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Greenwich V Review

Greenwich V Review
Retail & Mixed-Use Property Review — District 28

Greenwich V

An open-air, two-storey retail podium of ≈43,724 sq ft anchoring the Seletar Hills landed belt, held on a 99-year lease running from December 2009.

SGCPI Research Desk Updated 24 August 2026 1 Seletar Road, Singapore 807011 99-YR LEASEHOLD FROM 21 DEC 2009

Street-level view of Greenwich V, 1 Seletar Road, Singapore 807011. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameGreenwich V
Address1 Seletar Road, Singapore 807011
DistrictDistrict 28 (Seletar / Yio Chu Kang)
Tenure99 years w.e.f. 21 December 2009 (≈82 years unexpired)
Zoning / Use≈Commercial and Residential (retail podium under housing)
Built FormTwo-storey open-air retail podium with basement carpark, below 12 five-storey residential blocks
Land Area / GFASite 226,044 sq ft; total GFA ≈29,400 sqm; retail NLA 43,724 sq ft
Completion Year2014
Nearest MRTYio Chu Kang NS15 and Buangkok NE15 (≈2.5–3 km); future Tavistock CR10 and Serangoon North CR9
Key Road AccessSeletar Road and Yio Chu Kang Road; CTE and TPE within ≈10 minutes
Transacted PSF Range≈S$3,000 – S$4,500 psf (benchmark; no public strata caveats)
Sale Price Range≈S$1.5 million – S$4.5 million per unit (benchmark)
Asking Rent Range≈S$11 – S$18 psf per month (recorded listing at S$14.00 psf)
Occupier BaseCS Fresh, Guardian, Anytime Fitness, food court, Cedele, Awfully Chocolate, The Coffee Bean and Tea Leaf, Toast Box, 7-Eleven, dental clinic, childcare and enrichment operators

Location & Connectivity

Greenwich V occupies the corner of Seletar Road and Yio Chu Kang Road, on the eastern shoulder of the Seletar Hills landed estate. The setting is unusually low-density for Singapore retail: landed housing on three sides, apartments directly above, and the Seletar Aerospace Park a short drive north.

Public transport is the honest weakness. The nearest operational stations are Yio Chu Kang on the North-South Line and Buangkok on the North East Line, both roughly 2.5 to 3 kilometres away and reached by feeder bus rather than on foot. Listings describing Fernvale LRT as walking distance overstate the position. Cross Island Line stations at Tavistock and Serangoon North will improve regional coverage, but neither lands at the door. Drivers do better, with the CTE and TPE inside a ten-minute run.

The catchment is local and vehicular, drawing on Seletar Hills, Jalan Kayu and the Fernvale housing belt, plus aerospace park staff at lunch. The Seletar Mall, some 1.5 kilometres away, takes the destination and cinema trade. Fernvale Primary, Rosyth and Pei Hwa Secondary underpin weekday enrichment and clinic demand.

Location of Greenwich V, 1 Seletar Road, Singapore 807011. Map data: Google Maps, accessed August 2026.

Building & Facilities

The podium runs to two retail levels over a basement carpark, completed in 2014 as the commercial component of a Far East Organization mixed development. The second storey is open to the sky rather than enclosed and air-conditioned. That gives the scheme its village character, but it also shapes the economics: upper-deck tenancies rely on shopfront cooling, and wet-weather footfall is softer.

Lifts and escalators serve both levels from the basement, with a small roof garden above. Common facilities are modest and suited to the scale. Units are handed over in bare or previous-tenant condition, with food and beverage lots served by grease interceptors and exhaust risers, and dry retail lots given basic power and sprinklers.

Due diligence should start with title. This podium reads as a consolidated commercial holding rather than a traded strata estate, so confirm at the Singapore Land Authority whether an individual strata lot exists and how shares are apportioned between residential and commercial. Fit-out, change of use and signage all require URA and landlord consent.

Unit Types & Floor Plan Notes

No published floor plate schedule exists, so the configurations below are reconstructed from recorded leasing stock, the tenant directory and comparable Far East neighbourhood malls. Expect an estimated 30 to 35 lots, weighted toward small frontage shops with one supermarket anchor.

Anchor Lot

≈8,000 – 10,000 sq ft

Supermarket-scale plate on the first storey with direct basement carpark and trolley access. Deep floor, limited frontage-to-area ratio, and the only lot with meaningful cold-room provision.

Corner F&B

≈700 – 900 sq ft

The recorded leasing benchmark at 753 sq ft. Two-sided frontage suited to café or bakery use, with grease trap and exhaust routed. Outdoor spill-out seating drives the value.

Standard Shop

≈400 – 600 sq ft

The workhorse lot for convenience retail, beauty and pharmacy-type trade. Regular plate, single shopfront, minimal storage. Rent per square foot sits at the top of the range.

Services Suite

≈1,000 – 1,500 sq ft

Upper-deck configuration favoured by enrichment centres, clinics and fitness operators. Lower footfall dependency, longer terms and partitionable depth make these the steadiest tenancies.

Retail net lettable area: 43,724 sq ft across two levels
Estimated lot count: ≈30 – 35 tenancies
Typical ceiling height: ≈3.2 – 4.0 m, first storey higher than upper deck
Indicative floor loading: ≈5.0 kN per sqm to retail areas
Carpark provision: 115 basement lots shared with residential occupiers

Investment Case

Greenwich V reads as a defensive neighbourhood income asset rather than a capital growth play. The tenant mix is weighted to groceries, food, health, childcare and fitness, categories that resist online substitution. Against that sit no rail connection, a small catchment and almost no transaction history to anchor pricing.

What Works

  • Captive demand from 319 apartments above and an affluent landed catchment.
  • Essential-services mix: grocery, pharmacy, clinic, childcare and gym anchor weekday trade.
  • Roughly 82 years unexpired, comfortably financeable and clear of lease-decay pricing.
  • Institutional-grade development and management by an established Singapore landlord.
  • Distinctive open-air format that differentiates it from the enclosed mall nearby.

What to Weigh Carefully

  • No station within walking distance; footfall depends on cars, buses and residents.
  • No verifiable strata sale record, so pricing is negotiated without comparables.
  • The Seletar Mall captures destination and one-stop grocery trade from the same catchment.
  • Open-air upper deck raises weather exposure and long-term waterproofing risk.
  • Only 115 basement lots serve shoppers and residents, binding at weekend peaks.

Who This Suits

The natural occupier converts residents rather than passers-by: an independent café, a dental or general practice, an enrichment centre, a veterinary or pet grooming operator, a beauty studio or a boutique fitness brand. On the ownership side it suits a long-hold private investor who values occupancy over liquidity, or a business owner who wants to occupy the space and hold it on the balance sheet. It is a poor fit for quick resale, for big-ticket discretionary retail, or for models needing transient MRT footfall.

Frequently Asked Questions

What uses are permitted in a unit at Greenwich V?
The podium carries commercial retail use, so shops, food and beverage outlets, clinics, beauty and wellness services, childcare and enrichment centres are all generally allowable subject to approval. Each category carries its own licence: the Singapore Food Agency for food handling, the Early Childhood Development Agency for childcare, and the Ministry of Health for medical or dental practice. Any change from one trade category to another usually requires written permission from the Urban Redevelopment Authority as well as landlord consent. Industrial processes, warehousing, dormitory use and residential conversion are not permitted within the retail podium under any circumstances.
Can foreigners or foreign companies buy commercial property here?
Yes. Commercial property falls outside the definition of residential property in the Residential Property Act, so foreign individuals and foreign-incorporated companies may acquire retail units without approval from the Singapore Land Authority. This is one of the structural attractions of strata commercial stock generally. Practical constraints sit with the banks rather than the law: foreign buyers typically face lower loan-to-value ceilings, shorter tenures and more documentation, and many lenders prefer a Singapore-incorporated holding company with a local director. Note that the apartments above the podium are residential and do carry ownership restrictions, so the two components must not be conflated.
Do ABSD or Seller’s Stamp Duty apply to a purchase at Greenwich V?
Neither applies to a purely commercial acquisition. Additional Buyer’s Stamp Duty is levied on residential property only, so a retail unit attracts no ABSD regardless of how many properties the buyer already owns or their nationality. Seller’s Stamp Duty likewise applies to residential and industrial property, not to commercial, so a retail unit can be resold at any point without a holding-period penalty. This absence of both charges is the single clearest tax advantage commercial stock holds over residential. Buyers should still confirm the transacted asset is wholly commercial, since mixed-component purchases are apportioned and the residential share is taxed separately.
How is Buyer’s Stamp Duty calculated on a commercial purchase?
Non-residential Buyer’s Stamp Duty runs on a tiered scale applied to the higher of purchase price or market value: one per cent on the first S$180,000, two per cent on the next S$180,000, three per cent on the next S$640,000, four per cent on the next S$500,000, five per cent on the next S$1.5 million, and six per cent on the balance. On a hypothetical S$3 million acquisition that produces roughly S$119,600 in duty. It is payable within fourteen days of the signed document and cannot be financed by the mortgage, so it must be provided for in cash alongside the deposit.
Is GST payable when buying or leasing a unit?
Commercial property is a taxable supply, so if the seller is registered for Goods and Services Tax then the prevailing nine per cent applies on the purchase consideration. Rent is treated the same way, which is why quoted asking rents should always be checked as inclusive or exclusive. A buyer registered for GST and using the property to make taxable supplies can usually recover the input tax, turning the charge into a timing rather than a cost issue, but the cash must still be funded at completion. Some transactions are structured as a transfer of a going concern; confirm eligibility with a tax adviser first.
How does the remaining lease affect financing?
With the term running ninety-nine years from December 2009, roughly eighty-two years remain in 2026. That is comfortably outside the range where lenders start discounting, and well clear of the sixty-year threshold at which many banks tighten valuation and tenure. Expect commercial mortgage terms of up to eighty per cent loan-to-value for owner-occupiers and typically less for pure investment holdings, with tenures of twenty to thirty years. Individual borrowers remain subject to the Total Debt Servicing Ratio; corporate borrowers are assessed on company financials instead. CPF savings cannot be applied to commercial property at any point.
What rental yield should a buyer realistically model?
Recorded leasing evidence at the podium sits around S$14.00 per square foot per month, within an estimated building range of S$11 to S$18 depending on level, frontage and trade category. Set against a benchmark capital value of S$3,000 to S$4,500 per square foot, that implies a gross yield in the region of four to five per cent. After property tax, service charge, agency fees, insurance and a realistic vacancy allowance, a net figure of roughly three to three point eight per cent is a more defensible planning assumption. Any pro forma should stress-test a six-month void between tenancies.
Is the building’s age a concern in 2026?
At around twelve years old the podium is young by the standards of Singapore’s strata retail stock, much of which dates from the 1970s and 1980s. Structure, fire systems and lifts should all be well within service life. The specific watch item is the open-air upper deck, where waterproofing membranes, drainage falls and external finishes weather faster than in an enclosed mall and typically need attention between years twelve and twenty. A technical survey should cover deck waterproofing, escalator and lift condition, grease line integrity and the adequacy of the sinking fund against upcoming cyclical works.
What are the en-bloc or redevelopment prospects?
Remote, and buyers should not price for it. The retail podium is the commercial component of a mixed development that includes 319 apartments, so a collective sale would in practice require the residential subsidiary proprietors to act together with the commercial owner under the Land Titles Strata Act. Development potential is largely spent, the lease has eight decades to run, and the surrounding zoning is low-density landed housing that limits any uplift in permissible intensity. Value here has to come from rental income and lease management, not from a redevelopment event within any realistic holding period.
How adequate is parking and loading for occupiers?
The development provides 115 basement lots, shared between shoppers and residents of the apartments above. For a podium of roughly 43,700 square feet that ratio is adequate on weekday mornings but tightens noticeably at weekend and dinner peaks, particularly given how car-dependent the catchment is. Loading and refuse handling run through a single basement route, so heavy delivery schedules generally need to be booked outside trading hours. Food and beverage operators should verify grease trap capacity, bin centre distance and any restriction on delivery vehicle height before signing, since these constraints are difficult to engineer around later.
What maintenance or management charges should be budgeted?
No published schedule exists for the podium, so budget an indicative S$1.20 to S$1.80 per square foot per month as a planning figure, benchmarked against comparable suburban mixed-use retail. Where the podium is held as a single commercial estate, occupiers typically pay a service charge under the lease rather than a management corporation levy, which changes who controls the budget and how increases are passed on. Ask specifically whether a promotional or marketing levy is billed separately, how the sinking fund is apportioned between residential and commercial, and what the escalation history has looked like over recent years.
How liquid is a resale in this building?
Thin, and this is the most important caveat in the report. No public strata caveats for the retail podium could be identified, which suggests the commercial component is held and leased as a consolidated estate rather than traded lot by lot. Where individual strata lots do exist, the buyer pool for suburban neighbourhood retail is narrow compared with strata industrial or central office. Expect an extended marketing period, difficult price discovery without comparables, and an exit most likely to an owner-occupier business or a yield-focused private investor rather than to an institutional purchaser.
Which business types perform best in a podium like this?
Trades that convert residents on repeat visits rather than capturing passing traffic. Grocery and convenience, bakeries and cafés, casual dining with delivery capability, dental and general practice, physiotherapy, optical, hair and nail services, pet grooming and veterinary care, tuition and enrichment, and boutique fitness all fit the catchment profile well. Categories that struggle are those requiring high transient footfall or destination pull: fashion, electronics, furniture, and anything reliant on impulse purchase volume. Operators should model a catchment measured in thousands of nearby households rather than the tens of thousands an MRT-linked mall would deliver.

Disclaimer: This review is prepared for general information only and does not constitute valuation, investment, tax or legal advice. Figures marked with the ≈ symbol are estimates derived from comparable evidence and published benchmarks rather than verified records, and areas, tenure, pricing and rental levels must be independently confirmed against title documents, the approved strata plan and current agency records before any commitment. Neither the publisher nor the research desk accepts liability for loss arising from reliance on this material. Street View and map imagery is supplied by Google and may not reflect current conditions.

© 2026 SG Commercial Property Insights. All rights reserved.

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