155 Kitchener Road Freehold Conservation Shophouses Put Up For Sale At $28 Million

A pair of adjoining freehold shophouses on 155 Kitchener Road are on sale for $28 million. The two-storey conservation properties sit on a 2,713 sq ft site, and have an estimated gross floor area of 8,175 sq. The shophouses will be sold in an Expression of Interest (EOI) exercise by the exclusive marketing agent, CBRE.

The site is zoned ‘Commercial’ and has a gross plot ratio of 3.0. Meanwhile, the properties have a prominent road frontage of approximately 11 metres, and the building also features a six-storey rear extension. According to CBRE, the properties will be sold with existing tenancies.

Located in a vibrant precinct, the shophouses enjoy proximity to Farrer Park and Jalan Besar MRT stations. There are also several bus stops in the vicinity, and Road connectivity is supported by major arterial routes, including the Central Expressway (CTE), East Coast Parkway (ECP), and Nicoll Highway.

The sale of the conservation shophouses comes as these assets increasingly catch the attention of institutional investors, private wealth funds, and family offices. In particular, freehold conservation properties are regarded as long-term wealth preservation vehicles for family offices and ultra-high net-worth investors. 

“Beyond its sought-after freehold tenure, the asset also boasts permanent F&B approval on the ground floor and benefits from versatile floor plates that can be well-suited for a variety of uses,” says Clemence Lee, Executive Director, Capital Markets, Singapore at CBRE.

These other uses include the potential conversion of the upper floor units into “Student Hostel” or “Residential” uses, subject to approval, in order to further improve the assets rental yield.

With major BTO and private residential projects adding to the area’s residential density, the shophouses at 155 Kitchener Road are well positioned to capture the increased footfall, which enhances rental performance and drives capital appreciation over the medium to long term, says Lee. 

Why shophouses remain coveted assets

There are only about 6,500 conserved shophouses in Singapore. Due to the limited supply and conservation status, these assets have increasingly been sought after by institutional investors and wealthy individuals as a means for long-term wealth preservation. For commercial assets such as shophouses, no additional buyers stamp duty (ABSD) is applicable and foreigners are eligible to purchase these properties.

Situated in the heart of the vibrant Farrer Park / Jalan Besar district, the Kitchener Road shophouses are strategically located in a city-fringe precinct that has evolved into a bustling tourist and dining destination easily accessible from the CBD and Orchard Road precincts. 

Recent shophouse transactions in the Jalan Besar conservation area include:

• a 1,350 sq ft freehold shophouse on Sam Leong Road which sold for $9.86 million in July 2024
• a 1,495 sq ft freehold shophouse on Foch Road which sold for $9.68 million in July 2024
• a 3,797 sq ft leasehold shophouse on Jalan Besar which sold for $26 million in May 2023  

With the development of the Farrer Park and Jalan Besar corridor supported by retail establishments such as City Square Mall, Centrium Square, Mustafa Centre, Piccadilly Galleria, combined with the upcoming completion of over 3,000 prime residential units spread across five BTO developments including Farrer Park Fields and McNair Heights, the precinct will enjoy an immediate consumer base strengthening and long-term growth potential.   

Legacy building through heritage properties

It has been said that owning a shophouse is akin to owning a piece of history in Singapore. 

In terms of legacy-building, a shophouse is both a symbolic and physical representation of a family office’s regional presence. 

Family office inflows have been steadily growing since the COVID-19 pandemic, as investors flock to Singapore’s “safe haven” environment due to its political and economic stability, making it conducive for inter-generational wealth planning and management. By the end of 2024, there were more than 2,000 family offices in Singapore, up from 400 in 2020.

Notable shophouse owners include billionaire Ray Dalio, whose family office purchased two shophouses at 44 and 46 Club Street in May 2021 for about $25.5 million, and Zhang Ying, wife of Ali Baba founder Jack Ma, who reportedly bought three shophouses in Tanjong Pagar in 2024 at $45 million to $50 million.  

While shophouses typically deliver low yields of 2-3%, the “trophy asset” status has driven prices significantly over the past decade, with average price points between $15 million and $20 million according to Savills’ data. With conservation restrictions capping future shophouse supply, this translates to strong pricing resilience of these assets. 

Lee notes that assets of this nature are increasingly viewed as defensive additions to sophisticated portfolios and anticipates strong interest from boutique property funds and family offices who recognise the scarcity of prime shophouses located close to major anchor landmarks like City Square Mall and Mustafa Centre. 

The EOI will close on 11 June 2026.