A Rare Freehold Mall Is Up for Sale At $295 Million: Why the Market Is Paying Attention

Anchorpoint, a freehold mall at 368 & 370 Alexandra Road, is up for grabs at a guide price of $295 million. The retail property, which includes a standalone two-storey conservation building, has a total strata area of 110,373 sq ft across two retail floors – the ground floor and the basement. It has a total net lettable area (NLA) of 78,636 sq ft and 130 basement carpark lots.

The price translates to about $3,751 psf on the existing NLA. CBRe is marketing the sale of Anchorpoint, which will be offered in an Expression of Interest exercise that closes on 10th March 2026.

While Anchorpoint is not conventionally considered a large mall, it’s located at a crucial junction of Alexandra Road and Queensway, with 150 metres of street-level frontage. The property is also across the road from IKEA Alexandra.

Anchorpoint is also connected to The Anchorage condominium. The mall has completed an asset enhancement initiative, which upgraded its mechanical and electrical systems and refreshed its interiors.

The retail mix at Anchorpoint is currently positioned as a food and lifestyle-focused mall. The present tenant mix includes Cold Storage, McDonald’s, Yoga Movement, Common Man Coffee Roasters, Mr DIY, Yakun Kaya Toast, Yoga Movement, Snap Fitness 24/7, and Cotton On.

Anchorpoint is the only single-held retail mall in the Alexandra / Queenstown area, setting it apart from nearby strata-titled malls. This single-ownership structure, coupled with the property’s long-established recognition in the neighbourhood, has allowed it to maintain a stable tenant base, says Clemence Lee, executive director of capital markets, Singapore at CBRE.

If the retail property is sold, the new owner would be in a strong position to leverage the high-quality tenant base and build  a solid foundation that provides immediate and stable cash flow with momentum for significant rental growth in the future, he says.

Interest in Anchorpoint might be a bellwether for the wider commercial real estate market in 2026.

For the past few years, malls have been challenging assets. While many generated stable income and returns, the higher interest rate environment muted interest. However, according to an industry report by Savills Singapore, the tide of this market segment may be turning.

Singapore’s total real estate investment sales reached $34.12 billion in 2025, up 27% from the $26.87 billion closed the previous year and hitting the highest level since 2017, when investment sales volumes amounted to $35.16 billion.

The slew of government land sale sites, which increased from 20 sites in 2024 to 30 sites last year, saw public sector investments climb 32.3% y-o-y to $11.60 billion.

In the private sector, investment sales increased 24.3% to $22.52 billion. This is largely attributed to renewed momentum in the high-end private residential market, several large-scale transactions, and active S-REIT listings, according to the Savills report.

As of 2026, interest rates have fallen to a point where – across most asset classes – they are now below net property yields. Malls are included among these assets. Last year saw notable retail transactions like Clementi Mall, which sold for $809 million. This was 8% above the guide price for the asset.

“In recent months, the market has been witnessing a surge in demand from astute investors actively acquiring well-located suburban retail assets. This trend is driven by the combination of high yields, strong fundamentals and stable, defensive cash flow these properties deliver,” says Lee.

Anchorpoint’s offering will likely be read as a gauge of the strength of investment momentum this year. At the guide price of about $3,751 per sq ft, the key question is not just whether it transacts, but where the final price lands relative to expectations.

It is already significant that Anchorpoint was even brought to market.

Big-ticket assets like Anchorpoint suggest that Singapore’s commercial property scene is seeing confidence spilling over into this year. This comes on the back of recent landmark sales such as Piccadilly Galleria, Kinex, and Bukit Panjang Plaza.

The largest transaction in 4Q2025 was Keppel’s acquisition of Hongkong Land’s one-third interest in Marina Bay Financial Centre Tower 3, based on an agreed property value of $1.45 billion.

“The sharp drop in interest rates in 2025 was a game changer for the private investment sales market, which had been plagued by a large ‘price gap’ for the last few years,” says Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore.

He adds that the all-in cost of financing is now below the net property yields for all asset classes – not just industrial properties, as was previously the case.

“This has stirred buyer activity which coincides nicely with ‘seller fatigue’ among some owners. The price gap has narrowed to a point where deals can be closed, which will lead to a rebound in private investment sales in 2026,” says Lake.

If interest rates remain supportive, and guide prices stay realistic, 2026 will likely see more assets successfully changing hands. This is especially true with more established names like Anchorpoint, which have been identifiable cornerstones for their immediate neighbourhood.

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