Type

Units

Min Area

Price Range

Other

1475 sqft

S$2.3M

Property Highlights

Landed development with 1 unit currently available.
Prices currently start from S$2.3M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$460K on this acquisition.
Located 8 min (640 m) from CC22 Buona Vista MRT Station.

Price Trends & Rental Yield

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21 Ghim Moh Road: A Commercial Shophouse Investment in Singapore's Established West End

21 Ghim Moh Road represents a compelling commercial real estate opportunity within one of Singapore's most mature and vibrant mixed-use districts. Situated along the historic Ghim Moh Road corridor, this shophouse development caters to business owners, entrepreneurs, and property investors seeking a well-positioned retail asset with genuine occupancy prospects and solid appreciation potential.

The property commands a strategic location mere minutes from Buona Vista MRT Station on the Circle Line (CC22), positioning it within an exceptionally well-connected transport node. At just 640 metres from the station, tenants and customers enjoy seamless connectivity across Singapore's entire metro network, whilst the surrounding area benefits from established commercial hubs, office parks, and residential clusters that generate consistent foot traffic throughout the week.

Commercial Space and Design Flexibility

The 1,475 square feet retail footprint provides ample scope for contemporary retail concepts, F&B operations, professional services, wellness establishments, or specialty trading ventures. The shophouse format preserves the character and adaptability that have made Ghim Moh Road an enduring commercial address, whilst the generous floor area allows proprietors to curate customer experiences without spatial constraints typical of smaller retail units.

This scale of commercial space strikes an important balance: substantial enough to support diverse business models and staffing arrangements, yet intimate enough to maintain the personal touch and operational efficiency that independent retailers and service providers value. The established local demand for quality retail space in this precinct provides incoming operators with an existing customer base and community recognition.

The Buona Vista Advantage

Buona Vista has transformed significantly over the past decade, evolving into a secondary business district with considerable depth beyond the retail and office sectors. The cluster effect created by multiple large employers, commercial complexes, and transport interchange capacity continuously draws visitors and customers to the broader area. Property owners at 21 Ghim Moh Road therefore benefit from this gravitational pull, which supports both direct retail sales and the ability to attract quality tenants willing to pay sustainable rents.

The Circle Line's expansion and ongoing infrastructure investment in the Buona Vista precinct underscore the government's long-term commitment to this district. Such policy support typically translates to improved accessibility, increased foot traffic density, and rising commercial property valuations over medium to long-term horizons.

Investment and Ownership Considerations

Commercial shophouses in established locations such as Ghim Moh Road typically appeal to owner-operators seeking stability and operational control, as well as to property investors targeting rental returns in a proven micromarket. The unit's positioning in a mature neighbourhood with consistent tenant demand makes it a lower-risk income-generating asset compared to speculative ventures in emerging areas.

Pricing from S$2.3 million positions this property competitively within the shophouse segment, particularly given the proximity to MRT infrastructure and the area's established commercial profile. Prospective buyers should conduct comparative analysis against recent transactions in the immediate catchment to establish whether the asset represents value relative to per-square-foot benchmarks for functional, well-located retail stock.

Accessibility and Transport Connectivity

The 8-minute walk to Buona Vista MRT significantly enhances the property's appeal to tenants and their customers alike. In Singapore's transport-dependent economy, proximity to mass transit is a primary driver of both rental demand and capital value appreciation. Businesses operating from this location can confidently target customers across the entire island, whilst owner-operators benefit from reduced travel friction for personal supervision and management.

The Circle Line itself serves multiple major business nodes, residential zones, and transport interchanges, ensuring that footfall to the Buona Vista precinct remains robust across economic cycles and seasonal variations.

Market Position and Comparable Assessment

Shophouse properties in the Ghim Moh Road corridor have historically maintained steady appreciation, supported by the area's strategic location between residential demand (upgraders, downsizers, and investors) and commercial demand (retailers, service providers, and professional practitioners). The established market depth means that future resale opportunities remain accessible, and rental demand remains relatively predictable for investors seeking passive income.

Prospective buyers are advised to examine recent comparable sales and rental transactions for shophouse units within the 640-metre radius of Buona Vista MRT to validate whether the asking price aligns with per-square-foot market rates and anticipated rental yields in the locality.

Operational and Regulatory Framework

As a commercial property, 21 Ghim Moh Road operates under Singapore's straightforward shop-licensing and zoning framework. Business owners should verify permissible uses with the Urban Redevelopment Authority before committing to particular operational concepts, though the diversity of successful existing operators in the precinct suggests considerable flexibility for mainstream commercial ventures.

Buyers acquiring the property as an investment asset should factor in annual property tax (payable on estimated annual value rather than rental receipt), fire insurance requirements, building maintenance provisions if applicable, and any estate agent fees or valuation costs incurred during acquisition. Such running costs, whilst modest compared to residential equivalents, should be incorporated into long-term return projections.

Why Ghim Moh Road Remains Commercially Relevant

The thoroughfare's endurance as a commercial destination stems from its convergence of transit access, established customer base, and balanced competitive intensity. Unlike purely retail-focused districts that can suffer from changing consumer tastes or economic downturns, Ghim Moh Road's mixed-use character and the presence of both walk-in trade and office-worker patronage provide natural demand stability.

Investors and owner-operators considering this property should approach the acquisition as participation in a proven, mature commercial micromarket rather than a bet on future urban transformation. That steady-state character, combined with excellent transport connectivity, represents the fundamental investment case for well-positioned shophouse assets in this precinct.

Frequently Asked Questions

What rental yield can a property investor realistically expect from a shophouse investment at 21 Ghim Moh Road?

Commercial shophouses in the Ghim Moh Road locality typically generate gross rental yields ranging from 3.5% to 5% depending on the specific tenant profile, lease structure, and market cycles. Properties occupied by established retailers, F&B operators, or professional service providers tend to command stable rents, as the area benefits from consistent foot traffic and the Buona Vista MRT proximity. To estimate net yield, investors must deduct annual property tax, building insurance, maintenance reserves, and any estate management costs; net yields typically range 2% to 4% after such outgoings. The relatively mature demand environment means rental growth has been modest in recent years, so investors should approach return projections conservatively rather than anticipating significant appreciation in rents.

How does the per-square-foot pricing at 21 Ghim Moh Road compare to recent shophouse transactions in the same catchment?

At the stated price point from S$2.3 million for a 1,475 sqft unit, the per-square-foot cost calculates to approximately S$1,560 per sqft. This places the property within the typical range for functional, operational shophouses in established commercial precincts near MRT stations in Singapore's mature business districts. Recent comparable transactions for shophouses within 1 kilometre of Buona Vista MRT have ranged from approximately S$1,400 to S$1,800 per sqft, depending on condition, ground-floor versus upper-floor positioning, and specific locational factors. Prospective buyers should instruct a qualified valuer to conduct a detailed comparable analysis using recent arm's-length transactions to confirm whether the asking price represents fair value or reflects any premium or discount relative to the market. Market conditions and the scarcity of available stock in the immediate precinct may also influence pricing sentiment at any given time.

What is the Additional Buyer's Stamp Duty (ABSD) impact for a Singapore Citizen purchasing a second residential property at this development?

A Singapore Citizen purchasing a second residential property incurs Additional Buyer's Stamp Duty at the current rate of 20%, calculated on the purchase price. For a property valued at S$2.3 million, the ABSD liability would therefore total S$460,000—a substantial acquisition cost that must be factored into the overall investment equation. However, it is important to note that shophouses classified primarily for commercial use may not always trigger residential ABSD; the classification depends on the property's actual use, zoning designation, and whether it is held as an investment property or for owner-operator occupation. Buyers should seek explicit confirmation from their solicitors and the Inland Revenue Authority of Singapore (IRAS) regarding the specific ABSD treatment applicable to their intended use before committing to purchase. If the property is owned for investment purposes and rented to commercial tenants, ABSD treatment may differ from owner-occupied scenarios, so professional tax advice is essential.

Is there a lease decay risk with 21 Ghim Moh Road, and how might it impact future resale value?

The lease tenure for properties on Ghim Moh Road should be clarified during the acquisition process; many shophouse properties in established commercial areas operate under freehold title or 999-year leasehold, either of which presents minimal lease decay risk over any reasonable investment horizon. If the property were subject to a shorter leasehold (for example, a 99-year lease), lease decay becomes relevant only when the unexpired term falls below 60 years, at which point some financial institutions may restrict lending and buyer pools could narrow. For acquisitions at current price points, most potential purchasers would be acquiring with sufficient unexpired lease duration that decay poses negligible near-term risk; however, buyers must verify the exact tenure and unexpired lease term from the property title before exchange of contracts. Freehold or 999-year leasehold shophouses command stronger long-term resale appeal and typically resist value erosion more effectively than properties with materially declining lease terms.

How does the 8-minute walk to Buona Vista MRT Station affect long-term demand and capital appreciation for shophouse properties on Ghim Moh Road?

Proximity to an MRT station within walking distance (defined typically as up to 10 minutes' walk, or roughly 800 metres) is one of the strongest drivers of sustained capital value and rental demand for commercial properties in Singapore. Buona Vista MRT (CC22) sits on the Circle Line, a major artery connecting multiple business districts, residential clusters, and transport interchanges across the island, ensuring that foot traffic and customer accessibility remain robust across economic cycles. Properties within this catchment benefit from superior business visibility, lower customer acquisition costs for retailers, and higher tenant demand from professional service providers and F&B operators seeking accessible, well-connected locations. Capital appreciation for well-maintained commercial properties near MRT stations typically outpaces inflation and general property market growth; over 10-15 year horizons, such properties have historically delivered mid-single-digit annual appreciation, driven by scarcity value and the structural demand premium for transit-adjacent commercial real estate. However, appreciation is never guaranteed, and broader economic conditions, competing developments, and changes in tenant demand remain material variables.

Which buyer profiles—high-net-worth individuals, upgraders, first-time buyers, or investors—are best suited to a shophouse investment at this location?

21 Ghim Moh Road is primarily suited to two buyer categories: established investors seeking rental income from a mature, lower-volatility commercial micromarket, and owner-operators (business entrepreneurs) seeking operational control and a tangible business asset. High-net-worth individuals occasionally acquire such properties as portfolio diversification, adding commercial real estate to holdings that may otherwise concentrate in residential or financial assets; the property's scale and location make it manageable without requiring substantial active operational involvement. First-time property buyers generally do not pursue commercial shophouses, as such acquisitions demand greater financial headroom, operational knowledge, and risk tolerance than entry-level residential purchases. Upgraders (residential property owners trading up to larger homes) would not typically target a commercial shophouse unless concurrently operating a business. For investor buyers, the relatively stable demand, mature tenant base, and proximity to MRT infrastructure make this property more suitable for those seeking defensive, income-focused portfolios rather than speculative capital appreciation plays in emerging micromarkets.

What TDSR and financing headroom should prospective buyers expect when securing a mortgage for a shophouse at this price point?

Total Debt Servicing Ratio (TDSR) limits, currently capped at 60% of gross monthly income, apply to all residential property purchases; however, commercial properties such as shophouses may be subject to different lending criteria depending on the financial institution and the property's classification. For a S$2.3 million shophouse acquisition, buyers would typically require a minimum household gross monthly income of approximately S$38,000–S$45,000 (assuming a 70% loan-to-value ratio and current mortgage rates around 3.5%), depending on other outstanding debt obligations. Many financial institutions will lend up to 75–80% loan-to-value for income-producing commercial properties if the property carries established tenants and demonstrable rental income; this improves financing headroom compared to residential purchases. Buyers should engage mortgage brokers early in the acquisition process to establish pre-approval limits and understand which institutions offer favourable terms for commercial property financing. Properties generating consistent rental income may qualify for debt serviceability calculations based on actual or projected rental receipt, further improving financing accessibility for investment buyers.

How does 21 Ghim Moh Road compare to other nearby shophouse and commercial developments in the Buona Vista precinct?

The Buona Vista locality encompasses several commercial clusters, including shophouse precincts along Buona Vista Road, Holland Road, and the immediate Ghim Moh corridor. Competing shophouses in the area typically range from S$2.0 million to S$2.8 million depending on exact location, unit size, and condition; 21 Ghim Moh Road's positioning at the lower-to-middle end of this range suggests competitive pricing. Newer commercial developments in Buona Vista—such as office towers and mixed-use complexes—offer advantages in building amenities and modern infrastructure but typically require longer-term leases and may lack the flexibility that independent retailers and service providers value in traditional shophouses. The shophouse format itself remains attractive to owner-operators because of lower overheads than modern office complexes, shorter lease terms, and direct street presence; this ongoing demand advantage sustains shophouse valuations in the precinct despite the presence of newer commercial buildings. Investors comparing 21 Ghim Moh Road with competing shophouse opportunities should evaluate the specific street positioning, visibility, neighbouring tenant mix, and recent rental transactions for comparable units within a 500-metre radius.

Are particular unit stack positions or floor levels at this development more desirable for capital value and rental returns?

For commercial shophouses, ground-floor units command a substantial premium over upper-floor equivalents due to superior visibility, ease of customer access, and suitability for retail and F&B operations. Ground-floor shophouses typically rent and sell at 15–25% premiums to identical upper-floor units in the same building. If 21 Ghim Moh Road comprises a multi-level shophouse, ground-floor positioning would be the priority acquisition target for investor buyers or retailers, whilst upper-floor space may suit office-based professional service providers (accountants, lawyers, consultants) or back-office operations. Units with direct street frontage and minimal set-back from the main thoroughfare typically achieve superior rental rates and capital appreciation compared to units recessed from the street or located on interior lanes. Buyers acquiring for investment should confirm the exact positioning, ground-floor status, and street visibility of available units before committing to purchase; these factors are material drivers of both rental achievability and future resale value.

What is the future supply pipeline for commercial and retail developments in the Buona Vista/Ghim Moh Road district, and how might new supply affect property values?

The Buona Vista district falls within Singapore's established central business zone framework; future supply is relatively constrained compared to greenfield growth areas, as available land has largely been developed or allocated to specific uses. The Urban Redevelopment Authority's land-use plans for the precinct favour intensification of existing business nodes through vertical mixed-use developments rather than net new retail or shophouse supply. This scarcity of new shophouse-format commercial stock in the immediate locality is structurally supportive of existing shophouse values, as new operators and investors cannot readily access fresh supply in the same precinct. However, ongoing office-tower and residential-tower development in broader Buona Vista may indirectly increase competition for retail and service tenants by offering alternative commercial space options. Buyers and investors should monitor URA planning announcements and development pipelines to ensure that no major competing supply emerges within the immediate 500–800 metre catchment; such changes could influence both rental rates and capital appreciation trajectories. Over a 5–10 year horizon, the lack of new shophouse supply combined with underlying transport infrastructure strength and tenant demand should support relative value stability, though economic cycles remain a material variable.

Shop At Ghim Moh Road — From S$2.3M