Stars of Kovan retail portfolio with 36 units and 80-car carpark up for sale

The property near Kovan MRT includes residential units, retail podium, and flexible foreign ownership.

Sakal Real Estate has launched the sale of a controlling interest in the Stars of Kovan retail centre located along Upper Serangoon Road near the centre of Kovan via an Expression of Interest, the company announced on 7 April.

The portfolio comprises 36 strata retail units totalling 2,103 square metres, alongside a basement carpark of 2,440 square metres with 80 lots. The property is held on a 99-year lease that commenced back in 25 February 2015.

According to Sakal Real Estate’s press statement, the retail podium houses a mix of enrichment, beauty, and wellness specialty stores that also includes 395 residential units above the retail space.

Located near Kovan MRT Station on the North East Line, it is also accessible via multiple bus routes and the Kovan Hub bus terminal.

The firm noted that the surrounding neighbourhood comprises public housing estates as well as private condominiums, including Kovan Melody, Kovan Residences, and The Tembusu.

Expressions of interest are being invited for the portfolio and whilst Sakal Real Estate did not disclose a formal asking price, the portfolio was last valued at $95m in December 2025.

Between 2016 and 2019, eight strata retail units were sold at Stars of Kovan for prices ranging from $4,718 to $6,832 per square foot.

Sakal Real Estate highlighted that the property is open to foreign ownership with no Additional Buyer’s Stamp Duty, Seller’s Stamp Duty, or Capital Gains Tax applicable to the transaction.