellent visibility within the Ang Mo Kio town centre. The property has multiple street frontages and is a short walk from Ang Mo Kio MRT Station, which will become an interchange with the Cross Island Line by 2030.
192 Toa Payoh Lorong 4
This 23,960 sq ft unit spans approximately half of both the first and second floors of a two-storey HDB commercial block. Located within the bustling Toa Payoh central precinct, it benefits from strong accessibility and steady footfall. With a direct overhead sheltered link bridge between the asset and the upcoming Toa Payoh Integrated Sports and Community Hub (slated for completion in 2030), the asset is poised to benefit from the enhanced vibrancy, drawing more visitors with new sports, healthcare, and recreational facilities.
166 Bukit Merah Central
Spanning the entire sub-basement and part of the first level of a three-storey HDB commercial block, this 30,139 sq ft unit is in a vibrant mixed-use commercial hub. The property features prominent street frontage along a pedestrian-friendly zone and is the sole supermarket in the town centre. Planned enhancements to the area include new event spaces, seating areas, and dedicated pedestrian and cycling paths.
451 Clementi Avenue 3
With a strata area of approximately 26,727 sq ft, this unit occupies parts of the first and second levels of a three-storey standalone HDB commercial building. The property offers sheltered access to Clementi MRT Station, the bus interchange, and nearby amenities, ensuring robust footfall. It also benefits from a strong student demographic due to its proximity to major educational institutions such as Singapore Polytechnic and the National University of Singapore.
Investment Highlights
The properties are prominently positioned within bustling retail catchment zones, supported by nearby markets, food centres, polyclinics, essential services, MRT stations, and bus interchanges — all contributing to strong pedestrian traffic and excellent visibility.
The entire portfolio is currently fully-tenanted, with supermarket chain NTUC FairPrice anchoring the Ang Mo Kio, Bukit Merah, and Toa Payoh locations, and consumer electronics and furniture retailer COURTS occupying the Clementi property. These established tenants offer a resilient income stream, while the regular-shaped, expansive floor plates provide future flexibility for subdivision or alternative commercial uses upon lease expiry, enhancing long-term value-add potential.
Mr. Galven Tan (陈威礽), CEO, Knight Frank Singapore, (首席执行官,莱坊新加坡), commented, “With only approximately 8,500 HDB commercial units available for private ownership, and the HDB no longer releasing such assets for sale, this portfolio represents a truly scarce and highly sought-after investment opportunity. It offers stable rental income, strong tenant covenants, and future repositioning potential in Singapore’s tightly held retail market. These large-format, income-generating assets are strategically located in mature residential hubs, offering both immediate rental stability and near-term upside through positive rent reversions.”
Mr. Michael Tay (郑兆能), Executive Director, Capital Markets at CBRE Singapore (资本市场高级董事, 世邦魏理仕) added, "With around 80% of Singaporeans living in HDBs, HDB town centres play a pivotal role in the daily lives of many Singaporeans by serving as key destinations for dining, shopping, and leisure. In recent years, these town centres have become even more vibrant, driven by the rise of hybrid work arrangements that have led more residents to frequent their neighbourhood retail offerings. In particular, supermarkets and neighbourhood stores have proven to be some of the most resilient retail assets due to their ability to provide basic needs through market cycles. This portfolio presents an exceptionally rare offering, characterised by high footfall, prominent visibility, commanding frontages, and tightly held ownership."
The assets, being fully commercial, are not subject to Additional Buyer’s Stamp Duty and Seller Stamp Duty, and are eligible for foreigner purchase. They may be sold on a portfolio or piecemeal basis.
The EOI exercise closes on 23 July 2025 (Wednesday), 3pm.
Photos for use
712 Ang Mo Kio Avenue 6
192 Toa Payoh Lorong 4
166 Bukit Merah Central
451 Clementi Avenue 3
For further information, please contact:
Melvin Chay
Senior Director, Capital Markets
Knight Frank Singapore
melvin.chay@sg.knightfrank.com | +65 9844 8085 | +65 6228 6828
Leanne Teo
Director, Marketing, Communications, Legal and Compliance
Knight Frank Singapore
leanne.teo@sg.knightfrank.com | +65 9188 8228 | +65 6228 6807
Clemence Lee
Executive Director, Capital Markets
CBRE Pte Ltd
Clemence.lee@cbre.com | +65 9724 2939
Melvin Lin
Head of Marketing and Communication
CBRE Pte Ltd
melvin.lin@cbre.com.sg | +65 8878 7329
About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 27,000 people operating from more than 740 offices across over 50 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants.
For further information about the firm, please visit knightfrank.com. Knight Frank has a strong presence in Singapore with a head office and two subsidiaries: Knight Frank Property & Facilities Management and KF Property Network. For further information about the Company, please visit www.knightfrank.com.sg.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.