Sakal Real Estate has announced the sale of a controlling interest in the Stars of Kovan retail centre through an Expression of Interest (EOI) process. The retail portfolio, located on Upper Serangoon Road, comprises 36 strata retail units totalling 2,103 square metres, alongside a basement car park facility with 80 lots. The EOI will close on 13 May 2026 at 3pm.
The development, held on a 99-year lease from 25 February 2015, is strategically positioned near Kovan’s heart, offering a prominent frontage and a grand arrival driveway. It houses a variety of enrichment, beauty, and wellness stores, providing a stable income profile and serving the neighbourhood’s retail needs. Steven Ming, Managing Director of Sakal Real Estate, highlighted the opportunity to acquire a premium suburban retail asset in one of Singapore’s established residential enclaves.
Stars of Kovan is a mixed-use development with 395 residential units above the retail podium. It is conveniently located near Kovan MRT Station, providing seamless connectivity to key interchanges. The area is predominantly private housing, with developments like Kovan Melody and The Tembusu nearby.
The last valuation of the portfolio in December 2025 was S$95m. Previous sales of strata retail units ranged from S$4,718 to S$6,832 per square foot. With no restrictions on foreign ownership and no additional buyer’s stamp duty or capital gains tax applicable, the portfolio is expected to attract both local and international investors. Interested parties are encouraged to submit their EOI by the deadline.
