A pair of HDB shophouses in two of Singapore’s most established mature estates has hit the market, offering investors a rare shot at a property type that almost never trades. The two-storey units at 178 Toa Payoh Central and 210 Hougang Street 21 in Kovan are being sold by expression of interest (EOI) at guide prices of $5.5 million and $5.3 million respectively — and buyers can pick up one or both.
Both are classic HDB shophouses: a commercial unit on the ground floor with living quarters above. Here’s how they stack up:
| Toa Payoh — 178 Toa Payoh Central | Kovan — 210 Hougang Street 21 | |
|---|---|---|
| Guide price | $5.5 million | $5.3 million |
| Total strata area | 1,345 sq ft | 1,798 sq ft |
| Ground floor (commercial) | 635 sq ft | 850 sq ft |
| Upper floor (living quarters) | 710 sq ft | 947 sq ft |
| Lease | 78 years from Oct 1992 (~44 years left) | 90 years from Apr 1993 (~57 years left) |
| Indicative price psf* | ~$4,090 psf | ~$2,950 psf |
| Nearest MRT | Toa Payoh (NSL), ~5-min walk | Kovan (NEL), 150m |
Toa Payoh: a frontage in the heart of the town centre
The Toa Payoh unit sits along a pedestrianised shopping street right at the centre of the estate, a stone’s throw from HDB Hub and the Toa Payoh Public Library, and about a five-minute walk from Toa Payoh MRT on the North-South Line and the integrated bus interchange. Footfall in this stretch is among the steadiest of any HDB town centre — the kind of location where a ground-floor business rarely wants for passing trade. For context, a neighbouring corner shophouse at Block 177 was marketed in recent years in a similar price range, underscoring how tightly held this row is.
Kovan: across the road from a brand-new BTO
The Kovan shophouse is the larger of the two at 1,798 sq ft, and arguably has the more interesting demand story. It sits directly opposite Kovan Wellspring, a 586-unit Build-to-Order project due to complete this year — meaning a fresh wave of residents is about to move in right across the street. Add Kovan Food Centre next door and Kovan MRT on the North-East Line just 150m away, and the ingredients for a reliable ground-floor trade are all in place. Its longer lease (about 57 years remaining) also gives it an edge on the Toa Payoh unit.
Why HDB shophouses turn investor heads
HDB shophouses are an unusual asset, and that scarcity is the whole appeal. A few reasons they tend to attract competitive interest:
First, they are classified as commercial property, not residential. That means there is no Additional Buyer’s Stamp Duty (ABSD) to worry about, and — unlike most HDB property — foreigners and companies are eligible to buy. Second, the dual commercial-plus-living configuration offers flexibility: an owner can run a business downstairs and lease the upper floor, lease both, or occupy one and rent the other. Third, prime town-centre frontages like these almost never come to market, so they trade on rarity as much as on yield.
The catch: a ticking lease
The trade-off is lease decay. The Toa Payoh unit has roughly 44 years left on its lease and the Kovan unit about 57 years — and a shorter remaining lease both compresses future capital appreciation and tightens financing options, since banks lend more conservatively against depreciating leases. Any buyer should weigh the guide price against the running income the unit can realistically generate over its remaining tenure, rather than treating it like a freehold trophy. This is general market context, not financial advice — anyone serious should run the numbers with their own banker and valuer.
How to register interest
The sale is being handled by Sakal Real Estate, whose managing director Steven Ming expects strong investor demand, citing the prime locations, transport access and established amenities as positioning the units well for both capital and income growth. The current owner runs businesses at both premises and would prefer to lease them back after the sale — a potential ready-made tenant for an income-focused buyer — but is also open to selling with vacant possession for those who want to occupy or re-tenant.
The EOI exercise closes on 23 July 2026 at 3pm.
Bottom line
For investors who have been waiting for HDB shophouse stock in a central, high-footfall location, two units in Toa Payoh and Kovan landing at once — with a flexible lease-back option attached — is a genuinely uncommon opening. The lease clock is the number to scrutinise, but for the right buyer chasing rarity and steady commercial income, these are exactly the sort of addresses that don’t stay available for long.