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Royal Group Building Review

Commercial Property Review — District 01

Royal Group Building

A boutique 999-year leasehold office tower anchoring the heart of Raffles Place

SGCPI Research Desk Updated 25 August 2026 3 Phillip Street, Singapore 048693 999-YR LEASEHOLD

Street-level view of Royal Group Building, 3 Phillip Street, Singapore 048693. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameRoyal Group Building
Address3 Phillip Street, Singapore 048693
DistrictDistrict 01 — Raffles Place / Boat Quay / Marina
Tenure999-year leasehold
Zoning / UseCommercial — Office & Retail
Built Form19-storey office tower with ground-floor retail podium
Land Area / GFA≈45,000 sq ft GFA
Completion Year≈1985
Nearest MRTRaffles Place (NS26/EW14), Telok Ayer (DT18)
Key Road AccessShenton Way, Raffles Quay, AYE, Marina Coastal Expressway
Transacted PSF Range≈S$2,800 – S$3,300 psf
Sale Price Range≈S$1.5M – S$4.8M
Asking Rent RangeS$9,500 – S$15,200 / month
Occupier BaseBoutique finance, family offices, legal & consulting firms, trading houses, ground-floor F&B/retail

Location & Connectivity

Royal Group Building occupies a prime address at 3 Phillip Street, tucked into the historic core of Raffles Place within Singapore’s Downtown Core planning area. The building sits amid a dense cluster of Grade A towers, boutique offices and heritage shophouses that together form the financial and legal heart of the Central Business District. Its position places tenants within walking distance of One Raffles Place, OCBC Centre and the broader Boat Quay riverside precinct, giving the address genuine CBD prestige without the footprint or overhead of a Grade A skyscraper.

Connectivity from Royal Group Building is exceptional by any CBD benchmark. Raffles Place MRT interchange, served by the North-South and East-West Lines, sits within a few minutes’ walk, while Telok Ayer MRT on the Downtown Line adds a third interchange option nearby. This triple-line access means staff and visitors arriving from Jurong East, Woodlands, Punggol or Changi can reach the building without transferring more than once. Motorists benefit from quick links onto Shenton Way, Raffles Quay and the Ayer Rajah Expressway, while the Marina Coastal Expressway offers a fast route to the airport and the eastern half of the island.

Amenities cluster densely around the building. Golden Shoe Car Park, The Arcade and Far East Square all sit within a short stroll, offering a spread of food courts, specialty coffee and quick-service dining that suits a lunchtime workforce. Market Street Food Centre and the eateries along Circular Road provide an easy after-hours option for client entertaining or team dinners. Retail needs are met by One Raffles Place and CIMB Plaza, while several banks, including a flagship OCBC branch, sit practically on the doorstep — useful for businesses that still handle a meaningful volume of over-the-counter transactions.

Location of Royal Group Building. Map data: Google Maps, accessed August 2026.

Building & Facilities

Royal Group Building rises 19 storeys above a compact retail podium, with 30 basement and surface carpark lots serving tenants and visitors — a genuine convenience in a district where parking is otherwise scarce and expensive. Floor plates are modest by CBD standards, which historically has suited boutique financial firms, family offices, trading houses and professional-services outfits that want a CBD address without leasing an entire floor. Passenger lifts serve all levels, and the ground floor carries a run of retail and F&B units that keep the building active outside standard office hours.

Common areas are functional rather than lavish, reflecting the building’s age and its positioning as a value CBD address rather than a trophy tower. Tenants moving in typically encounter bare or lightly fitted units, giving flexibility to fit out according to brand and workflow needs, though this also means budgeting for cabling, partitioning and air-conditioning distribution as part of any relocation. Building management operates standard office hours for common services, with after-hours and weekend access typically arranged through the managing agent.

Prospective occupiers and investors are strongly encouraged to commission an independent building survey and to verify current fire-safety certification, lift maintenance records and any outstanding MCST matters before committing to a purchase or long lease. As with any building of this vintage in the CBD, mechanical and electrical systems will have gone through multiple rounds of upgrading, and condition can vary meaningfully floor to floor depending on individual owners’ fit-out history.

Unit Types & Floor Plan Notes

Royal Group Building offers a mix of small to mid-sized office suites well suited to lean teams, alongside ground-floor retail units that benefit from the building’s footfall at the corner of Phillip Street. The four indicative unit types below illustrate the range currently seen in the market, though exact configurations vary by floor and by individual owner’s fit-out.

Compact Office Suite

≈500 – 800 sq ft

Entry-level suites suited to small teams, satellite offices or family offices seeking a CBD registered address without a large footprint.

Mid-Sized Office Floor

≈800 – 1,500 sq ft

A popular size band for boutique financial, legal and consulting firms that need meeting rooms alongside open workstations.

Full-Floor Office

≈1,800 – 2,500 sq ft

Suited to established firms consolidating from multiple smaller units, with the option to reconfigure the whole floor plate.

Ground-Floor Retail / F&B

≈300 – 700 sq ft

Street-facing units that benefit from pedestrian flow along Phillip Street and proximity to Raffles Place MRT exits.

Typical Ceiling Height: ≈2.6m
Floor Loading: ≈2.5 kN/m² (standard office loading)
Lift Provision: Passenger lifts serving all levels
Car Park: 30 lots (basement/surface)
Air-Conditioning: Central system, tenant-controlled within units

Investment Case

For investors, Royal Group Building represents a lower-quantum entry point into a genuine Raffles Place postcode — a rare combination given how few strata-titled CBD office buildings remain at this scale. The case rests on land scarcity and long-run rental demand rather than on modern building specification, so weighing the trade-offs carefully matters more here than for a newer Grade A asset.

What Works

  • Rare strata-titled ownership in a true Raffles Place / District 01 address
  • 999-year leasehold removes the lease-decay concern common to newer 99-year projects
  • Triple MRT-line access (NS, EW and DT lines) within walking distance
  • Lower entry quantum than comparable Grade A CBD towers, supporting yield
  • On-site car park is a genuine advantage in a district where parking is otherwise scarce

What to Weigh Carefully

  • Building age means common areas and M&E systems trail newer developments
  • Smaller, older floor plates may not suit larger corporates seeking Grade A specification
  • Fit-out condition varies significantly by unit depending on individual owners’ history
  • Rental and resale liquidity depends on broader CBD office demand cycles
  • MCST fees and any deferred maintenance should be confirmed before purchase

Who This Suits

Royal Group Building suits boutique financial firms, family offices, legal practices, trading houses and digital or consulting outfits that want a defensible Raffles Place address without committing to Grade A rents. It is equally relevant to investors seeking a modestly priced, strata-titled CBD office asset for rental income, given the long leasehold term and steady tenant demand typical of District 01. Larger corporates seeking contiguous floor plates, modern floor-to-ceiling glazing or BCA Green Mark specification are likely better served by newer Grade A towers nearby, but for tenants prioritising address and connectivity over building age, Royal Group Building remains a credible, cost-efficient option.

Frequently Asked Questions

What is Royal Group Building zoned for, and what business activities are permitted?
Royal Group Building sits within the Downtown Core, zoned for commercial use under the Urban Redevelopment Authority’s Master Plan. Units are approved for office and retail activities, covering professional services, financial and trading firms, consultancies, and ground-floor F&B or retail concepts. Manufacturing, heavy storage, or activities generating significant noise, odour or industrial traffic are not permitted under this zoning. Businesses considering a fit-out involving food preparation, medical use or anything beyond standard office operations should verify permitted use with URA and the building’s MCST before signing a lease, since some activities may require additional change-of-use approval even within a commercial-zoned building.
Can foreigners buy a unit at Royal Group Building?
Commercial property in Singapore, including strata office and retail units at Royal Group Building, is generally open to foreign individuals and foreign-owned entities without the restrictions that apply to residential property under the Residential Property Act. There is no approval requirement specific to non-landed commercial purchases of this kind, and financing is available from most local and foreign banks operating in Singapore, subject to normal credit assessment. Foreign buyers should still budget for stamp duty considerations that may apply depending on structure, engage a Singapore-qualified conveyancing lawyer, and confirm financing eligibility early, since loan terms can differ for non-resident purchasers compared with citizens and permanent residents.
Does Additional Buyer’s Stamp Duty (ABSD) apply to a purchase here?
Additional Buyer’s Stamp Duty in Singapore is levied primarily on residential property purchases and does not apply to commercial units such as those at Royal Group Building. This is one of the structural attractions of commercial real estate for both local and foreign investors, since it removes a layer of upfront cost that residential buyers face, particularly on second and subsequent purchases or as a foreign buyer. Buyers should still confirm current treatment with a conveyancing lawyer or IRAS before transacting, as stamp duty rules are periodically revised, and should not assume commercial exemption extends automatically to any mixed-use or hybrid title component within a development.
What about Seller’s Stamp Duty (SSD) if I want to sell within a few years?
Seller’s Stamp Duty applies to residential property disposed of within a specified holding period and, like ABSD, is not a general feature of commercial property transactions such as a purchase at Royal Group Building. This gives commercial owners more flexibility to sell within a shorter timeframe without incurring an SSD penalty, which can matter for investors running an opportunistic or shorter-hold strategy. That said, any capital gains treatment, GST implications on disposal for GST-registered entities, and the underlying sale and purchase agreement terms should still be reviewed with a property lawyer, since transaction costs beyond stamp duty can still affect net returns on a short hold.
How is Buyer’s Stamp Duty (BSD) calculated on a unit here?
Buyer’s Stamp Duty applies to all property purchases in Singapore, including commercial units at Royal Group Building, calculated on a tiered percentage of the purchase price or market value, whichever is higher. Rates increase progressively at higher price bands, so buyers should factor BSD into their total acquisition budget alongside legal fees, valuation costs and any financing arrangement fees. Unlike ABSD, BSD is payable regardless of buyer nationality or number of properties owned, and applies uniformly to residential and non-residential purchases. Prospective buyers should request an up-to-date BSD calculation from their conveyancing lawyer before making an offer, since rates are periodically revised by the authorities.
Is GST charged on the purchase price or on rental income?
Commercial property transactions can attract Goods and Services Tax depending on the seller’s GST-registration status and the nature of the sale. If the seller is a GST-registered entity transacting in the course of business, GST may be chargeable on the sale price of a unit at Royal Group Building, in addition to Buyer’s Stamp Duty. Rental income from commercial units is also generally subject to GST if the landlord is GST-registered and turnover exceeds the registration threshold. Buyers and investors should clarify GST treatment with their accountant or tax adviser early in the process, as it materially affects total acquisition cost and ongoing rental yield calculations.
How does the 999-year leasehold affect financing compared with a shorter-lease building?
Royal Group Building holds a 999-year leasehold tenure, which in practical financing terms behaves like freehold and removes the loan-tenor restrictions that typically apply to shorter leasehold commercial properties. Banks generally cap loan tenure so that the remaining lease at loan maturity clears a minimum threshold, which can meaningfully shorten financing terms — and therefore raise monthly instalments — on buildings with 30- or 60-year leases nearing expiry. Because Royal Group Building’s lease term is effectively unconstrained for financing purposes, buyers should find loan tenure and loan-to-value terms comparable to those available for freehold commercial property, though actual terms still depend on individual bank credit assessment.
What kind of rental yield can an investor expect?
Based on current market data, asking rents at Royal Group Building range roughly from S$9,500 to over S$15,000 per month depending on unit size and floor, translating to an indicative rental PSF in the single digits, consistent with an older, strata-titled CBD office building rather than a Grade A tower. Actual gross yield depends heavily on purchase price, unit size and negotiated rent, so buyers should benchmark against comparable District 01 strata offices when underwriting a deal. As with any income property, net yield should account for MCST fees, property tax, agent commissions and periodic vacancy between tenancies, rather than relying on gross rent alone.
How does the building’s age affect its appeal to tenants?
Royal Group Building is an established fixture of the Raffles Place skyline, with a building age that places it among the older strata office stock in District 01 rather than among recent completions. This age profile means common-area finishes, lift systems and mechanical services will generally trail newer developments, and individual units can vary considerably in fit-out condition depending on each owner’s renovation history. Buyers and tenants should request maintenance records, recent MCST minutes and any planned capital works from the managing agent before committing, since older buildings periodically require lift modernisation, façade works or M&E upgrades that can affect maintenance fees.
What are the odds of an en-bloc or redevelopment sale?
En-bloc potential for Royal Group Building should be assessed cautiously. Collective sale requires owners representing at least 80% of share value (for developments over ten years old) to agree, a threshold that is often harder to reach in mixed-use commercial buildings with many small, independent strata owners than in purely residential developments. There is no public indication of an active or imminent collective sale process at Royal Group Building. Investors should treat any redevelopment upside as a long-dated, low-probability scenario rather than a core part of the investment case, and instead underwrite the purchase primarily on rental income and the strength of the underlying Raffles Place location.
Is there parking and loading access for tenants and visitors?
Royal Group Building provides 30 carpark lots across its basement and surface areas, a genuine convenience given how limited and costly parking is elsewhere in the immediate Raffles Place area. This supports occupiers who need to receive clients by car or who require occasional vehicle access for deliveries, though the building’s ground-floor retail and office configuration means it is not designed for heavy loading or freight activity. Businesses with regular bulk deliveries or equipment moves should coordinate loading and lift access with the managing agent in advance, as scheduling and lift-usage rules typically apply during business hours to minimise disruption to other tenants.
What should I know about MCST maintenance fees before buying?
As a strata-titled development, Royal Group Building is managed by a Management Corporation Strata Title (MCST) that collects monthly maintenance fees from unit owners to cover common-area upkeep, lift servicing, security, cleaning and building insurance. Fees vary by unit share value and are typically higher, proportionally, in older buildings that require more frequent servicing or that are planning capital works such as lift replacement or façade repairs. Prospective buyers should request the latest MCST accounts, minutes of recent AGMs and any sinking-fund position before purchase, since an underfunded sinking fund can translate into a special levy on all owners if major works become necessary.
How liquid is the resale market, and which businesses suit this building best?
Resale liquidity for strata units at Royal Group Building tends to track broader demand for smaller, lower-quantum CBD office space, which has historically found a steady base of buyers among owner-occupier professional firms and yield-seeking investors, even if transaction volumes are thinner than for larger integrated developments. The building suits businesses that value address and connectivity over floor plate size or building specification — boutique financial and legal practices, trading firms, family offices, consultancies and digital agencies are typical occupiers. Larger corporates needing contiguous space across multiple floors, or businesses requiring heavy technical infrastructure, are generally better matched to newer Grade A towers elsewhere in the CBD.

This article is provided for general informational purposes only and does not constitute financial, investment, legal or tax advice. Figures cited, including pricing, rental and specification data, are indicative estimates compiled from publicly available sources and are subject to change without notice. Prospective buyers and tenants should conduct independent due diligence and consult qualified professionals before making any property decision.

© 2026 SG Commercial Property Insights. All rights reserved.

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