Weekly URA Realis Updates — Week of 25 May 2026: Keong Saik Shophouse Doubles To S$22M; S$109M Across 53 Commercial & Industrial Caveats

A freehold conservation shophouse on Keong Saik Road changed hands for S$22.0 million — the largest deal among 53 commercial and industrial caveats lodged with URA Realis in the week of 25 May 2026. The same property last sold in September 2020 for S$10.8 million, meaning it has roughly doubled in value: a gain of S$11.2 million, or about 104%, over five and a half years. Across all 53 caveats, S$109.0 million transacted.

The week’s standout

The Keong Saik deal sits in the tightly held Bukit Pasoh conservation belt on the southern edge of the CBD, where freehold shophouses rarely surface. The headline figure is the round-trip rather than the psf: a buyer who paid S$10.8 million in 2020 has exited at twice that, on an unchanged floor-area basis. It is the kind of held-asset re-rating that conservation shophouses have delivered through the cycle — the segment trades on scarcity, not yield.

Two more shophouses featured. A 99-year conservation unit on Tanjong Pagar Road sold for S$5.6 million (S$6,268 psf), and a freehold shophouse on Roberts Lane fetched S$4.4 million (S$3,923 psf). A larger freehold shophouse near Sembawang Park rounded out the segment at S$3.95 million. Four shophouse deals alone accounted for S$35.95 million — a third of the week’s entire commercial-and-industrial value from a single building type.

Commercial: strata offices stay liquid

The highest office psf of the week came from a compact Orchard Road strata unit at Lucky Plaza, which sold for S$2.93 million (S$5,801 psf). Three units changed hands in a single High Street Centre stack on North Bridge Road, all on the 22nd floor between S$960,000 and S$1.28 million — an owner rotating out of held space. Older 99-year strata offices at Textile Centre and a newer unit at Woods Square filled out the 13 commercial deals, which delivered S$49.1 million — almost matching industrial’s value on a quarter of the volume. Median commercial psf was S$2,182.

Industrial: Tuas at one end, freehold multi-user at the other

Industrial spanned an unusually wide band across 40 deals worth S$59.9 million, 33 of them leasehold — a segment where remaining lease length does much of the work in setting price. The two single-user factories in Tuas illustrate the point. The larger by value, a 24,019 sq ft unit at S$4.9 million (S$204 psf), sits on a 30-plus-30-year JTC lease from 1994 that, with the renewal exercised, runs to around 2054 — roughly 28 years of tenure remaining. The other, a 32,687 sq ft unit at S$4.5 million (S$138 psf), is the more distinctive case: its original 21.75-year lease from 2004 has since been extended, and the site remains in active use — URA records show a Grant of Written Permission for continued ancillary workers’ dormitory use (Decision No. P020514-05B2-E021, dated 20 September 2022) valid to 4 July 2027. Each successful application is granted for a fixed period and must be re-applied for on expiry, so the date marks a renewable use horizon rather than the land tenure. The low psf reflects a large single-user floor plate in the far west rather than any shortfall of tenure.

At the other end of the tenure spectrum, freehold multi-user factories carried a clear premium: two units at M38 on Jalan Pemimpin traded around S$1,220 psf, more than double the leasehold factory median of S$510. Bulk activity clustered in the familiar multi-user estates — three deals at Harvest @ Woodlands, two each at MEGA@Woodlands, UBI Techpark, Oxley BizHub and Trivex. Of the 40 industrial caveats, 34 were multi-user factories; the leasehold units span a wide range of remaining tenure, from the near-expired Tuas site to roughly 45 years left on the 60-year-from-2008 and 2010 estates.

Profit spotlight

The Keong Saik resale is a clean illustration of what URA caveat history reveals once buy and sell legs are matched: bought September 2020 at S$10.8 million, sold May 2026 at S$22.0 million — a gain of S$11.2 million (+103.7%) over roughly 5.7 years. It is the only deal in this week’s set with a directly matched prior record in our database; as the dataset deepens, weekly profit-and-loss tracking on commercial and industrial assets will become a standing feature of this column.

All transactions — week of 25 May 2026

Listed newest sale date first. Addresses are masked for privacy: unit stack numbers shown as XX; where there is no unit, the block number is masked. Projects shown as “—” were unidentified in the URA caveat. Tenure shows the lease type and, for leasehold, the original term and commencement date — from which remaining lease balance can be read.

Figures reflect caveats lodged with URA Realis as at 29 May 2026; sale dates range from October 2025 to May 2026, as caveats are typically lodged some weeks after a transaction is agreed. Profit-and-loss figures are computed from matched URA caveat records and exclude stamp duties and transaction costs.