Type

Units

Min Area

Price Range

Studio

2700 sqft

S$6M – S$6.7M

Other

3050 sqft

S$6.7M

Property Highlights

Commercial development with 3 units currently available.
Prices currently range from S$6M to S$6.7M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$1.2M on this acquisition.
Located 3 min (210 m) from NE5 Clarke Quay MRT Station.

Price Trends & Rental Yield

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The Riverwalk: Premium Office Space in Clarke Quay's Riverside Hub

The Riverwalk represents a compelling opportunity for investors and occupiers seeking modern office accommodation in one of Singapore's most sought-after commercial precincts. Located at 20 Upper Circular Road, this development sits at the intersection of heritage charm and contemporary business vitality, positioned just three minutes' walk from Clarke Quay MRT Station on the North-East line. The location's natural magnetism stems from its proximity to both the Central Business District and the Singapore River's bustling entertainment and hospitality corridor, making it an exceptionally versatile proposition for a diverse range of occupier profiles.

Office units within The Riverwalk command substantial floor areas, with individual spaces reaching 3,050 square feet and beyond. These generous proportions allow for flexible open-plan layouts, collaborative zones, and modular workspaces that cater to the evolving demands of modern enterprises. Whether accommodating established financial services firms, boutique professional consultancies, creative agencies, or multinational corporate branches, the building's footprint supports both traditional hierarchical configurations and contemporary activity-based working arrangements. The quality of the architectural envelope and the sophistication of building systems underscore the development's positioning as a premium commercial asset.

Location and Connectivity as Catalysts for Value

Clarke Quay's accessibility forms a critical foundation for The Riverwalk's investment thesis. The proximity to NE5 Clarke Quay MRT Station—situated merely 210 metres away—ensures seamless integration with Singapore's rapid transit network. This connectivity extends to the Marina Bay business hub, Raffles Place's banking and financial heartland, and the wider CBD within a 10-minute commute. For corporate tenants, such transport efficiency reduces employee journey times and enhances recruitment appeal; for investors, it underpins consistent tenant demand and rental growth momentum. The MRT adjacency also facilitates after-work socialisation across the precinct's renowned bars, restaurants, and cultural venues, an amenity increasingly valued by multinational corporations competing for talent.

Beyond public transport, the neighbourhood benefits from comprehensive road connectivity. Upper Circular Road itself serves as a primary arterial link, whilst nearby Cross Street and Eu Tong Sen Street provide alternative vehicular routes. The presence of commercial parking facilities—both within The Riverwalk and across the broader precinct—addresses the practical requirements of client visits and executive commuting. This layered accessibility framework positions the development attractively for occupiers with geographically dispersed visitor patterns.

Investment Dynamics and Rental Yield Expectations

For acquisition-focused investors, The Riverwalk presents an established platform with proven rental dynamics. Office space in Clarke Quay historically sustains healthy rental growth, driven by limited supply relative to persistent tenant demand. Market-tested rental rates across comparable floor areas in this micro-location have ranged from S$7 to S$10 per square foot per annum in recent cycles, though individual negotiations and lease incentives naturally influence actual transaction values. An owner purchasing a 3,050-square-foot unit at the indicated price point and leasing it to a stable corporate tenant could reasonably anticipate gross annual rental income in the region of S$20,000 to S$30,500, depending on market conditions and tenant quality at the time of lease commencement. Net yields, after accounting for property taxes, building maintenance contributions, and landlord insurance, typically settle between 3% and 4.5% on office assets in this locality, though superior positioning or high-credit-quality tenancies occasionally deliver modestly higher returns.

The investment case strengthens when capital appreciation is factored alongside rental income. Clarke Quay office assets have historically appreciated at compound annual rates ranging from 2% to 4%, driven by the precinct's continued demographic appeal, supply scarcity, and Singapore's broader role as a financial and professional services nexus. Long-hold investors who secure tenants early in their lease cycle benefit from both cash flow stability and balance-sheet accretion over five- to ten-year horizons.

Buyer Profiles and Suitability Assessment

The Riverwalk appeals to several distinct buyer archetypes. Owner-occupiers—particularly those leading professional services practices, creative agencies, or regional corporate functions—value the location's visibility, tenant calibre, and transport convenience. The floor plate's scale accommodates future business expansion without relocation, an important consideration for growth-focused enterprises. High-net-worth individuals seeking diversified property portfolios often view such office assets as yield-generative holdings that sit outside their primary residential exposure, offering institutional-grade counterparty risk and transparent market pricing.

Institutional investors and property funds evaluate Clarke Quay office assets through the lens of portfolio risk-return profiles. The precinct's established status, strong tenant base, and proven capital appreciation pathway make it a reliable core holding, even if headline yields do not match emerging precincts. Conversely, owner-occupiers upgrading from smaller premises or establishing new Singapore operations find The Riverwalk's attributes—central location, professional environment, scalable infrastructure—compelling relative to alternatives in suburban or fringe locations.

Financial Structuring and ABSD Implications

For Singapore Citizens purchasing The Riverwalk as a second property, the Additional Buyer's Stamp Duty regime warrants careful attention. Current ABSD for a second residential property acquired by a Singapore Citizen stands at 20%, materially increasing total acquisition costs. Whilst The Riverwalk is classified as office rather than residential, investors acquiring multiple commercial assets should verify their personal circumstances and any prior property declarations with a tax advisor. The distinction between owner-occupied commercial use and investment-held commercial use carries subtle but important regulatory implications, particularly for those simultaneously managing residential portfolios.

At the indicated price point, financing headroom for owner-occupiers often remains substantial. Banks typically advance 70% to 80% loan-to-value for commercial office properties held by established corporate borrowers, with debt-service-coverage ratios factored against projected or actual rental income. First-time office investors should budget for approximately 20% to 30% equity capital outlay, with the remainder financed at prevailing commercial mortgage rates (typically 3% to 4% above SORA for a five-year tenor).

Market Comparables and Competitive Positioning

The Riverwalk's positioning against competing Clarke Quay office offerings merits analysis. Nearby developments such as Fountain House and Liat Towers offer comparable floor plates and locations, though age, fitout quality, and specific floor levels introduce meaningful valuation variation. Newer or recently refurbished properties occasionally command 5% to 10% rental premiums, whilst established buildings with engaged ownership and well-maintained common facilities retain strong appeal and prove resilient during market downturns. The Riverwalk's pricing reflects its positioning within this competitive set—neither a flagship trophy asset commanding scarcity premiums, nor a distressed holding requiring significant capital injection.

District Growth Drivers and Future Supply Context

Clarke Quay's medium-term trajectory remains influenced by several macroeconomic and microeconomic forces. Singapore's continued positioning as a financial services hub, coupled with growing regional corporate adoption of Singapore as a hub-and-spoke centre, sustains underlying tenant demand for quality office space. Concurrently, the broader office market has experienced structural shifts toward flexible workspaces and activity-based working, dynamics that favour larger floor plates with configuration flexibility—an attribute The Riverwalk's specifications abundantly provide. New Grade A supply in the immediate vicinity remains limited, a favourable dynamic for established properties. The Central Business District's persistent strength and the finance sector's resilience in Singapore underpins sustained medium-term demand for well-located office assets.

The Riverwalk thus occupies a strategic position within Clarke Quay's commercial ecosystem: established, connected, scalable, and positioned to serve multiple tenant profiles across professional services, finance, media, and corporate functions. For investors balancing yield requirements, capital appreciation ambitions, and portfolio diversification, the development merits serious consideration within a broader commercial real estate strategy.

Frequently Asked Questions

What gross rental yield can be expected from an office investment at The Riverwalk, Clarke Quay?

Office space in Clarke Quay typically achieves gross rental yields of between 3% and 4.5% annually, depending on lease tenure, tenant credit quality, and exact floor position. Based on established market rental rates of approximately S$7 to S$10 per square foot per annum for comparable floor plates in this micro-location, a 3,050-square-foot unit could generate annual gross rental income ranging from S$20,000 to S$30,500. Net yields, after accounting for property taxes, maintenance contributions, and insurance, settle in the lower half of this range once outgoings are deducted. The investment case strengthens when capital appreciation—historically 2% to 4% compound annually for Clarke Quay office assets—is incorporated alongside cash flow, particularly over five- to ten-year holding periods. Institutional investors view such blended return profiles favourably, though prospective owners should conduct detailed lease-commencement due diligence to confirm tenant covenant strength and rental authority.

How do per-square-foot prices at The Riverwalk compare to recent Clarke Quay office transactions?

The Riverwalk's pricing of S$6.7 million for a 3,050-square-foot unit translates to approximately S$2,196 per square foot—a figure broadly aligned with recent Clarke Quay commercial office transactions in the established properties segment. Comparable Grade-A office developments in the immediate vicinity have transacted between S$2,000 and S$2,400 per square foot depending on building age, recent capital expenditure, tenant profile, and specific floor location. Newer refurbished properties or those commanding premium micro-locations occasionally exceed the upper bound, whilst older buildings trading during softer market conditions may settle below S$2,000. The Riverwalk's per-square-foot figure reflects its positioning as a well-located, established commercial asset without trophy-asset premiums but with the benefit of proven rental demand, institutional tenant history, and operational stability. Investors comparing this asset to suburban office alternatives or fringe precincts should recognise that Clarke Quay's superior transport connectivity and corporate visibility justify the incremental per-square-foot cost differential.

What are the ABSD implications for Singapore Citizens acquiring office space at The Riverwalk?

Whilst The Riverwalk is classified as office (commercial) rather than residential, Singapore Citizens acquiring multiple commercial properties should seek specialist tax advice to confirm their precise obligations. If the property is held as investment and falls within an individual's property portfolio tax classification, the Additional Buyer's Stamp Duty at 20% for a second property (the current Singapore Citizen rate for residential second-property purchases) would not typically apply, given the commercial designation. However, the boundary between investment-held commercial property and personal residential property portfolios can introduce complexity where an individual holds simultaneous residential and commercial assets. Total acquisition costs should therefore be calculated with reference to the Inland Revenue Authority's current guidance and possibly that of your financial advisor. For corporate entities or institutions purchasing office space at The Riverwalk, ABSD does not apply—commercial property acquisitions by entities fall outside the residential stamp duty regime entirely. Prospective owner-occupiers establishing regional corporate functions should factor standard commercial stamp duty into acquisition budgets but generally avoid the elevated ABSD burden.

Is lease decay and resale value impact a material concern for The Riverwalk office investors?

The Riverwalk operates on Singapore's commercial office market dynamics, which differ meaningfully from residential freehold or leasehold tenure concerns. Commercial office buildings, including The Riverwalk, do not typically suffer from the same 'lease decay' phenomenon that afflicts residential properties as leases approach expiry—because commercial tenancy structures operate on fixed multi-year terms (typically 3 to 5 years, sometimes 6) renegotiated at each renewal cycle based on then-prevailing market rental rates. The building itself, provided the landlord maintains robust capital expenditure on structure, mechanical services, and common areas, does not deteriorate in resale attractiveness simply due to elapsed time. Commercial office buyers evaluate properties on income yield, location, tenant quality, and building systems—not on whether 20 years versus 40 years of a lease remain. That said, an owner-occupier or long-hold investor who allows the building to deteriorate physically or fails to refresh fitouts and building management will experience reduced rental command and tenant appeal; proactive capital stewardship preserves and often enhances value. Clarke Quay's status as a perennially desirable commercial precinct further mitigates any perception of long-term obsolescence, as the neighbourhood's continued infrastructure investment and corporate demand underpin sustained market interest in well-maintained office assets.

How does proximity to Clarke Quay MRT Station influence demand and capital appreciation for office space at The Riverwalk?

The Riverwalk's location just three minutes' walk (210 metres) from Clarke Quay MRT Station (NE5) represents a substantial competitive advantage in attracting and retaining corporate tenants. Accessibility to rapid transit networks directly correlates with employee recruitment appeal, client visitor frequency, and overall operational efficiency for office-based enterprises. From a capital appreciation perspective, MRT-proximate commercial properties have historically outperformed fringe or car-dependent alternatives, as Singapore's transport expansion and intensifying demand for CBD adjacency drive sustained rental growth and investor appetite. Clarke Quay's particular micro-location—serving as a bridge between the Central Business District's financial heartland and the broader eastern corridor—means that MRT connectivity simultaneously accesses Raffles Place banking employment clusters and residential populations across the North-East Line's wider catchment. For investor acquirers, this translates to resilient tenant demand, shorter vacancy windows, and pricing growth that typically exceeds inflation. Owner-occupiers benefit directly through reduced employee travel times and enhanced ability to attract geographically dispersed client traffic. The MRT proximity is thus not merely a convenient feature but a fundamental driver of The Riverwalk's rental and capital appreciation potential relative to less-connected office alternatives.

Which buyer profiles—HNW individuals, upgraders, first-time investors, owner-occupiers—are best suited to The Riverwalk?

The Riverwalk appeals across multiple buyer archetypes, though each brings distinct motivations and requirements. Owner-occupiers—particularly professional services partnerships, creative agencies, media companies, or multinational corporates establishing regional hubs—find The Riverwalk's scale, central location, and quality infrastructure ideally suited to operational needs; the location's visibility and professional environment enhance client interactions and staff recruitment. High-net-worth individuals diversifying beyond residential property often view Clarke Quay office assets as institutional-grade income-generative holdings with transparent market pricing, professional tenant bases, and stable long-term appreciation—a portfolio diversification benefit unavailable in purely residential markets. First-time office investors benefit from The Riverwalk's established position and proven rental demand; a virgin entry into commercial property carries lower execution risk when backed by recognised locations and established tenant markets rather than nascent precincts. Property upgraders—those selling smaller or ageing office space and seeking superior accommodation—find The Riverwalk's floor plate, fitout quality, and amenities compelling reasons to consolidate and expand operations. Conversely, value-focused investors seeking higher headline yields might pursue emerging precincts or secondary locations, accepting longer tenant sourcing lead times for potentially superior cash-on-cash returns. Thus, The Riverwalk is optimally suited to quality-focused, established-market investors rather than aggressive opportunistic buyers or first-time commercial investors with minimal lease experience.

What TDSR and financing headroom should office buyers anticipate at The Riverwalk's price points?

For owner-occupiers without existing commercial debt, financing headroom at The Riverwalk's indicated price point typically remains substantial. Commercial banks advance 70% to 80% loan-to-value for office properties acquired by established corporate entities with clear operational use cases and financial stability; this translates to required equity capital of 20% to 30%, or approximately S$1.34 million to S$2.01 million for a unit priced at S$6.7 million. Debt-service-coverage ratios, the key metric by which lenders assess repayment capacity, are calculated against either owner-occupier operational cash flows (for user-occupants) or projected rental income and yield (for investment acquisitions). For a rental investment scenario, a 3.5% net rental yield might generate approximately S$235,000 annually in net cash flow, which supports debt servicing of S$350,000 to S$400,000 at typical 3.5% to 4% commercial mortgage rates over five-year tenors. Prospective acquirers with existing commercial real estate debt, residential mortgages, or other personal leverage should expect more conservative loan-to-value terms and more rigorous TDSR calculations; in such scenarios, effective financing costs may rise and equity capital requirements increase materially. First-time commercial property buyers should engage with lenders early in the acquisition process to establish financing parameters and understand how rental income projections influence lending decisions, as residential lending frameworks differ substantially from commercial asset-based lending.

How does The Riverwalk compare to competing office developments in Clarke Quay?

Clarke Quay houses several established office developments, including Fountain House and Liat Towers, each offering comparable location advantages and floor-plate specifications to The Riverwalk. Pricing and rental command across these properties typically cluster within a narrow band—S$2,000 to S$2,400 per square foot—with variation reflecting age, recent capital expenditure, tenant profile, and floor-level positioning. Newer buildings or those undergoing comprehensive refurbishment sometimes command 5% to 10% rental premiums over older stock, though well-maintained, professionally-managed established properties retain competitive appeal and prove remarkably resilient during market softness. The Riverwalk's positioning within this competitive set reflects balanced pricing: not a premium trophy asset commanding scarcity multiples, nor a distressed holding requiring substantial capital investment, but rather a stable, professionally-operated commercial property with proven tenant demand and institutional credibility. Investors should conduct comparative analysis of specific floor configurations, building systems, and tenant history when evaluating The Riverwalk against direct competitors, recognising that individual floor heights, aspect orientations, and fitout age may introduce material differences in effective investment returns despite similar headline pricing.

Are particular floor levels or unit stacks at The Riverwalk better positioned for value?

Commercial office properties exhibit subtly different value dynamics than residential assets, as tenant preferences diverge based on business function rather than lifestyle considerations. Lower floors (approximately 3 to 8) often command premium rental rates for boutique retailers or professional service firms valuing street-level visibility and client walk-in traffic, particularly in mixed-use precincts like Clarke Quay where ground-level hospitality and commercial activity create vibrant streetscapes. Mid-level floors (9 to 15) generally appeal to corporate tenants seeking distance from street-level noise and vibration whilst maintaining reasonable lift accessibility and travel times; these floors often achieve balanced rental rates and tenant appeal. Upper floors (16+), where applicable, occasionally attract executive suites, boardroom facilities, or prestige-focused operations commanding modest rental premiums for views and perceived corporate prominence. Beyond these generalisations, specific unit configuration—column-free open-plan capability, load-bearing capacity for data centres or server infrastructure, roof-access potential for plant rooms—introduces floor-specific value variation. Prospective buyers should analyse The Riverwalk's specific floor plans and building specifications in conjunction with target tenant profiles; a boutique professional services practice may value lower-floor visibility differently than a technology company seeking open-plan flexibility on an upper level. Historical leasing records and current tenant distribution within the building provide practical guidance on which stack configurations achieve strongest rental velocity and command.

What is the future supply outlook for office space in Clarke Quay and the wider CBD district?

Clarke Quay's future supply pipeline for new office development remains notably constrained relative to broader Singapore. The precinct's heritage conservation status, limited remaining developable land parcels, and existing density have substantially throttled new office construction, creating a favourable supply-demand imbalance for existing established properties like The Riverwalk. Across the wider Central Business District, Grade A office supply has stabilised following completion of recent flagship developments; forecasters anticipate modest new delivery over the next three to five years, predominantly in Raffles Place and Marina Bay segments rather than river-facing Clarke Quay locations. This constrained supply trajectory, combined with Singapore's enduring role as a regional financial and professional services hub and multinational corporates' sustained demand for CBD-proximate office space, underpins a supportive medium-term rental growth and capital appreciation environment for well-located existing properties. The structural shift toward flexible working and activity-based workplaces has actually benefited larger, scalable floor plates like those available at The Riverwalk, as enterprises increasingly reject subdivided cellular spaces in favour of configurable open-plan environments. Property owners should monitor Singapore's office market sentiment and broader economic cycles—recessions and technology-driven workplace disruption remain cyclical risks—but the combination of supply scarcity, location advantage, and enduring demand fundamentals suggests Clarke Quay office assets will likely continue capturing investor and occupier interest for the foreseeable medium term.

[For Sale] Office At The Riverwalk, Upper Circular Road — From S$6M