It is crucial for international investors to have a thorough understanding of the regulations and limitations surrounding property ownership in Singapore. Compared to landed properties, foreigners face less restrictions when buying condos. However, they are still subject to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite this added expense, the reliability and potential for growth in Singapore’s real estate market remain a major draw for foreign investments in condos.
Crown Centre, located at 557 Bukit Timah Road, is a highly coveted freehold mixed-use development in the prestigious District 10. Comprising strata retail and office space on the first two levels, with apartments above, it enjoys prominent frontages along Bukit Timah Road, King’s Road, and Queen’s Road.“This island site is surrounded by upscale landed housing,” says Sammi Lim, founder and executive director of Brilliance Capital.Crown Centre has been put up for sale for the first time in 13 years, with a portfolio of 16 strata retail units available via expression of interest (EOI) by Brilliance Capital, the exclusive marketing agency. Interested parties are invited to submit their bids by September 23.AdvertisementAdvertisementThe guide price for the portfolio is $33.8 million, or $5,688 psf, based on the total strata area of 5,942 sq ft. According to Lim, this is a rare opportunity for buyers to become the single largest owner of Crown Centre.The units are currently fully leased to a diverse range of tenants, including popular fast food chains like Domino’s Pizza, Popeyes, and Pizza Hut, as well as well-known enrichment centres such as PBL Academy, The Pique Lab, and Kelly Academy Chinese Tuition. Other services in the building include Hi-Tech dry cleaning and laundry, Kiyo pet groomers, and Eliza hair studio.According to Lim, this investment opportunity offers stable rental income and significant control over the property’s management and direction, especially if there is a collective sale in the future. With this portfolio making up about 30.5% of the share value in Crown Centre, the buyer will have a strong negotiating position when it comes to any potential collective sale, she adds.The current seller, Best Reward, is part of Far East Flora Holdings, a major wholesaler and retailer of flowers, plants, and accessories, with operations across Singapore, Hong Kong, Malaysia, and online. The group also specialises in interior landscaping through its O2Plants division.Best Reward had acquired all 19 ground-floor units of Crown Centre in November 2013 in a transaction brokered by CBRE. At the time, these units made up 39.7% of the development’s share value. They were previously put up for sale in November 2012, with an indicative price of $32 million ($4,000 psf). The final sale price, however, was not made known.AdvertisementAdvertisementOver the years, Best Reward has sold two smaller units on the first level — unit #01-08 (323 sq ft) in 2018, and unit #01-09 (215 sq ft) at the end of 2024. According to Lim, the amount realised in the sale of unit #01-09 was approximately $920,000 ($4,274 psf).The largest unit on the ground floor, unit #01-03 at 1,245 sq ft, is not included in the current portfolio for sale. It has been leased to Italian restaurant Burrata Joy & Gustavo Lapasta Bukit Timah since early 2025, after Crown Bakery vacated the premises. This tenant was the anchor food and beverage (F&B) tenant at Crown Centre for 10 years.Crown Centre is located in an affluent residential enclave and enjoys easy connectivity via major expressways and public transport. It is also close to reputable schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution, and National Junior College, bringing a steady stream of high-quality foot traffic to the area. With limited retail competition in the vicinity, Crown Centre maintains high occupancy and rental yields, adding to its investment appeal.The surrounding areas of Bukit Timah are also undergoing transformation, with the upcoming Bukit Timah Turf City redevelopment expected to add 15,000 to 20,000 new homes alongside green corridors, cycling paths, and community amenities. This is expected to boost demand for retail and F&B offerings at Crown Centre, making it an even more attractive investment opportunity.