A Rare Row Of Three Adjoining HDB Shophouses Has Just Come Up For Sale In Telok Blangah

Three HDB shophouses at 65 Telok Blangah Drive have been listed for sale at a guide price of $7.9 million. The adjoining properties have a total strata floor area of 4,672 sq ft, and the price translates to $1,690 psf.

The HDB shops are located in Blangah View, a HDB estate bounded by Henderson Road and Telok Blangah Drive. This estate is next to Langah Rise Primary School, Telok Blangah Community Centre, as well as two temples.

The HDB estate is close to Telok Blangah MRT Station on the Circle Line, and the shops have a prominent frontage facing a public car park. This is a mature neighbourhood and a well-established residential catchment.

Each of the ground floor units (#01-166/168/170) includes second-storey residential living quarters that would appeal to tenants who need larger layouts, such as supermarkets, F&B groups, clinics, childcare and fitness operators.

Being able to offer a more spacious layout could offer the landlord stronger bargaining power over tenants, while ensuring the long-term capital value of the properties. The properties will also be sold with existing tenancies, providing the new owner with immediate income.

SRI, the sole marketing agent for these HDB shophouses in Telok Blangah, says that it is rare to find a row of three adjacent HDB shophouses for sale. This type of commercial asset has been tightly held ever since HDB stopped selling retail units in HDB estates in 1998.

Low Choon Sin, Managing Partner of SRI Capital Market, points out that there are only about 8,500 privately owned HDB shophouses in the resale market, and the government has no plans to release any more retail units into private ownership.

“Thus, opportunities to acquire multiple adjoining units of this scale are exceptionally rare. Such assets continue to attract investors seeking stable income, limited supply and long-term capital appreciation,” he says.

SRI adds that the properties for sale are located in one of Singapore’s most promising city-fringe precincts. “Telok Blangah stands out as one of Singapore’s most exciting transformation stories, supported by major infrastructure improvements and significant residential expansion,” says Angela Lim, Director at SRI Capital Market.

She is referring to the fact that Telok Blangah is next to a part of the Greater Southern Waterfront, the largest coastal transformation plan in Singapore, as well as the completion of the Circle Line and the development of the Berlayar district. She notes that investors today are increasingly looking beyond current income and focusing on locations with compelling long-term growth drivers.

The opening of the new Keppel, Cantonment and Prince Edward Road MRT stations marks the final phase in the development of the Circle Line, and this has significantly enhanced connectivity between Telok Blangah, Marina Bay, the Central Business District (CBD) and the rest of Singapore.

Meanwhile, the site of the former Keppel golf course will turn into a new waterfront township with approximately 10,000 new homes, comprising around 7,000 public housing units and 3,000 private residences. The Berlayar Estate will take shape over the next ten years or so.

The substantial increase in the residential population is likely to create greater demand for retail, food and beverage, healthcare, lifestyle and essential services, providing upside potential for rental growth among retail and commercial properties in the vicinity, including Telok Blangah.

“We believe this property is well-positioned to capture future rental growth given its strategic location, existing tenancy profile and proximity to one of Singapore’s largest upcoming waterfront residential developments,” says Low.

With the completion of the three newest stations, the Circle Line now spans 39 kilometres across 33 stations with 12 interchanges connecting commuters to all existing MRT lines. (Image: LTA)

Against this backdrop, the sale of the three HDB shophouses offers investors an opportunity to secure a scarce commercial asset in that vicinity, which benefits from immediate rental income and long-term value creation.

Why are HDB shophouses in high demand?

In general, HDB shophouses are attractive to investors as they typically attract a higher gross rental yield that outpaces traditional residential assets. Moreover, compared to other types of commercial real estate, such as some strata-titled retail units, HDB shophouses often fetch relatively lower prices and are a relatively low-risk way for investors to diversify their portfolio.

In May 2025, a portfolio of six prime HDB shophouses in Ang Mo Kio, Tanjong Pagar and Toa Payoh collectively worth $73 million and fetching 4% yield were put up for sale. Three of them were ground floor units between 603-764 sq ft at Tanjong Pagar Plaza, at $5 million each. At 702 and 705 Ang Mo Kio Avenue 8, two shophouses with 2nd floor residential quarters were put on the market at $36 million for a 4,037 sq ft unit and $10 million for a 1,647 sq ft unit. The Toa Payoh unit was a 1,033 sq ft ground floor shop selling for $12 million.

For the adjoining shophouses at 65 Telok Blangah Drive, the long-standing residential catchment contributes to consistent high footfall to the area, which translates to high rentability for the new owner.

Both local and foreign investors can purchase the shophouses with no Additional Buyer’s Stamp Duty (ABSD) for the commercial component of the property. The properties will be sold in Expression of Interest (EOI) exercise that closes on Wednesday, September 16.