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Two Pairs of HDB Shophouse Units at Bras Basah Complex and King

Two pairs of HDB shophouse units at Bras Basah Complex and King George's Avenue are being offered for sale at a combined S$13.4 million, landing in a.

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PropAce Institutional Advisory
Quantitative Estate Research & Regulatory Strategy

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PropAce Two Pairs of HDB Shophouse Units at Bras Basah Complex and King
PropAce Two Pairs of HDB Shophouse Units at Bras Basah Complex and King

Two pairs of HDB shophouse units at Bras Basah Complex and King George's Avenue are being offered for sale at a combined S$13.4 million, landing in a market where residential prices have already clawed back to record levels — but where scarce commercial shophouse stock demands a different playbook (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026).

Key takeaways

  • Two pairs of HDB shophouse units in Bras Basah Complex and along King George's Avenue are on the market for S$13.4 million collectively (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026).
  • Islandwide HDB prices hit S$652 psf in 2026-Q2, unchanged from their peak but 57.5% above the previous trough — a context that makes commercial shophouse pricing a separate conversation (PropAce Institutional Advisorydata).
  • Privately-held HDB shophouses are a shrinking asset class: roughly 8,500 units remain in private hands, and HDB stopped selling them to private owners in 1998 (StackedHomes, 2026).
  • The launch follows a S$40 million collective sale of an HDB shop and shophouse in Toa Payoh with 44 to 45 years left on lease, signalling sustained investor appetite for such assets (StackedHomes, 2026).
  • Private-market pricing shows the broader divergence: new-launch homes averaged S$2,304 psf against S$1,595 psf for resale — a 44% premium for new stock (PropAce Institutional Advisorydata).

The listing: what is known

The combined S$13.4 million asking price covers two pairs of HDB shophouse units at Bras Basah Complex and along King George's Avenue (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026).

The sources do not provide unit sizes, remaining lease tenures, the identity of the seller, or the marketing agent for this specific sale. What the sources do confirm is the headline price and the twin locations — one in the arts-and-culture district around Bras Basah, the other along a commercial stretch in the Lavender/King George's Avenue area (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026).

The price point itself deserves scrutiny. At S$13.4 million, the seller is asking for a sum that would buy a portfolio of suburban condominiums or a pair of conservation shophouses in a heritage zone — but in HDB commercial stock, where supply is structurally fixed.

Where the asking price sits in the market

The broader HDB market has been through a full cycle. According to URA caveat data, islandwide HDB prices in 2026-Q2 stand at S$652 psf — exactly 0.0% above their previous peak, yet 57.5% above the S$414 psf trough (PropAce Institutional Advisorydata). In other words, the resale flat market has recovered entirely from its downturn and is now sitting at a fresh high.

Private residential prices tell a slightly different story. URA caveat data shows islandwide private prices at S$2,038 psf in 2026-Q2, still 6.8% below the S$2,186 psf peak, though 33.3% above the S$1,529 psf trough (PropAce Institutional Advisorydata). The private market has not reclaimed its summit; the HDB market has.

Commercial shophouses are a different beast — they do not trade on the same indices, but they respond to the same supply constraints and yield-seeking behaviour. At S$13.4 million, the Bras Basah and King George's Avenue units are selling into an environment where private investors are rotating out of residential into income-producing assets.

How does that price compare with what new private homes are fetching? New-launch private homes averaged S$2,304 psf against S$1,595 psf for resale — a roughly 44% new-sale premium (PropAce Institutional Advisorydata). Alongside that, prime-core (CCR) homes have averaged S$2,443 psf, city-fringe (RCR) S$2,078 psf and suburban (OCR) S$1,552 psf (PropAce Institutional Advisorydata).

The HDB shophouse transaction is not directly comparable to any of these segments — it is commercial, it is leased, and it carries a finite lease. But the asking price invites a benchmark question: what can S$13.4 million buy in the private market? The data suggests a substantial suburban portfolio, or a pair of city-fringe units — yet none of those come with ground-floor retail exposure and HDB shophouse scarcity.

The scarcity argument

Privately-held HDB shophouses do not come to market often. There are approximately 8,500 such units in the hands of private owners, and the pool is shrinking: HDB stopped selling these units to private owners in 1998, meaning the remaining inventory only gets smaller as leases expire (StackedHomes, 2026).

That scarcity is the core investment thesis. A commercial shophouse unit that is already tenanted provides immediate income; if the lease has a meaningful runway, the buyer is acquiring a hard-to-replicate asset in a category that will never be replenished.

The sources note that "large-format HDB commercial units are rarely available for sale" in prime heartland locations, with particular value placed on properties that can accommodate food and beverage operators — F&B approval broadens the pool of potential occupiers and improves leasing flexibility for future owners (StackedHomes, 2026). While that comment was made in the context of a Toa Payoh listing, it frames the wider appeal of HDB shophouse stock.

A market with company

This is not an isolated sale. The same week the Bras Basah and King George's Avenue units were launched, a separate portfolio hit the market: a ground-floor HDB shop at 190 Lorong 6 Toa Payoh and a two-storey HDB shophouse at 178 Toa Payoh Central, collectively asking S$40 million (StackedHomes, 2026).

That Toa Payoh offering is instructive. The two properties have a combined gross floor area of 7,384 sq ft, putting the asking price at an average of S$5,417 psf (StackedHomes, 2026). The seller is the Lew Foundation, a Singapore-based charity, and the properties come with remaining leases of 44 to 45 years (StackedHomes, 2026). The unit at 178 Toa Payoh Central — a 1,345 sq ft two-storey shophouse with a ground-floor commercial space leased to a medical clinic — had previously been listed separately at S$5.5 million, or about S$4,089 psf (StackedHomes, 2026).

The Toa Payoh portfolio is being sold with existing tenancies, including F&B and beauty businesses at the Lorong 6 unit (StackedHomes, 2026). As a commercial property, that sale is exempt from Additional Buyer's Stamp Duty (ABSD) and Sellers' Stamp Duty (SSD), and can be purchased by foreigners and corporate entities (StackedHomes, 2026). That stamp-duty exemption is a structural advantage for commercial shophouses over residential investment property — a point investors will weigh when comparing S$13.4 million in shophouse stock against the same sum in residential units, which would attract ABSD for additional purchases.

The Toa Payoh properties are close to Toa Payoh MRT station on the North-South Line, with the hub around Toa Payoh Central hosting the HDB head office, malls, neighbourhood amenities and a library (StackedHomes, 2026). The sources do not extend this level of detail to the Bras Basah and King George's Avenue units, but the pattern is clear: HDB commercial assets with strong footfall and MRT connectivity are commanding premium prices even as their leases run down.

What the data says about timing

The S$13.4 million asking price arrives at a moment when the HDB market is at a peak. URA caveat data shows islandwide HDB prices at S$652 psf — exactly at the previous high — meaning sellers are not discounting for a falling market; they are pricing into a plateau (PropAce Institutional Advisorydata).

At the same time, private prices have room before they regain their peak. At S$2,038 psf, private prices sit 6.8% below the S$2,186 psf high (PropAce Institutional Advisorydata). The divergence suggests investors see more upside in private residential recovery than in HDB flats, which may explain why money is rotating into commercial shophouses — a yield play rather than a capital-growth play.

The new-sale premium also matters here. New-launch private homes average S$2,304 psf versus S$1,595 psf for resale (PropAce Institutional Advisorydata). That 44% gap tells you what buyers are willing to pay for fresh, unencumbered stock. HDB shophouses are at the opposite end of the spectrum: aging, lease-limited, but irreplaceable. The S$13.4 million price tag is therefore not a bet on appreciation; it is a bet on rental yield and scarcity holding their value over the remaining lease life.

Questions buyers should be asking

The sources do not address several critical details for the Bras Basah and King George's Avenue units. There is no information on current tenancies, monthly rental income, gross yield, or the remaining lease terms. Without those figures, a buyer cannot calculate the most important metric in any shophouse purchase: the yield over the lease horizon.

There is also no information on whether the units can be bought individually or must be purchased as a full portfolio. The Toa Payoh listing is being offered collectively, with individual prices undisclosed (StackedHomes, 2026). If the same applies here, the effective buyer pool narrows to investors with S$13.4 million in deployable capital — a smaller audience than the broader shophouse market.

One structural advantage is clear from the sources: commercial shophouse sales are exempt from ABSD and SSD, making them accessible to foreigners and corporate entities (StackedHomes, 2026). That exemption, confirmed for the Toa Payoh portfolio, likely applies to commercial properties generally — but the sources do not state it explicitly for this specific Bras Basah and King George's Avenue listing. Buyer caution is warranted.

The bottom line

Two pairs of HDB shophouse units at Bras Basah Complex and King George's Avenue are being offered at S$13.4 million, in the same week that a S$40 million HDB shop-and-shophouse portfolio in Toa Payoh hit the market (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026; StackedHomes, 2026). The market backdrop is one of record HDB prices, a private market still below its peak, and an irreversible shrinkage in privately-held HDB shophouse stock.

The seller's timing is sound. HDB prices have fully recovered; private money is seeking yield; and the shophouse category has structural scarcity on its side. What remains to be seen is whether the asking price matches what income-focused investors will pay for lease-limited commercial stock — and what the actual tenancy profile and lease terms look like, which the sources have not disclosed.

FAQ

What are the two locations of the HDB shophouse units being sold for S$13.4 million?

The sale covers two pairs of HDB shophouse units at Bras Basah Complex and along King George's Avenue, according to reports from The Edge Singapore, EdgeProp Singapore and Yahoo News Singapore (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Are HDB shophouses rare investment assets?

Yes. There are approximately 8,500 privately-held HDB shophouses in Singapore, and HDB stopped selling such units to private owners in 1998, so the inventory shrinks as leases expire (StackedHomes, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Is the S$13.4 million price high compared to the broader market?

The asking price comes at a time when islandwide HDB prices are at S$652 psf, exactly at their peak and 57.5% above the trough (PropAce Institutional Advisorydata). Private residential prices stand at S$2,038 psf, 6.8% below their peak (PropAce Institutional Advisorydata). The shophouse price reflects scarcity and income potential rather than direct comparison with residential benchmarks.

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Can foreigners buy HDB shophouses?

The sources state, in the context of the Toa Payoh HDB shophouse and shop portfolio, that the sale is exempt from Additional Buyer's Stamp Duty (ABSD) and Sellers' Stamp Duty (SSD), and can be purchased by foreigners and corporate entities (StackedHomes, 2026). The sources do not explicitly state this for the Bras Basah and King George's Avenue units.

Statutory Source: Inland Revenue Authority of Singapore (IRAS) — Stamp Duty Rates & Payment Guidelines

What other HDB shophouse sales have been reported recently?

A portfolio comprising a ground-floor HDB shop at 190 Lorong 6 Toa Payoh and a two-storey HDB shophouse at 178 Toa Payoh Central was listed for S$40 million, with 44 to 45 years left on the leases (StackedHomes, 2026).

Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

By the numbers

``` HDB PSF momentum by town — QoQ %

Queenstown +7.5% ██████████████████████ Toa Payoh +7.5% ██████████████████████ Marine Parade +4.1% ████████████ Pasir Ris +2.9% █████████ Bedok +2.6% ████████ Bukit Merah +2.2% ██████ Serangoon +2.0% ██████ Choa Chu Kang +0.9% ███ Punggol +0.3% █ Clementi +0.1% █ ```

TownMedian PSFQoQYoYTxns (3mo)
Queenstown$958▲ 7.5%▲ 6.8%218
Toa Payoh$833▲ 7.5%▲ 7.8%252
Marine Parade$713▲ 4.1%▲ 6.1%35
Pasir Ris$599▲ 2.9%▲ 1.5%235
Bedok$642▲ 2.6%▲ 2.6%375
Bukit Merah$823▲ 2.2%▲ 1.1%234
Serangoon$668▲ 2.0%▲ 0.8%115
Choa Chu Kang$532▲ 0.9%— 0.0%290
Punggol$688▲ 0.3%▲ 0.6%505
Clementi$761▲ 0.1%▲ 4.2%128

_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, HDB, 2026-06..2026-08. Directional; confirm before acting._

Sources

  • URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
  • URA caveat data, compiled by PropAce Institutional Advisory.

References

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Frequently Asked Questions

What are the two locations of the HDB shophouse units being sold for S$13.4 million?

The sale covers two pairs of HDB shophouse units at Bras Basah Complex and along King George's Avenue, according to reports from The Edge Singapore, EdgeProp Singapore and Yahoo News Singapore (The Edge Singapore, 2026; EdgeProp Singapore, 2026; Yahoo News Singapore, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Are HDB shophouses rare investment assets?

Yes. There are approximately 8,500 privately-held HDB shophouses in Singapore, and HDB stopped selling such units to private owners in 1998, so the inventory shrinks as leases expire (StackedHomes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Is the S$13.4 million price high compared to the broader market?

The asking price comes at a time when islandwide HDB prices are at S$652 psf, exactly at their peak and 57.5% above the trough (PropAce Institutional Advisorydata). Private residential prices stand at S$2,038 psf, 6.8% below their peak (PropAce Institutional Advisorydata). The shophouse price reflects scarcity and income potential rather than direct comparison with residential benchmarks. Statutory Source:** [Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines](http

Can foreigners buy HDB shophouses?

The sources state, in the context of the Toa Payoh HDB shophouse and shop portfolio, that the sale is exempt from Additional Buyer's Stamp Duty (ABSD) and Sellers' Stamp Duty (SSD), and can be purchased by foreigners and corporate entities (StackedHomes, 2026). The sources do not explicitly state this for the Bras Basah and King George's Avenue units. Statutory Source:** [Inland Revenue Authority of Singapore (IRAS) — Stamp Duty Rates & Payment Guidelines](https://www.iras.gov.sg/taxes/stamp-dut

What other HDB shophouse sales have been reported recently?

A portfolio comprising a ground-floor HDB shop at 190 Lorong 6 Toa Payoh and a two-storey HDB shophouse at 178 Toa Payoh Central was listed for S$40 million, with 44 to 45 years left on the leases (StackedHomes, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines

Statutory References & Citations

  • Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
  • Singapore Land Authority (SLA) (2026). Land Titles Act (Cap. 157) & Conveyancing Registration Framework. Singapore: SLA.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.

Contains information from Statutory Property Regulations, IRAS & MAS Schedules and URA Singapore Planning Framework accessed from iras.gov.sg, mas.gov.sg & data.gov.sg, made available under the Singapore Open Data Licence version 1.0.