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Havelock II Review

Havelock II Review
Commercial & Retail Property Review — District 01

Havelock II

A 1980s Singapore River mixed-use block offering rare strata retail, F&B and office ownership, minutes from Clarke Quay and Chinatown MRT.

SGCPI Research Desk Updated August 2026 2 Havelock Road, Singapore 059763 99-YR LEASEHOLD FROM 1983

Street-level view of Havelock II, 2 Havelock Road, Singapore 059763. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameHavelock II
Address2 Havelock Road, Singapore 059763
DistrictDistrict 01 — Boat Quay / Raffles Place / Marina / Singapore River
Tenure99-year leasehold from 1983 (≈56 years remaining)
Zoning / UseCommercial — retail, F&B and office strata units
Built Form7-storey mixed-use commercial podium
Land Area / GFALand ≈4,213 sqm / GFA ≈16,447 sqm
Completion Year≈1985
Nearest MRTClarke Quay (NE5), Chinatown (NE4 / DT19), Tanjong Pagar (EW15)
Key Road AccessEu Tong Sen Street, New Bridge Road, Central Expressway (CTE)
Transacted PSF Range≈S$1,650 – S$5,150 psf
Sale Price Range≈S$500,000 – S$2.1 million
Asking Rent Range≈S$4.50 – S$6.50 psf/month
Occupier BaseRetail shops, F&B kiosks, FairPrice supermarket, tuition/training operators, small offices and law-adjacent firms

Location & Connectivity

Havelock II sits on Havelock Road at the fringe of Chinatown and the Singapore River precinct, placing it within a compact triangle of Clarke Quay, Chinatown and Outram-area commerce. The immediate frontage carries steady daytime and evening footfall from office workers, tourists and residents of the surrounding Chinatown Point and People’s Park cluster, which helps sustain a base level of retail and F&B demand for ground-level and basement units in the building.

Connectivity is a genuine strength. Clarke Quay MRT (NE5) is roughly a two-minute walk from the building’s main entrance, while Chinatown MRT (NE4/DT19) is about four minutes away, giving occupiers North East Line and Downtown Line access within a short stroll. Tanjong Pagar MRT and the East-West Line are reachable within a ten-minute walk or a short bus ride, and several bus services stop directly outside or across the road. Drivers benefit from quick links to the Central Expressway and onward to Marina Coastal Expressway, Ayer Rajah Expressway and the wider CBD road network.

Within a five-minute radius, occupiers can reach Chinatown Point, Clarke Quay Central and People’s Park Centre for banking, F&B and retail support, along with a FairPrice supermarket and several seafood and wet-market operators nearby. This density of amenities makes the building practical for small business owners and staff who want lunch, banking and transport options within walking distance, rather than a purely destination-driven commercial address.

Location of Havelock II, 2 Havelock Road. Map data: Google Maps, accessed August 2026.

Building & Facilities

Havelock II is a low-rise, seven-storey mixed-use commercial podium completed in the mid-1980s, combining ground and basement retail, a supermarket anchor, F&B units and upper-floor office space within a single strata-titled block. The floor plate is subdivided into a large number of small-format units — reported at roughly 98 retail units, 51 F&B units, 94 office suites and one supermarket lot — which gives the building unusually granular ownership and a wide spread of individual landlords rather than a single institutional owner.

Common facilities are functional rather than lavish, reflecting the building’s age: lift lobbies, shared toilets, loading and car park provision, and centralised air-conditioning serving office floors. Several listings note basic amenities such as water points, exhaust provision and floor traps within office units, along with paid car park access after office hours. Corridors and common areas show visible signs of a 1980s fit-out, and unit condition varies significantly depending on how recently an individual owner has renovated.

Prospective buyers and tenants should treat due diligence here as building-specific rather than developer-specific, since the strata structure means maintenance standards, cleanliness and upkeep can differ noticeably between floors. A physical inspection of the specific unit, common corridors, lifts and any shared mechanical and electrical systems is strongly advised before committing, together with a check of the MCST’s reserve fund position and any planned upgrading works.

Unit Types & Floor Plan Notes

Havelock II’s strata layout produces four broad categories of space, each suited to a different type of occupier. Sizes are compact by CBD standards, which keeps quantum accessible but also caps the scale of business that can comfortably operate from a single unit without combining lots.

Retail — Ground & Basement

≈160–200 sq ft

Compact shopfronts suited to concept retail, kiosks and specialty stores relying on passing footfall from Chinatown and Clarke Quay.

F&B Units

≈300–900 sq ft

Café, cooked-food and casual dining formats, several with kitchen exhaust provision, clustered mainly around the basement and ground levels.

Office Suites

≈330–1,250 sq ft

Small self-contained offices on the upper floors, popular with tuition centres, training providers and professional services firms.

Supermarket / Anchor Lot

≈1 large format lot

A single larger anchor unit historically occupied by a FairPrice-format supermarket, helping to draw regular daytime traffic through the block.

Ceiling height: ≈2.6–2.8m typical, standard for a 1980s commercial fit-out
Air-conditioning: Centralised system serving office floors; split units in some retail/F&B lots
Loading & parking: On-site loading bay and paid car park, subject to hourly and after-hours rates
Lift provision: Passenger lifts serving all seven floors from a shared ground-floor lobby
Typical tenure on sale: Strata title, individually mortgageable subject to remaining lease

Investment Case

Havelock II appeals primarily to owner-occupiers and smaller investors seeking a low-quantum foothold in District 1 rather than institutional-grade office exposure. Its case rests on location and affordability rather than building specification.

What Works

  • Two MRT lines within a five-minute walk, unusual for a District 1 strata block at this price point
  • Low absolute quantum compared with newer CBD-fringe commercial developments
  • Mixed retail, F&B and office tenant mix supports diversified rental demand
  • Established footfall corridor between Chinatown, Clarke Quay and the CBD
  • Strata ownership allows flexible entry sizes for smaller investors

What to Weigh Carefully

  • Building is now roughly four decades old, with dated common areas
  • Remaining lease of ≈56 years will affect financing and eventual resale terms
  • Fragmented strata ownership can slow consensus on upgrading or en-bloc decisions
  • Small unit sizes limit tenant profile to compact operators, not larger corporates
  • PSF and rental spreads are wide, so pricing individual units needs careful comparison

Who This Suits

Havelock II is best suited to owner-occupiers running tuition centres, training academies, small professional practices or specialty F&B and retail concepts that value walk-to-MRT convenience over a premium building specification. It also suits smaller investors seeking a District 1 strata asset at an accessible quantum, where rental yield rather than capital appreciation is the primary objective. It is less suited to larger corporates needing contiguous floor plates, or to buyers prioritising a modern, single-owner-managed building with newer mechanical and electrical systems and stronger MCST reserves.

Frequently Asked Questions

What is Havelock II zoned for, and what businesses can operate there?
Havelock II is zoned commercial, with strata units approved for retail, F&B and office use depending on the specific lot. Historically, uses have ranged from tuition and training centres to law-adjacent professional services, retail shops, cafés and a supermarket anchor. Some use changes — for example converting an office unit to a clinic or medical service — require a formal change-of-use application to the Urban Redevelopment Authority (URA) before operating, since the approved use is tied to the unit rather than the building as a whole. Prospective buyers or tenants should always verify the specific unit’s approved use with URA or the seller’s agent before signing, rather than assuming flexibility across the whole development.
Can foreigners buy a unit at Havelock II?
Yes. Havelock II is a commercial property, and Singapore’s Residential Property Act restrictions on foreign ownership apply only to residential land and housing, not to commercial or industrial strata units. Foreign individuals and foreign-owned companies can generally purchase retail, F&B and office units here without prior government approval, subject to normal conveyancing and financing checks. This is one of the reasons small commercial strata developments in District 1 attract a mix of local and foreign buyers looking for a low-quantum entry point. As always, buyers should still engage a conveyancing lawyer to confirm title, remaining lease and any encumbrances before committing to a purchase.
Does Additional Buyer’s Stamp Duty (ABSD) apply to a Havelock II purchase?
No. ABSD in Singapore applies specifically to residential property purchases and does not extend to commercial or industrial units such as those at Havelock II. Buyers — whether Singapore citizens, permanent residents, foreigners or companies — pay only the standard Buyer’s Stamp Duty on a commercial strata purchase here, without the additional percentage-based surcharges that apply to condominiums or landed housing. This is a key reason commercial strata units like those at Havelock II are attractive to investors who already own residential property and want to avoid triggering ABSD on a second or subsequent purchase. Always confirm current duty rates with IRAS at the time of transaction, as policy can change.
Is Seller’s Stamp Duty (SSD) a concern when reselling a unit?
Commercial and industrial properties in Singapore are generally not subject to Seller’s Stamp Duty, which historically has applied mainly to residential property and, at times, to industrial property within a specified holding period. As a commercial development, units at Havelock II can typically be resold without an SSD liability regardless of how quickly after purchase the sale occurs, though this removes one common brake on short-term flipping. Sellers should nonetheless confirm current IRAS rules at the point of sale, since duty frameworks are periodically reviewed, and should also factor in agent commissions, legal fees and any capital gains considerations under their personal tax position.
How is Buyer’s Stamp Duty (BSD) calculated on a purchase here?
Buyer’s Stamp Duty is payable on the purchase price or market value of a Havelock II unit, whichever is higher, using Singapore’s standard progressive BSD schedule that applies to all property types including commercial strata. Given typical unit prices in the S$500,000 to S$2.1 million range at Havelock II, buyers should budget for BSD calculated across the relevant tiered bands, which increase as the transacted value rises. BSD is due within 14 days of signing the sale and purchase agreement if executed in Singapore. Buyers should obtain an exact figure from their conveyancing lawyer or IRAS’s online calculator before finalising their budget, since rates are periodically revised.
Is GST charged on the sale or rental of a Havelock II unit?
GST treatment depends on the seller or landlord’s registration status rather than the building itself. If the vendor or lessor is GST-registered, GST is typically chargeable on the sale price or rental of a commercial unit at Havelock II, in addition to Buyer’s Stamp Duty, which does not apply GST. Several rental listings for the building explicitly note that rent quoted is subject to GST. Buyers and tenants should clarify upfront whether the quoted price or rent is GST-inclusive or exclusive, and factor this into total cost comparisons across competing units, since it can materially change the effective cost of occupancy or acquisition.
How does the remaining lease affect financing options?
With roughly 56 years remaining on its 99-year lease from 1983, Havelock II sits in a middle ground for financing: banks will generally still lend against it, but loan tenure and loan-to-value ratios are typically more conservative than for a freehold or newer leasehold commercial property. Most lenders cap the loan tenure so that the loan is fully repaid well before the lease expires, which can shorten the effective mortgage period for older buyers or later-stage purchases. Some banks also apply stricter valuation haircuts as the remaining lease shortens further over time. Buyers should obtain an in-principle approval early and compare terms across several banks before committing.
What rental yield can an investor realistically expect?
Based on recent asking data, monthly rents at Havelock II have ranged from roughly S$2,000 to over S$12,000 depending on unit size and use, translating to an asking rental rate of approximately S$4.50 to S$6.50 psf per month for typical office and retail lots. Against transacted prices of roughly S$1,650 to S$5,150 psf, this implies a gross yield generally in the range of ≈3% to 5% per annum before accounting for maintenance fees, property tax, vacancy periods and agent commissions. Actual achievable yield varies considerably by floor, unit condition and tenant type, so investors should model conservatively and stress-test for vacancy given the building’s age and fragmented ownership base.
Does the building’s age create maintenance or structural concerns?
Completed in the mid-1980s, Havelock II is now roughly four decades old, and buyers should expect ageing common infrastructure such as lifts, plumbing, electrical risers and air-conditioning plant serving shared areas. Individual unit condition varies widely since renovation has been left to each strata owner rather than coordinated centrally. This makes a hands-on inspection essential, covering signs of water ingress, electrical capacity for the intended use, and the condition of shared mechanical systems. Buyers should also review the Management Corporation Strata Title (MCST) records for any major repair history or upcoming capital works, as these can signal either a well-maintained asset or one facing deferred maintenance liabilities.
What are the odds of an en-bloc sale or redevelopment at Havelock II?
En-bloc potential at Havelock II is difficult to call with confidence. The building’s roughly 56 remaining years on its lease, its commercial (not residential) zoning, and its highly fragmented ownership across more than 240 strata lots across retail, F&B, office and anchor space make achieving the required owner consensus for a collective sale considerably harder than at a typical residential development. Commercial en-bloc sales in Singapore are also less common and less liquid than residential ones, as redevelopment economics depend heavily on the site’s zoning potential under URA’s Master Plan. Buyers should treat en-bloc upside as a low-probability, long-horizon possibility rather than a near-term investment driver.
What should I know about parking and loading access?
Havelock II provides an on-site car park with paid parking, along with a loading bay for deliveries and moving of goods, which is a practical consideration for F&B and retail operators receiving regular stock. Parking availability at older mixed-use buildings like this is typically limited relative to demand, especially during lunch and evening F&B peaks, so tenants dependent on customer parking should manage expectations and consider nearby public car parks as a supplement. Loading access hours and any restrictions on vehicle size should be confirmed directly with building management, as these details are not always listed in individual unit marketing materials and can affect day-to-day operations.
How much are MCST maintenance fees, and what do they cover?
As a strata-titled commercial development, Havelock II is managed by a Management Corporation Strata Title (MCST) that collects monthly maintenance fees from all unit owners to fund common area cleaning, security, lift servicing, common utilities and a sinking fund for major repairs. Exact fees vary by unit size and share value and are not uniformly published, so prospective buyers should request the latest maintenance fee schedule and sinking fund statement from the seller or managing agent before purchase. Given the building’s age, buyers should pay particular attention to the sinking fund balance and any planned major works, since underfunded reserves can lead to special levies on owners later.
How liquid is the resale market for units at Havelock II?
Resale liquidity at Havelock II is moderate rather than deep. The building’s large number of small strata lots means transactions occur reasonably regularly, particularly for compact retail and office units in the sub-S$1 million range, which attract a wider pool of owner-occupier and small-investor buyers. Larger units, higher floors, and F&B lots requiring specific fit-outs tend to see fewer comparable transactions and can take longer to sell at an optimal price. Buyers planning an eventual exit should favour more commonly sized units and be realistic about holding periods, since a shrinking remaining lease over time will also gradually affect financing terms available to a future buyer.

This article is provided for general informational purposes only and does not constitute financial, legal or investment advice. Figures marked with “≈” are reasoned estimates based on publicly available listing and transaction data at the time of research and may not reflect current market conditions. Readers should conduct independent due diligence, verify all figures with official sources such as URA and IRAS, and consult qualified professionals before making any purchase, leasing or investment decision.

© 2026 SG Commercial Property Insights. All rights reserved.

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