# Fragrance Group puts revamped Verdun House on the market for $82 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-18T01:21:49.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/fragrance-group-puts-revamped-verdun-house-market-82-mil
- **Topics:** Private Residential, Commercial & Industrial, New Launches

## Featured rationale

Occupancy above 90%, fully leased shops and a nearly 3% gross yield may attract investors seeking immediate income and commercial redevelopment flexibility without residential ABSD.

## AI summary

Fragrance Group launched freehold Verdun House for sale at $82 million, or $2,669 psf on its 30,728 sq ft maximum permissible GFA.

## Original article

Verdun House, a four-storey freehold building at the corner of Verdun Road and Sam Leong Road, has been launched for sale by expression of interest (EOI). Cushman & Wakefield (C&W) is the appointed exclusive marketing agent.

Built in the 1980s, Verdun House comprises four strata-titled shops on the ground floor and 12 strata-titled apartments across the three upper floors. It spans 6, 8, 10 and 12 Verdun Road.

The building occupies a regularly shaped freehold plot of 7,316 sq ft and has an existing gross floor area (GFA) of 22,730 sq ft. Zoned commercial under the URA Master Plan 2025, the site can accommodate up to 30,728 sq ft of GFA based on the maximum permissible plot ratio of 4.2. No development charge is payable for the additional floor area.

Read also: Freehold conservation shophouse at 148 Jalan Besar up for sale at $8.5 mil

Property mogul and executive chairman of Fragrance Group James Koh bought Verdun House en bloc in April 2022 for $55.1 million, or $1,793 psf based on the maximum permissible GFA.

According to C&W, Fragrance Group launched the EOI after Koh received unsolicited offers for the building, including interest from a co-living operator.

From strata apartments to co-living

Rather than redevelop Verdun House after the acquisition, Koh chose to refurbish and reposition the existing building.

The 12 apartments were reconfigured for co-living, with each unit comprising four to six bedrooms, a shared living and dining area, a communal kitchen and two common bathrooms positioned at opposite ends of the apartment. New partition walls, windows, and doors were installed.

The air-conditioning, plumbing, sanitary and electrical systems were also overhauled, while the lifts were upgraded. Leasing began only after the refurbishment was completed, allowing the upgraded units to command higher rents.

In mid-2023, accommodation and property management company MetroResidences became the master tenant and operator of the co-living accommodation on the upper floors.

Read also: City Square Mall completes $50 mil revamp

Its five-year lease runs until mid-2028, allowing a new owner to enjoy immediate rental income, C&W director of capital markets Sophia Lim says.

Online listings show monthly rents ranging from $1,700 for an individual room to between $8,900 and $9,000 for an entire six-bedroom apartment. Occupancy is well above 90%, Lim adds.

From jewellery to chicken rice

The ground-floor shops have been progressively leased since mid-2023 and are now fully occupied.

The newest tenant, jewellery store Aswad Gold & Diamond, opened on July 10. Next door, Indian restaurant Kumar Mess – Flavours of Madurai opened its third outlet at Verdun House in February.

The Coffee Bean & Tea Leaf opened a 24-hour outlet in November 2023, followed by fast-casual eatery Sam Leong Street Chicken Rice in January 2024.

The latter occupies a corner unit with a nostalgic link to the neighbourhood. The original Sam Leong Street Chicken Rice hawker stall operated just a few steps away from 1992 to 2023. After its founder's death, F&B group Putien revived the brand as a sit-down restaurant at Verdun House.

Draw for students and young professionals

Located in the Farrer Park neighbourhood of District 8, Verdun House is a five- to eight-minute walk from Farrer Park MRT Station on the North-East Line and Jalan Besar MRT Station on the Downtown Line.

Read also: Two adjoining shophouses at Jalan Besar for sale at $9.2 mil

Farrer Park station is two stops from Dhoby Ghaut interchange, which sits within easy reach of the Bras Basah-Bugis arts and heritage precinct. The precinct is home to tertiary institutions including Singapore Management University, School of the Arts, Nanyang Academy of Fine Arts and Lasalle College of the Arts.

Farrer Park's accessibility makes the area popular with international students studying at these institutions, says Lim.

Young professionals are another source of rental demand, attracted by the area's retail, dining and healthcare amenities, including City Square Mall, Centrium Square and Farrer Park Hospital, she adds.

Tourism and healthcare demand

Little India and Mustafa Centre also draw tourists to the area, while healthcare provides another source of demand for accommodation.

Farrer Park Hospital, Connexion — Singapore's first integrated healthcare and hospitality complex — and Raffles Hospital are all within easy reach.

"Most of these medical tourists will generally prefer to stay in the hotels nearby," says Lim. "But if they need to stay for an extended period due to their medical treatments, most would choose apartments or co-living spaces in the area."

She says Verdun House's existing co-living layout could also be further optimised.

Multiple ways to unlock value

At the $82 million guide price, Verdun House offers a gross rental yield of nearly 3%, Lim estimates. That compares with yields of 1% to 2% for freehold shophouses today, she says.

Shaun Poh, C&W's executive director and head of capital markets, says the building's appeal lies in the range of strategies available to investors. Its existing tenancies provide immediate rental income, while its commercial zoning permits a broad mix of uses and creates scope for asset enhancement, intensification or redevelopment.

The zoning could also widen the pool of potential buyers to include foreign investors and co-living operators, he notes, as purchasers would not incur the additional buyer's stamp duty (ABSD) applicable to residential property.

Based on the maximum plot ratio of 4.2, the site could eventually be redeveloped into a new six-storey commercial building. The guide price translates to $2,669 psf based on the maximum permissible GFA of 30,728 sq ft.

"Verdun House is well positioned to attract investors seeking both income resilience and capital appreciation," says Poh.

The EOI closes on Sept 21.

Check out the latest listings for Verdun House, Farrer Park, District 8 properties

## Chinese translation

> Translation model: openai_codex_cli

### Fragrance Group 以 8,200 万新元将翻新后的 Verdun House 推向市场

Verdun House 已完成翻新，上层公寓已重新配置为共居套房，店铺单位也已全部出租。

位于 Verdun Road 与 Sam Leong Road 交界处的四层永久地契建筑 Verdun House，已通过意向书（EOI）方式推出出售。Cushman & Wakefield（C&W）获委任为独家营销代理。

Verdun House 建于 1980 年代，由底层四间分层地契店铺，以及上方三层共 12 套分层地契公寓组成。它横跨 6、8、10 和 12 Verdun Road。

该建筑坐落于一幅形状规则、面积 7,316 平方英尺的永久地契地块上，现有总楼面面积（GFA）为 22,730 平方英尺。根据市区重建局 2025 总体规划，该地块划为商业用途，按最高允许地积比 4.2 计算，可容纳最多 30,728 平方英尺的总楼面面积。额外楼面面积无需缴付发展费。

相关阅读：Freehold conservation shophouse at 148 Jalan Besar up for sale at $8.5 mil

地产大亨兼 Fragrance Group 执行主席 James Koh 于 2022 年 4 月以 5,510 万新元集体出售/en bloc 买下 Verdun House，按最高允许总楼面面积计算，折合每平方英尺 1,793 新元。

C&W 表示，在 Koh 收到有关该建筑的主动出价，包括来自一家共居运营商的兴趣后，Fragrance Group 启动了意向书招标。

从分层公寓到共居

收购后，Koh 没有选择重建 Verdun House，而是选择翻新并重新定位现有建筑。

12 套公寓被重新配置为共居用途，每个单位设有四至六间卧室、共用起居和用餐区、共用厨房，以及位于公寓两端的两个共用浴室。项目安装了新的隔墙、窗户和门。

空调、管道、卫生和电气系统也已全面检修，电梯则进行了升级。租赁仅在翻新完成后才开始，使升级后的单位能够取得更高租金。

2023 年中，住宿和物业管理公司 MetroResidences 成为上层共居住宿的主租户和运营商。

相关阅读：City Square Mall completes $50 mil revamp

C&W 资本市场董事 Sophia Lim 表示，其五年租约将持续至 2028 年中，让新业主可立即获得租金收入。

线上挂牌显示，月租从单间房的 1,700 新元，到整套六卧室公寓的 8,900 至 9,000 新元不等。Lim 补充说，入住率远高于 90%。

从珠宝到鸡饭

底层店铺自 2023 年中起陆续出租，目前已全部入驻。

最新租户珠宝店 Aswad Gold & Diamond 于 7 月 10 日开业。隔壁的印度餐厅 Kumar Mess – Flavours of Madurai 于 2 月在 Verdun House 开设其第三家门店。

The Coffee Bean & Tea Leaf 于 2023 年 11 月开设一家 24 小时门店，随后快休闲餐饮店 Sam Leong Street Chicken Rice 于 2024 年 1 月开业。

后者占用一个街角单位，与该社区有着怀旧联系。原来的 Sam Leong Street Chicken Rice 小贩摊位从 1992 年至 2023 年就在几步之遥处经营。创办人去世后，餐饮集团 Putien 将该品牌复兴为 Verdun House 内的一家堂食餐厅。

吸引学生和年轻专业人士

Verdun House 位于第 8 邮区的 Farrer Park 社区，步行五至八分钟即可到达东北线 Farrer Park 地铁站和市区线 Jalan Besar 地铁站。

相关阅读：Two adjoining shophouses at Jalan Besar for sale at $9.2 mil

Farrer Park 站距离 Dhoby Ghaut 转换站两站路程，后者可方便抵达 Bras Basah-Bugis 艺术与文化遗产区。该区域内有多所高等教育机构，包括 Singapore Management University、School of the Arts、Nanyang Academy of Fine Arts 和 Lasalle College of the Arts。

Lim 表示，Farrer Park 的交通便利性使该地区受到在这些院校就读的国际学生欢迎。

她补充说，年轻专业人士也是租赁需求的另一来源，他们受到该地区零售、餐饮和医疗配套的吸引，包括 City Square Mall、Centrium Square 和 Farrer Park Hospital。

旅游和医疗需求

Little India 和 Mustafa Centre 也吸引游客前往该地区，而医疗服务则为住宿带来另一项需求来源。

Farrer Park Hospital、Connexion——新加坡首个综合医疗与酒店设施综合体——以及 Raffles Hospital 均近在咫尺。

Lim 表示：“这些医疗游客大多通常会偏好住在附近酒店。但如果他们因医疗治疗需要长期停留，多数人会选择该地区的公寓或共居空间。”

她表示，Verdun House 现有的共居布局也可进一步优化。

多种释放价值的方式

Lim 估计，按 8,200 万新元指导价计算，Verdun House 提供接近 3% 的总租金收益率。她表示，这与当前永久地契店屋 1% 至 2% 的收益率形成对比。

C&W 执行董事兼资本市场主管 Shaun Poh 表示，该建筑的吸引力在于投资者可采用多种策略。其现有租约提供即时租金收入，而商业分区允许广泛用途组合，并为资产提升、加密开发或重建创造空间。

他指出，该分区也可能扩大潜在买家范围，涵盖外国投资者和共居运营商，因为买家无需承担适用于住宅物业的额外买方印花税（ABSD）。

按最高地积比 4.2 计算，该地块最终可重建为一栋新的六层商业建筑。指导价按最高允许总楼面面积 30,728 平方英尺计算，折合每平方英尺 2,669 新元。

Poh 表示：“Verdun House 处于有利位置，可吸引同时寻求收入韧性和资本增值的投资者。”

意向书招标将于 9 月 21 日截止。

查看 Verdun House、Farrer Park、第 8 邮区物业的最新挂牌