A rare and highly prestigious investment opportunity has surfaced in Singapore’s central business district, as a 6-storey corner commercial building at 28 Carpenter Street is launched for sale. With a guide price of $65 million, this standalone asset is a crown jewel for institutional investors or ultra-high-net-worth individuals seeking a “trophy” property. The building boasts a prominent dual frontage of approximately 40 meters along both Carpenter Street and New Bridge Road, ensuring maximum visibility in a high-traffic urban corridor. In a city where corner plots are a finite resource, this offering stands out as a generational acquisition.
The property occupies a land area of roughly 3,065 sq ft and features a total gross floor area (GFA) of approximately 17,639 sq ft. At the $65 million guide price, this translates to a competitive unit rate of $3,685 per sq ft on the GFA. One of the building’s most striking features is its artistic identity, adorned with a large-scale mural of two opera singers by renowned artist Sean Dunston. This visual landmark, combined with its modern glass-and-steel architecture, makes the building an unmistakable fixture of the Clarke Quay skyline, directly opposite the Clarke Quay MRT station.
Functionally, the building is designed to cater to the modern economy. Following extensive addition and alteration (A&A) works in 2024, the property has been fully refreshed, including a top-up of its land tenure to a fresh 99-year lease. The ground floor is currently optimized for high-end food and beverage (F&B) use, while the upper floors provide premium office spaces. Currently fully tenanted, the asset offers immediate and stable rental income, making it an ideal “defensive” play for investors looking to hedge against market volatility while benefiting from the tightening office supply projected for 2026.
Interestingly, the rise in demand for such prime commercial assets is mirrored by a similar trend in the industrial property sector. As traditional industrial zones like Kallang New Industrial and Alexandra undergo revitalization, high-spec industrial buildings are increasingly mimicking the aesthetics and amenities of Grade-A offices. Many business owners are now looking for a “hybrid” portfolio—anchoring their corporate identity in a prestigious CBD commercial building like 28 Carpenter Street, while maintaining their back-end logistics and R&D operations in nearby light industrial hubs. This synergy between central commercial space and city-fringe industrial assets is becoming a cornerstone of modern wealth management.
Compared to industrial units, which often face shorter leasehold tenures and stricter usage regulations under JTC Corporation (like Gourmet Xchange), a standalone commercial building offers significantly more autonomy. The “Commercial” zoning means there is no Additional Buyer’s Stamp Duty (ABSD), and the property is open to both local and foreign capital. Furthermore, the potential for future capital appreciation is bolstered by the massive rejuvenation of the surrounding precinct, including the completion of CanningHill Piers and the redevelopment of the former Central Mall into Union Square. These projects are expected to inject thousands of new residents and office workers into the immediate area.
Ultimately, 28 Carpenter Street is more than just a real estate transaction; it is a strategic play for long-term dominance in the Singapore CBD. The combination of a fresh 99-year lease, full occupancy, and a prime corner location provides a rare “plug-and-play” investment for those looking to deploy $65 million into a high-quality heritage district. As the lines between lifestyle, commerce, and industrial utility continue to blur, owning a landmark asset with such distinct character ensures that the property will remain highly liquid and desirable for decades to come.
