Rare Street-Fronting Retail At Stars Of Kovan Hits The Market — Last Valued At $95M

A portfolio comprising nearly 80% of the strata retail units and the entire basement carpark at Stars of Kovan is on the market. There are 36 retail units of 22,638 sq ft, complemented by a 26,264 sq ft basement carpark with 80 car park lots.

The retail units make up the bulk of the 46 strata retail units at Stars of Kovan. If acquired collectively, the portfolio of retail units and carpark facility represents a significant controlling interest in the 99-year leasehold mixed-use development. 

The portfolio will be sold by expression of interest (EOI), according to the marketing agent Sakal Real Estate. While there is no formal asking price, the retail portfolio, which is owned by Fortune Real Estate Investment Trust (Reit), was last valued at $95 million in December 2025.

According to caveats, eight strata retail units at Stars of Kovan were sold between 2016 to 2019, and they fetched prices that ranged from $4,718 psf to $6,832 psf.

The sale of this retail portfolio presents a rare opportunity to acquire a controlling interest in a premium suburban retail asset in one of Singapore’s most established residential enclaves, says Steven Ming, managing director of Sakal Real Estate.

Connectivity and large retail catchment

Located at the junction of Upper Serangoon Road and Tampines Road, Stars of Kovan comprises 390 condo units, five strata-titled houses, the single-storey retail podium, and a basement carpark.

The project was developed by then-Cheung Kong Property Holdings (now known as CK Asset Holdings), which launched the mixed-use project in 2016.

The property is close to Kovan MRT station on the North-East Line, and the area is characterised by several landed housing estates and condominiums such as Kovan Melody, Kovan Residences and The Tembusu.

In terms of its retail catchment, the shops at Stars of Kovan benefit from its proximity to HDB estates in Hougang West, Hougang Central and Lorong Ah Soo. Several schools are also in the vicinity, namely Xinghua Primary School, Holy Innocents’ Primary School, and Yuying Secondary School.

The portfolio of retail units and carpark facility now up for sale was initially acquired by Fortune Reit in 2022, in a deal worth $88 million. It was the Reit’s first real estate acquisition outside Hong Kong.

The retail units are tenanted to enrichment and beauty and wellness specialty stores. These shops also benefit from the prominent street-level frontage along Upper Serangoon Road, as well as the development’s main driveway.

“The defensive profile of the tenants’ delivers investors a stable  immediate income whilst positioning for potential capital appreciation given the area’s growth prospects,” says Ming.

Rejuvenation plans secure retail demand

Hougang is the third largest planning area in the North-East region, and retail pockets like those at Stars of Kovan are set to ride on the area’s ongoing rejuvenation plans, and from the substantial and growing captive market as the resident population grows.

Retail catchments in neighbourhoods like Serangoon, Kovan, and Hougang could be on the path to benefit from the transformation of Paya Lebar Airbase into a new housing precinct, making this an opportune time for investors to secure a strategic foothold in this resilient asset class, says Ming.

The latest master plan for the redevelopment of Paya Lebar Airbase, which is expected to relocate from the 2030s onwards, will free up about 800ha of land – five times the size of Toa Payoh – for redevelopment into a new mixed-use precinct. Approximately 150,000 new homes could eventually be built there.

Buying interest for this portfolio of properties will likely stem from local and foreign investors, given the absence of additional buyer’s stamp duty, seller’s stamp duty and tax on capital gains.

The EOI for the sale of this portfolio will close on May 13.