A controlling interest in the Stars of Kovan retail podium is up for sale via expression of interest, according to Sakal Real Estate. The retail portfolio comprises 36 strata retail units totalling 2,103 sqm (22,638 sq ft) and a basement carpark facility spanning 2,440 sqm (26,624 sq ft) with 80 lots.
The seller is Hong Kong-listed Fortune REIT, which bought the portfolio in September 2022 for $88 million, or $1,844 psf. While there is currently no formal asking price, the latest valuation in December 2025 was at $95 million.
The development, held on a 99-year leasehold tenure commencing Feb 25, 2015, is located near Kovan MRT Station along Upper Serangoon Road. Stars of Kovan is a mixed-use development comprising 395 residential units atop the retail podium.
The development houses a stable of enrichment, beauty and wellness specialty stores, reflecting strong tenant positioning, says Sakal Real Estate in an April 7 announcement. “Together with the substantial carpark provision of 80 lots, [it] delivers a steady income profile and serves the broader neighbourhood retail needs.”
Sakal Real Estate is a Singapore-based real estate investment advisory and brokerage firm founded in 2018 by managing director Steven Ming.
“This portfolio represents a rare opportunity to acquire a controlling interest in a premium suburban retail asset in one of Singapore’s most established residential enclaves,” says Ming. “With Hougang being the third-largest planning area in the northeast region, the development benefits from a substantial and growing captive market. The future release of 800ha from the nearby Paya Lebar Air Base for housing and commercial development will further enhance the retail catchment, making this an opportune time for investors to secure a strategic foothold in this resilient asset class.”
See also: 1Q2026 strata industrial sales lowest since 2020: Savills Singapore
In 2016 to 2019, eight strata retail units at Stars of Kovan were sold for $4,718 to $6,832 psf. Private condominiums in the area include Kovan Melody, Kovan Residences and The Tembusu.
There is no restriction on foreign ownership for this retail podium and there is no additional buyer’s stamp duty (ABSD), seller’s stamp duty (SSD) or capital gains tax applicable to this transaction.
The expression of interest exercise will close at 3pm on May 13.
