A freehold, two-storey conservation shophouse at 38 Foch Road is up for sale from $10 million. The ground floor is currently available for lease while the upper floor is approved for residential temporary change of use, says exclusive marketing agent Steward Asia, an independent team in PropNex.
Occupying a land area of approximately 1,427 sq ft, 38 Foch Road is a two-storey intermediate shophouse located within the Jalan Besar Secondary Settlement. According to Steward Asia, the property is eligible for gross floor area (GFA) enhancement with a potential rear extension of up to six storeys, subject to relevant approvals.
Under the current Urban Redevelopment Authority Master Plan, the site has a plot ratio of 3.0, and the maximum allowable GFA is estimated at approximately 4,281 sq ft.
This represents a potential floor area uplift of approximately 64%, allowing a boutique developer or family office to reconfigure the upper floors into high-yield formats such as co-living suites or premium creative offices, says Steward Asia on June 12.
38 Foch Road is less than a six-minute walk to Farrer Park MRT Station on the North East Line and approximately a three-minute walk to Bendemeer MRT Station on the Downtown Line.
The Jalan Besar area is currently witnessing a “significant narrative shift”, according to Steward Asia. Historically an industrial hub, the precinct has transformed into a vibrant lifestyle destination favoured by start-ups, creative agencies and F&B operators, they add.
This evolution is bolstered by the upcoming completion of over 3,000 new residential units in the immediate area, including Build-to-Order projects River Peaks I and II, which will inject a larger permanent residential catchment into the precinct.
Loyalle Chin, co-founder of Steward Asia, says: “District 8 shophouses have shown resilience, accounting for over a quarter of the total shophouse sales value in 2025 and 1Q2026. We are witnessing institutional-grade capital into city-fringe shophouse assets, driven by local rental demand that position properties like Foch Road for market resilience.”
Steward Asia associate Connie Seah adds: “The rarity of freehold tenure, full commercial zoning and the potential for F&B use make this a tightly held asset class that appeals to investors seeking long-term capital preservation, GFA intensification, future repositioning and rental upside.”
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Likely buyers for 38 Foch Road include family offices, boutique developers, hospitality operators and investors seeking full commercial assets for long-term play on capital appreciation, says Steward Asia.
The expression of interest exercise for 38 Foch Road will close at 3pm on June 25.
In 2020, a pair of freehold, two-storey corner shophouses at 52 Foch Road were put up for sale at $13.2 million by Savills Singapore. The pair of shophouses have an attic and a four-storey rear extension, with a built-up area of 8,417 sq ft.
In 2022, a two-storey freehold coffee shop unit located at Hoa Nam Building along Foch Road was put up for sale at $28 million, also by Savills Singapore.
