# Two HDB Shophouses For Sale in Toa Payoh for $40 Million - **Source:** Stacked Homes - **Published:** 2026-08-25T09:13:52.000Z - **Author:** Sabrina Lee - **Original:** https://stackedhomes.com/toa-payoh-hdb-shop-shophouse-for-sale-40m-just-4445-years-left/ - **Topics:** HDB & Public Housing, Commercial & Industrial, Transactions & Deals ## Featured rationale Their scarcity, existing income, MRT proximity and ground-floor frontage may attract investors, while the 2030 integrated development could support future leasing demand. ## AI summary The Lew Foundation is offering two tenanted Toa Payoh HDB commercial properties collectively for $40 million, averaging $5,417 psf across 7,384 sq ft. ## Original article A ground-floor HDB shop and a two-storey HDB shophouse in Toa Payoh have been listed on the market for $40 million. The seller is the Lew Foundation, a Singapore-based charity and philanthropic organisation. The properties are located at 190 Lorong 6 Toa Payoh and 178 Toa Payoh Central. According to Cushman & Wakefield (C&W), the sole marketing agent for the pair of properties, the shop unit and the HDB shophouse are being offered for sale collectively. Thus, the individual price of each unit is not being disclosed. In total, both properties for sale have a combined gross floor area of 7,384 sq ft, and the asking price works out to an average of $5,417 psf. “This offering combines a sizeable ground-floor commercial asset with a traditional HDB shop, providing investors with immediate income and exposure to two complementary asset types within the heart of Toa Payoh Central,” says Shaun Poh, Executive Director of Capital Markets at C&W. The property at 190 Lorong 6 Toa Payoh is a commercial unit that has a total gross floor area of 6,039 sq ft. The unit is situated in a prominent location between HDB Hub and Toa Payoh Central. It also enjoys a 22m street-level frontage that faces the busy central pedestrian thoroughfare. The commercial unit at 190 Lor 6 Toa Payoh will be sold with its existing tenancies. (Picture: C&W) The unit is currently leased to F&B and beauty businesses and has a remaining lease of 45 years. As a commercial property, the sale of this unit is exempt from Additional Buyer’s Stamp Duty (ABSD) and Sellers’ Stamp Duty (SSD), and can be purchased by foreigners and corporate entities. The second property for sale in this portfolio is a two-storey HDB shophouse at 178 Toa Payoh Central. The 1,345 sq ft property features a commercial space on the ground floor and living quarters on the top-floor. The commercial space is currently leased to a medical clinic, and the entire property has 44 years left on its lease. It is unusual to see a pair of properties in Toa Payoh Central being collectively offered for sale. These units will likely enjoy strong buying interest since they both feature a ground-floor commercial component and are being sold with existing tenancies. They are also close to Toa Payoh MRT station on the North-South line, and this part of Toa Payoh Central enjoys a steady volume of footfall on a daily basis. “Large-format HDB commercial units are rarely available for sale in prime Toa Payoh heartland location, particularly properties that can accommodate food and beverage operators, such as the unit at Block 190 Lorong 6 Toa Payoh. Such F&B approval enhances the property’s appeal to a broad range of occupiers and provides greater leasing flexibility for future owners,” says Daphne Poh, Director of Capital Markets at C&W. The two-storey shophouse at 178 Toa Payoh Central consists of a ground floor commercial space and living quarters on the top floor. (Picture: C&W) Privately-held HDB shophouses don’t come to the market often due to their relative scarcity, with approximately 8,500 of these units in the hands of private owners. This is because HDB stopped selling them to private owners in 1998, and the remaining inventory will shrink as their leases expire. Toa Payoh is also a highly sought-after commercial location. Toa Payoh Central is home to the HDB head office itself, malls, neighbourhood amenities, and a library. The hub is also served in terms of road connectivity by the Pan-Island Expressway (PIE) and the Central Expressway (CTE). Toa Payoh Town Center is one of those modernist nostalgic town properties in Singapore, known for its L-shaped blocks, red archway and dragon playground. It’s also the oldest town fully conceived by HDB in Singapore, built in 1973 at the time to house Singaporeans displaced from overcrowded slums and kampongs. This area is expected to see a boost in activity with the new Toa Payoh Integrated Development, set to open in 2030. This will introduce a new stadium, sports hall, an aquatic centre, a polyclinic and a library. Over the last few months, several HDB shops and shophouses have been put up for sale: Four city-fringe parcels that hit the market last week, and another row of three in Telok Blangah in June. But none of those properties came with both ground floor frontage and a location that is directly connected to an MRT station. Meanwhile, a separate HDB shophouse unit at 178 Toa Payoh Central was also listed last month. That was a 1,345 sq ft unit listed at a guide price of $5.5 million, or about $4,089 per square ft. The sale of the commercial unit and HDB shop by the Lew Foundation is part of the organisation’s portfolio management objectives by reducing its concentration in commercial real estate, says Yeo Puay Hin, the Executive Director of the Lew Foundation. He adds that the foundation plans to use the cash from the sale of the properties to fund its initiatives that support vulnerable elderly and provide youths with opportunities for upward social mobility. ## Chinese translation > Translation model: openai_codex_cli ### 大巴窑两间 HDB 店屋以 4,000 万新元出售 Lew Foundation 将其位于大巴窑的两处可产生租金收入的 HDB 商业物业挂牌出售，所得款项将用于支持面向年长者和青少年的社区倡议。意向书（EOI）截止日期为 2026 年 9 月 28 日。 一间位于底层的 HDB 商铺和一间位于大巴窑的两层 HDB 店屋已挂牌出售，售价为 4,000 万新元。卖方是 Lew Foundation，这是一家总部位于新加坡的慈善和公益组织。物业位于 190 Lorong 6 Toa Payoh 和 178 Toa Payoh Central。 据这两处物业的独家营销代理 Cushman & Wakefield（C&W）称，该商铺单位和 HDB 店屋将以组合形式出售。因此，每个单位的单独价格并未披露。 总体而言，两处待售物业的总建筑面积合计为 7,384 平方英尺，要价折合平均每平方英尺 5,417 新元。“这项出售将一项规模可观的底层商业资产与一间传统 HDB 商铺结合起来，为投资者提供即时收入，并让其在大巴窑中心核心地带接触两类互补资产类型，”C&W 资本市场执行董事 Shaun Poh 表示。 位于 190 Lorong 6 Toa Payoh 的物业是一个商业单位，总建筑面积为 6,039 平方英尺。该单位位于 HDB Hub 与 Toa Payoh Central 之间的显眼位置。它还拥有面向繁忙中央步行通道的 22 米街面临街面。 位于 190 Lor 6 Toa Payoh 的商业单位将连同现有租约一并出售。（图片：C&W） 该单位目前出租给餐饮和美容商户，剩余租期为 45 年。作为商业物业，该单位出售豁免额外买方印花税（ABSD）和卖方印花税（SSD），并可由外国人和企业实体购买。 此投资组合中第二处待售物业是一间位于 178 Toa Payoh Central 的两层 HDB 店屋。该物业面积为 1,345 平方英尺，底层为商业空间，顶层为居住空间。商业空间目前出租给一家医疗诊所，整处物业剩余租期为 44 年。 在 Toa Payoh Central 看到一组物业以组合形式出售并不常见。这些单位很可能会获得强劲买家兴趣，因为它们都带有底层商业部分，并且连同现有租约出售。它们也靠近南北线的大巴窑地铁站，而 Toa Payoh Central 的这一部分每天都有稳定的人流量。 “位于黄金大巴窑成熟社区地段的大型 HDB 商业单位很少有出售机会，尤其是能够容纳餐饮经营者的物业，例如 190 Lorong 6 Toa Payoh 第 190 座的单位。此类餐饮批准提升了该物业对广泛租户的吸引力，并为未来业主提供更大的出租灵活性，”C&W 资本市场董事 Daphne Poh 表示。 位于 178 Toa Payoh Central 的两层店屋由底层商业空间和顶层居住空间组成。（图片：C&W） 私人持有的 HDB 店屋由于相对稀缺，并不常进入市场，约有 8,500 个此类单位掌握在私人业主手中。这是因为 HDB 于 1998 年停止向私人业主出售这类单位，而随着租约到期，剩余库存将会减少。 大巴窑也是备受追捧的商业地点。Toa Payoh Central 本身就是 HDB 总部所在地，并拥有商场、邻里设施和图书馆。该中心在道路连通性方面也由泛岛高速公路（PIE）和中央高速公路（CTE）服务。 Toa Payoh Town Center 是新加坡那些带有现代主义怀旧感的市镇物业之一，以其 L 形组屋、红色拱门和龙形游乐场闻名。它也是新加坡最早由 HDB 完整规划的市镇，建于 1973 年，当时用于安置从过度拥挤的贫民区和甘榜迁出的新加坡人。 随着新的 Toa Payoh Integrated Development 预计于 2030 年开放，该区域的活动量预计将获得提升。该项目将引入一座新体育场、体育馆、水上运动中心、综合诊疗所和图书馆。 过去几个月，已有数间 HDB 商铺和店屋挂牌出售：上周进入市场的四个位于城市边缘的地块，以及 6 月在 Telok Blangah 的另一排三间店屋。但这些物业都不同时具备底层临街面和与地铁站直接连接的位置。 与此同时，位于 178 Toa Payoh Central 的另一间 HDB 店屋单位也在上个月挂牌。那是一个 1,345 平方英尺的单位，指导价为 550 万新元，约合每平方英尺 4,089 新元。 Lew Foundation 出售该商业单位和 HDB 商铺，是该组织投资组合管理目标的一部分，旨在降低其在商业房地产方面的集中度，Lew Foundation 执行董事 Yeo Puay Hin 表示。 他补充说，基金会计划将出售物业所得现金用于资助其支持弱势年长者、并为青年提供向上社会流动机会的倡议。