Two rare dual-floor F&B-approved freehold shophouses in East Coast Road for sale under S$20M

If you’ve been waiting for the right moment to enter the shophouse market, this is it.

Two very rare commercial shophouses at 39 and 93 East Coast Road are now on the market – together asking for under S$20 million. In today’s competitive landscape, that’s practically unheard of.

Introducing the two shophouses: 39 and 93 East Coast Road

Let’s break down the offerings:

Each shophouse is being sold as-is, with existing long-term tenancies in place. The sellers are non-GST registered companies. Buyers have the flexibility to purchase either shophouse individually or acquire both as a pair.

Unmatched investment qualities you rarely find together

When evaluating a shophouse purchase, it’s often difficult to find one that ticks every box: 

• Freehold tenure
• 100% commercial zoning across all floors, making the property eligible for foreign ownership.
• Prime location
• Stable rental income
• Long-term potential with F&B approval on both floors, offering future-proof income and strong tenant appeal.

Yet, 39 and 93 East Coast Road deliver on all these fronts – and more. 

From their zoning advantages to tenant-friendly layouts and strategic placement in one of Singapore’s most beloved city-fringe districts, these two properties represent a rare convergence of factors that investors look for but seldom find in a single opportunity.

Freehold advantage for better long-term value

Freehold shophouses offer one of the strongest forms of property ownership in Singapore, giving you perpetual tenure, better long-term capital appreciation, and greater flexibility in planning for legacy or resale. 

In contrast, leasehold properties lose value over time as their tenure shortens – a risk clearly illustrated by the recent sale of five leasehold shophouses on Pagoda Street. Despite their prime Chinatown location, the properties were sold at S$50.7 million – about 13.5% below their original purchase price – mainly due to the diminishing lease, which had just 69 years left. 

This underscores why freehold assets like 39 and 93 East Coast Road are far more resilient and better poised for long-term growth.

Rare and valuable F&B approval on both floors

Securing F&B approval in Singapore is no longer a given. With increasing URA restrictions due to infrastructure strain, noise concerns, and fire safety limitations, it has become considerably harder to get new F&B usage approved – especially for upper floors or conserved shophouses. That’s why 39 East Coast Road’s permanent F&B approval on the ground floor is so valuable. It guarantees continuity of F&B operations without fear of future regulatory revocation.

What sets these properties even further apart is that both 39 and 93 East Coast Road are approved for F&B operations on both the ground and upper floors. This is exceptionally rare, especially considering that most commercial properties along this road only receive approval for one level, if at all. 

The value here is twofold: you can attract a wider variety of tenants, and those tenants can command higher revenue due to the usability of both floors. Whether it’s a two-level dining concept, a wine bar and retail pairing, or different tenants entirely, the pre-approved nature of the space gives you unmatched operational flexibility and long-term security.

Lowest Quantum for the features offered

In Singapore’s competitive shophouse market, the value of 39 and 93 East Coast Road stands out immediately when compared to recent nearby transactions:

Take 183 East Coast Road, which sold in February 2024 for S$10.3 million – despite lacking F&B approval and having only a shared staircase for tenant access. Similarly, 207 East Coast Road transacted at S$10 million in December 2024, without any confirmed F&B permissions. 

Even mixed-use assets are priced higher. A current listing at 272 East Coast Road is asking S$9.5 million, but it’s zoned “Residential with Commercial at 1st Storey.” That zoning comes with notable restrictions: SSD and ABSD apply, foreign ownership is limited, and repositioning the space is far more difficult.

As a whole, with the 39 and 93 East Coast Road shophouses, you’re looking at two properties with far superior features – full F&B approval on both floors, separate entrances for one of them, and land title ownership – all for a combined quantum of under S$20 million.

That kind of pricing for freehold, 100% commercial shophouses in a well-established city-fringe enclave is almost unheard of. With comparable assets in similar districts often transacting above S$11 to S$13 million, these two stand out as rare opportunities in today’s market.

Fully commercial zoning – No ABSD, SSD, or restrictions

One of the most defining features of these shophouses is their 100% commercial status. Unlike many other properties in the area that are zoned mixed-use or residential with commercial space at the ground floor, both 39 and 93 East Coast Road are entirely commercial. 

This unlocks several critical advantages for buyers.

Firstly, investors are exempt from Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) – a major cost saving compared to residential or mixed-use purchases. Secondly, because they are commercial, foreigners can purchase them directly without needing approval from the Land Dealings Approval Unit (LDAU). That’s a major entry barrier removed, particularly for international buyers seeking a foothold in Singapore’s tightly regulated real estate market. 

And unlike strata-titled units, where buyers only own a portion of a building, these are land-title assets, giving you ownership of the entire land and structure – a format that’s becoming increasingly rare in Singapore’s property landscape.

Separate entrances – a huge leasing advantage

The architectural layout of both shophouses also works to your advantage. Each floor has its own independent front entrance, allowing tenants to operate separately and with autonomy. That means two businesses can function under the same roof without interfering with each other’s operations, customer flow, or branding.

In older shophouses with a shared internal staircase, tenant friction can become an issue – especially when access control, cleanliness, or differing operating hours come into play. But with separate entrances, those pain points are eliminated. 

From a leasing perspective, it simplifies marketing and attracts a broader pool of tenants – from boutique F&B and artisanal retailers to studios, wellness spaces, and private dining setups. This design also allows you to future-proof the asset by offering options for subdivision or repositioning, depending on market demand.

In a market where layout constraints can significantly affect rentability, these shophouses offer a strategic design advantage that translates into reduced vacancy risk and better lease terms.

Built-in flexibility and stable tenancy

With independent entrances for each floor, multiple tenants can operate independently – creating flexibility in leasing strategy, tenant mix, and even future subdivision. This adds to the asset’s long-term resilience, allowing for repositioning should you decide to refresh the tenancy mix later.

Currently, each unit is fully leased to F&B operators with long-term leases stretching into 2027 and 2028. That means you get predictable rental income from day one, with no immediate vacancy or leasing downtime. 

This also reduces operational risk – your income stream is secure, and you’re not taking on any speculative leasing at the point of acquisition.

Prime East Coast Road – where culture meets commercial demand

Location is everything – and these two shophouses enjoy one of the most desirable addresses in District 15, right along the central stretch of East Coast Road. This isn’t the quiet tail end of the district near Still Road. Instead, you’re in the thick of the action – nestled between i12 Katong, Katong Square, and Roxy Square. These are well-known landmarks that draw constant foot traffic from both locals and tourists.

What makes this area so sought-after is its unique blend of heritage charm and modern vibrancy. The Katong district has built a reputation for its colourful Peranakan architecture, rich cultural roots, and thriving F&B scene. Shophouses in this stretch enjoy natural footfall throughout the week, not just during weekends or tourist seasons. That consistency is crucial for sustaining strong F&B tenancies and ensuring stable rental performance.

At the same time, infrastructure continues to improve. The Marine Parade MRT station, part of the Thomson-East Coast Line, is just a short walk away and will offer residents and patrons seamless access to the CBD, Orchard, and other key nodes. Add to that proximity to Changi Airport via East Coast Parkway (ECP), and you’ve got a highly accessible spot for both local and international businesses.

Surrounded by lifestyle offerings, strong residential catchments, and excellent connectivity, East Coast Road isn’t just a good location – it’s a destination. That’s why shophouses here continue to perform well over time and have historically shown resilient capital appreciation even through market cycles.

Singapore’s shophouse market: Strong fundamentals and promising returns

Even in a more subdued market environment, the Singapore shophouse segment continues to demonstrate resilience – and in many ways, outperform other sectors. According to market data from Q1 2025, freehold shophouses accounted for 90% of all transactions. This suggests that long-term investors remain firmly confident in this asset class, prioritising the permanence and prestige of freehold ownership, especially when paired with the scarcity of land supply in Singapore.

In fringe districts like Katong, rental performance has also proven remarkably steady. Despite broader economic caution, F&B spaces in Katong continued to command rents of between S$8 to S$10 psf/month, in line with their five-year average. This speaks to the strength of tenant demand in the area – driven not just by local residents, but also the consistent stream of foot traffic from shoppers, diners, and heritage tourists. Tenants know the location works, and they’re willing to pay for it. For shophouse owners, this offers both income stability and a high likelihood of renewal.

When you compare this with other central shophouse districts, such as Chinatown, Amoy Street, or Tanjong Pagar, you’ll quickly see how attractive East Coast Road is from a value standpoint. In those central locations, shophouses are now transacting at S$7,500 psf and above, often pricing out many buyers. Yet in East Coast, you’re gaining access to a similar affluent, high-density catchment – but with lower entry prices, more accessible rents for tenants, and a better yield spread for you as the landlord. The result is a property that works for both parties – you’re giving tenants a viable operating model, while locking in consistent returns and long-term appreciation.

Zooming out, the outlook for Singapore’s shophouse market remains positive. Analysts forecast a 5% to 10% increase in commercial real estate transactions in 2025, fuelled by expected interest rate cuts, Singapore’s safe haven status, and the return of tourist footfall. Shophouses – particularly in lifestyle-centric areas like East Coast – stand to benefit the most from this uptrend. With heritage value, limited supply, and growing lifestyle appeal, these assets are well-positioned to outperform.

Aaron Wan

A seasoned real estate advisor and investor, Aaron has owned many shophouses over the years and continues to hold a handful in his portfolio today. His track record includes identifying high-potential units well before they hit the radar of most investors, and his in-depth knowledge of the conservation shophouse market has earned him recognition across multiple media platforms.

So when someone with his calibre gives his stamp of approval, it’s worth paying attention.

Ready to explore these opportunities? Contact Aaron Wan at +65 8488 6648

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