$340k for an apartment? Here are 6 surprisingly affordable homes you can find in old shopping malls

While we’ve yet to see the results from Lentor Modern, we’ve seen from the sales figures of integrated projects like Piccadilly Grand and Pasir Ris 8 that Singaporean’s just love their convenience.

But given the high prices of these projects (you’d surely expect to pay a premium for new builds), are there alternatives out there?

Enter the world of old shopping centres with attached residential components. Some are more famous than others, but for most, you may be surprised that these old malls actually have residential units that you can buy. Don’t expect there to be much facilities (if any), neither would there be the latest shops for you to peruse. 

Nonetheless, some of the prices here are more affordable than you think – and there could be further value as these mixed-use plots slowly go en bloc (see Peace Centre). We’ve recently done the freehold version, but if you are looking for even more affordable options, here are some of the oldest malls in Singapore that you can actually stay in: 

1. Bedok Shopping Complex

Location: Bedok Road (District 16)

Developer: Unknown 

Lease: 60 years from 1977 

Completion: 1977 

Number of units: 33

Most Recent Transactions

For most people, seeing the price transactions at Bedok Shopping Complex is always one of shock. The most recent one being a 1,216 sq. ft. unit that transacted in Oct 2021 for a stunningly low $280 psf – that’s just $340,000 total. 

As always though, when things seem to good to be true, it usually is. The mystery is cleared up when you find out that the lease is just 60 years, so Bedok Shopping Complex has a remaining lease of just 15 years left. 

Nevertheless, this is a small development that isn’t much of a looker. But if you are a foodie, this place has some serious merit. Bedok Marketplace has a lot of food options like Spize, Jalan Tua Kong Ah Lim Meepok Noodle, and Simpang Bedok Hawker Centre. There is also a 24 hour Giant supermarket here, and East Village across the road has various other food outlets as well. 

Tanah MRT station on the EW line is about a 9-minute walk away, which is not too bad as well. 

2. People’s Park Complex

Location: 1 Park Road (District 1)

Developer: Unknown 

Lease: 99-years

Completion: 1973 

Number of units: 291

Most Recent Transactions

Date	Address	Size (Sqft)	Price ($PSF)	Price (S$)
July 29, 2022	1 PARK ROAD #23-XXX	1,604	949	1,522,000
July 8, 2022	1 PARK ROAD #19-XXX	1,119	992	1,110,000
June 8, 2022	1 PARK ROAD #28-XXX	463	1,372	635,000
May 9, 2022	1 PARK ROAD #31-XXX	1,173	1,108	1,300,000
March 9, 2022	1 PARK ROAD #17-XXX	1,119	862	965,000

We don’t know how long People’s Park Complex will be around; while sufficient approval has been found for an en-bloc, we understand there’s been no takers to date. Nonetheless, we can’t make this list complete without People’s Park Complex, which has long been the number one performing property for sheer rental yield. 

(Seriously, we’ve never seen any property seize the number one spot from it, year after year). 

There’s no question that this is an old icon in Singapore. At the time it was built, it was Singapore’s largest and first atrium in a shopping centre (that’s how old it is). And here’s an interesting tidbit for you – People’s Park Complex was built at a cost of just $12 million back in those days! (Not accounting for inflation). 

Whether you want to rent it out, or live in it yourself, People’s Park Complex is probably the cheapest way to live near the CBD. In July 2022, for instance, a sizeable 1,604 sq. ft. unit transacted for just $1.52 million. In June 2022, a one-bedder here (463 sq. ft.) transacted at the low, low price of $635,000 (and now you know why People’s Park Complex has never been beaten for rental yield). 

As an interesting aside, the maintenance fees for People’s Park Complex can be as low as $100 per month, excluding parking (as this is one of the few privately owned car parks still remaining in Singapore). 

People’s Park Complex has also got to be one of the most well-connected developments around. It is right across the road from Chinatown MRT station (DTL, NEL), and walking distance to Outram Park MRT station (TEL, EW) and its vast stretch of late-night eateries. 

As you might expect, there’s a catch: apart from the hovering risk of an en-bloc sale, People’s Park Complex is run down. To be blunt, the building looks hideous on the inside and out, the elevators have a reputation for breaking down, and the commercial component is dominated by massage parlours (not all of them are seedy though, in fact most are genuine foot reflexology spots). 

But if you really must live near the CBD, and you have a tight budget and aren’t fussy, this may be worth a look.  

3. Sherwood Towers/Bukit Timah Plaza

Location: 1 Jalan Anak Bukit (District 21)

Developer: Unknown 

Lease: 99-years 

Completion: 1980 

Number of units: 269

Most Recent Transactions

Date	Address	Size (Sqft)	Price ($PSF)	Price ($)
Aug 5, 2022	3 JALAN ANAK BUKIT #02-XX	1,518	809	1,228,000
June 24, 2022	3 JALAN ANAK BUKIT #25-XX	1,539	942	1,450,000
25 May 25, 2022	1 JALAN ANAK BUKIT #08-XX	1,701	835	1,420,000
March 9, 2022	3 JALAN ANAK BUKIT #27-XX	1,539	942	1,450,000
Sept 6, 2021	3 JALAN ANAK BUKIT #07-XX	657	1,066	700,000

Bukit Timah Plaza was the very first shopping mall in the neighbourhood; and it has the distinction of being the first major mixed-use project located outside the city centre. To clarify, Sherwood Towers is the name of the residential portion of Bukit Timah Plaza. 

Note that unlike many of the projects on this list, Sherwood Towers does have a pool, gym, playground, function room, and table tennis; but these are not as grand or lavish as you may find in a full-blown condo. Still, it’s much better than what you’d find in most old mixed-use developments. Also, Sherwood Towers is not build directly on top of the mall component, but adjacent to it – the two are connected via a bridge. 

Bukit Timah Plaza certainly is no cutting-edge mall. There’s some food options, tuition centres and the like, but you do have a 24 hour NTUC Fairprice Finest. 

Bukit Timah Plaza is also close to Ngee Ann Polytechnic, which is just across the road. The mall at KAP, while small, does have a decent number of eateries, as well as a small cinema. There is also the upcoming Jalan Anak Bukit integrated project to look forward to, and the mixed-use Linq @ Beauty World. 

In May 2022, a 1,701 sq. ft. unit here transacted at a mere $1.42 million; a rather low sum for a Bukit Timah property of that size. 

4. Thomson Plaza

Location: Marigold Drive (District 20)

Developer: Unknown 

Lease: 99-years 

Completion: 1979 

Number of units: 20

Most Recent Transactions

There are no transactions in 2021 and beyond.

Unlike other condos in this list, the homes linked to Thomson Plaza isn’t actually sitting on top of the shopping mall that you may be familiar with. Instead, these are townhouses that are linked to the mall under the name “Marigold Mews”. Officially though, they’re registered as “Thomson Plaza” under URA records.

Thomson Plaza has been a mainstay in the area for a long time. It’s constantly crowded, as it is the only mall that serves the landed, private condos, and HDB units in the area. It’s here that you’d find numerous food and fast food options, and an NTUC Fairprice Finest. You do have quite a few options for dining here, and so unless you are hankering after a cinema, Thomson Plaza should satisfy the needs for most people. 

There’s also the stretch of shophouses along Upper Thomson, where there is quite a number of different food options. 

The last time a unit here was sold was in Oct 2018, when a massive 2,960 sq. ft. unit was transacted for just $598 psf or $1.77 million. 

While the heavy traffic at Upper Thomson has always been a concern, hopefully the opening of the Upper Thomson MRT station on the TEL line will serve to alleviate the traffic. 

5. International Plaza

Location: Anson Road (District 2)

Developer: Unknown 

Lease: 99-years 

Completion: 1976 

Number of units: 210

Most Recent Transactions

Date	Address	Size (Sqft)	Price ($PSF)	Price (S$)
Aug 25, 2022	10 ANSON ROAD #49-XX	1,604	1,221	1,958,000
March 24, 2022	10 ANSON ROAD #45-XX	1,033	1,258	1,300,000
Aug 23, 2021	10 ANSON ROAD #40-XX	1,033	1,142	1,180,000
May 12, 2021	10 ANSON ROAD #39-XX	1,033	1,161	1,200,000
Jan 5, 2021	10 ANSON ROAD #42-XX	1,496	1,138	1,702,000

With the modern and sleek Guoco Tower (Wallich Residence) next to it, International Plaza is often an overlooked development in the area. It’s a tough crowd to be able to stand out in, as with all the much newer office buildings around, and even Pinnacle @ Duxton nearby easily overshadows it. 

But aside from Pinnacle and Tanjong Pagar Plaza, International Plaza probably represents one of the most affordable places to be living in the CBD area. It was built in 1976, so it is getting on in years.

That said, recent prices here are still hovering around the $1,200 psf mark, and this is for a very high 49th floor one too (the lowest floor starts from the 37th anyway!). The development itself is quite feature packed, there are 962 shop units, offices, a strata-titled carpark and a strata-titled swimming pool.

There’s not much to say about the location that you may not already know. It’s next to Guoco Tower so you have nearly direct connectivity to Tanjong Pagar MRT station. Also, the area has a ton of food in and around the shophouses and various malls – so you will definitely never go hungry here. 

If you are looking for a unit here, it’s worth noting that International Plaza was put up for collective sale in April 2022 at a reserve price of $2.7 billion. 

6. Burlington Square

Location: Bencoolen Street (District 7)

Developer: Unknown 

Lease: 99-years 

Completion: 1998 

Number of units: 179

Most recent transactions

Date	Address	Size (Sqft)	Price ($PSF)	Price ($)
May 4, 22	175B BENCOOLEN STREET #05-XX	1,152	1,198	1,380,000
April 20, 22	175B BENCOOLEN STREET #15-XX	667	1,331	888,000
April 12, 22	175B BENCOOLEN STREET #09-XX	732	1,422	1,041,000
June 24, 21	175B BENCOOLEN STREET #14-XX	840	1,346	1,130,000
June 14, 21	175B BENCOOLEN STREET #07-XX	936	1,281	1,200,000

Source: Squarefoot Research

Burlington Square is one of those commonly overlooked malls, perhaps because there is a much more famous neighbour next to it – Sim Lim Square. 

Out of all the developments on this list, Burlington Square is by far the newest of them all as it was only built in 1998. It’s part of District 7, which is undergoing a significant transformation with Guoco Midtown, The M, and Shaw Towers set to form a new skyline. 

While Burlington Square is located a little further from the main action, you can see how there would have to be some form of transformation here in the future. Sim Lim Square, The Bencoolen, Fu Lu Shou Complex, and Albert Centre are all getting on in years. 

As of now, Burlington Square still represents one of the more affordable places to own a home in this part of town. The most recent transaction was at $1,198 psf for a 1,152 sq. ft. unit (total price of $1.38 million). 

This article was first published in Stackedhomes.