Fortune Reit puts Stars of Kovan retail podium up for sale with S$95 million valuation
The portfolio comprises 36 strata retail units and a basement car park with 80 lots
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[SINGAPORE] Hong Kong-listed Fortune Real Estate Investment Trust (Reit) is looking to sell its controlling interest in the Stars of Kovan retail portfolio, which was valued at S$95 million in December 2025.
The portfolio comprises 36 strata retail units, totalling 22,638 square feet (sq ft) along with a 26,264 sq ft basement carpark with 80 lots, said marketing agent Sakal Real Estate on Tuesday (Apr 7).
Fortune Reit bought the portfolio in 2022 for S$88 million, or S$1,844 per square foot (psf) across 47,728 sq ft, according to caveats lodged on the Urban Redevelopment Authority website. The deal marked the Reit’s first foray outside Hong Kong.
Stars of Kovan, a mixed-use development along Upper Serangoon Road, comprises 395 residential units atop the retail podium.
It sits on a site spanning 10,097 square metres and has a gross floor area of 326,063 sq ft.
The property has about 88 years’ balance on its 99-year lease.
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The retail podium houses a mix of tenants, including enrichment centres and beauty and wellness stores.
Between 2016 and 2019, eight retail units changed hands at prices ranging from S$4,718 to S$6,832 psf.
“The defensive profile of the tenants delivers investors a stable immediate income whilst positioning for potential capital appreciation given the area’s growth prospects,” said Sakal Real Estate.
Stars of Kovan is about a four-minute walk to Kovan MRT station and Kovan Hub bus terminal.
“The future release of 800 hectares from the nearby Paya Lebar Airbase for housing and commercial development will further enhance the retail catchment,” said Steven Ming, managing director at Sakal Real Estate.
The retail podium is open to foreign ownership, with no additional buyer’s stamp duty, seller’s stamp duty or capital gains tax applicable to the transaction.
There is currently no formal asking price.
The expression of interest exercise closes on May 13.
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