The launch of freehold commercial units at Chenn Leonn Building in the vibrant Kampong Glam precinct, with an attractive asking price of approximately $2,985 per square foot (psf), marks a significant moment in the District 7 property market. Located on Aliwal Street, this offering provides investors and owner-occupiers a rare opportunity to secure a freehold asset in a highly sought-after, central, and historically rich location.1 The price point is particularly notable when benchmarked against the steep psf values of nearby conservation shophouses in the Kampong Glam area, which can often fetch substantially higher figures due to their unique heritage status and limited availability.
The Kampong Glam area itself is a crucial element driving the value proposition of Chenn Leonn Building. As a gazetted conservation precinct, it blends rich cultural heritage with a contemporary, trendy lifestyle hub, attracting both high domestic footfall and international tourists.2 The area’s character, defined by colourful shophouses, independent boutiques, and diverse F&B establishments, creates a unique operating environment for commercial businesses. Securing a freehold unit here is considered a long-term strategic investment, offering immunity from lease decay and the potential for greater capital appreciation compared to leasehold commercial properties in the vicinity.
Analysing the $2,985 psf entry price suggests Chenn Leonn Building offers an accessible alternative to the premium conservation shophouse market. While conservation shophouses in the area can transact at prices ranging well above $4,000 psf, and even climb toward the $10,000 psf mark for prime addresses, Chenn Leonn Building’s strata-titled units provide a modern, more manageable entry point for investors seeking the District 7 freehold status. This competitive pricing positions the asset to attract businesses looking for a balance between prime location accessibility—being near Bugis and Nicoll Highway MRT stations—and a relatively lower quantum for long-term ownership.
The strong demand for commercial spaces in this central district is underpinned by several key factors. Firstly, commercial properties are exempt from the Additional Buyer’s Stamp Duty (ABSD), making them highly attractive to both local and foreign investors seeking stable, asset-backed wealth preservation.4 Secondly, the surrounding Ophir-Rochor Corridor has undergone significant rejuvenation, with major mixed-use developments like DUO and Guoco Midtown transforming the immediate vicinity into a major business hub. This ongoing urban transformation is expected to drive up commercial traffic and tenancy demand in the adjacent Kampong Glam area, benefiting properties like Chenn Leonn Building.
For potential owner-occupiers, the purchase of a unit at this building at the mentioned entry price offers a valuable opportunity to establish a central, freehold corporate presence without the high maintenance and renovation constraints often associated with older conservation properties. The building’s suitability for office use, as indicated by historical transaction data, provides a flexible canvas for various professional services, creative agencies, or boutique firms that wish to tap into the district’s vibrant ecosystem and strong connectivity. This flexibility of use and stability of tenure is a significant draw in Singapore’s highly competitive commercial real estate landscape.
In conclusion, the launch of freehold commercial units at Chenn Leonn Building at around $2,985 psf is a strategic and well-priced proposition that capitalises on the perpetual appeal of the Kampong Glam locale and the investment security of freehold tenure. It offers a vital entry route for savvy investors keen to penetrate the tight commercial market of District 7, providing a substantial advantage over comparable leasehold options and the significantly higher-priced conservation shophouses. As the area continues to thrive as a cultural and commercial magnet, this freehold opportunity is poised to deliver robust long-term value and capital appreciation.
