Beyond Chinatown: Surprising districts with shophouse gems

When people think of shophouses in Singapore, the same names come up: Chinatown, Kampong Glam, Emerald Hill, Boat Quay. These heritage-rich precincts have earned their reputation as trophy addresses, with prestige pricing to match. 

But step outside the spotlight, and you’ll find equally compelling shophouse opportunities in places most investors overlook. Districts like 14 (Geylang, Paya Lebar), 28 (Springleaf, Yio Chu Kang), and 23 (Hillview, Upper Bukit Timah) may not carry the same glamour as CBD-edge icons, but they hold value in ways that appeal to patient and strategic buyers.

Let’s break down why these “unlikely districts” deserve a hard look.

Hidden spots worth knowing

District 14: The east’s value corridor

Stretching across Geylang, Paya Lebar, and Aljunied, D14 has one of the densest concentrations of conserved and mixed-use shophouses outside the central core. Rows along Geylang Road and Sims Avenue combine freehold tenure with steady tenant demand from F&B operators, budget hotels, and co-living players.

Shophouse in Eunos, part of D14 (Image credit: EdgeProp)

What makes D14 stand out is accessibility. With Paya Lebar Central positioned as a growth node, connectivity to the Circle and East-West lines, and spillover from CBD rental demand, investors see this as an affordable entry point. Rental yields here often outpace trophy districts because tenants are less prestige-driven and more revenue-driven.

District 28: Springleaf’s scarce supply

On the northern edge of the island, Springleaf has been quietly repositioning since the opening of Springleaf MRT in 2021. It’s a low-density enclave dominated by landed housing, parks, and nature reserves. That makes commercial-zoned shophouses here exceptionally scarce, a textbook case of supply supporting long-term values.

For investors, the appeal is not flashy tourist footfall but stability. Tenants are typically clinics, cafés, wellness studios, and local services that thrive on repeat visits rather than transient crowds. With the Paya Lebar Airbase relocation freeing up development potential across the north in the 2030s, Springleaf sits in the path of transformation.

District 23: Hillview and Upper Bukit Timah

D23 is best known for its green corridors and residential estates, but shophouse stock here plays an underrated role. Small commercial clusters along Upper Bukit Timah Road and Hillview Avenue cater to families, schools, and niche F&B operators.

Aerial view of Hillview (Image credit: EdgeProp)

The positioning is unique: surrounded by landed and private condos, these shophouses benefit from a loyal catchment with higher spending power. While they may not deliver the headline-grabbing $10,000 psf prices of Club Street, they generate steady income with lower volatility, ideal for yield-focused portfolios.

Why low-density surroundings matter

Unlike CBD-edge shophouses, where competition is intense and tenants may cycle quickly, shophouses in lower-density districts benefit from “sticky demand.” When you’re one of the few commercial frontages within a landed enclave, your relevance to residents goes up. That means less vacancy risk and stronger tenant retention.

Landed surroundings also set a tone of exclusivity. Whether it’s a wellness clinic in Springleaf or a craft café in Hillview, tenants in these areas pay for the privilege of being the go-to option in a captive market.

Value-play vs trophy-unit districts

Trophy-unit districts like Chinatown, Amoy Street, or Emerald Hill are always in demand. Investors chase them for prestige, branding, and international recognition. But the flip side is that yields compress as prices soar.

In contrast, “value-play” districts, D14, D23, D28, may not come with bragging rights, but they offer stronger yield dynamics and more upside potential for patient holders. The trade-off is clear: less glamour, more grind. But for investors willing to balance yield with appreciation, these districts provide the kind of diversification that stabilizes a portfolio.

Shophouses are finite and every district has a role in shaping their story. Chinatown may embody heritage prestige, but Springleaf, Hillview, and Geylang represent resilience, affordability, and future-ready growth.

For serious investors, the key isn’t chasing hype but understanding where each district fits in the wider ecosystem. Sometimes, the most rewarding plays are found not in the spotlight but in the shadows.

Curious about listings in D14, D23, or D28? Talk to the PropNex Shophouse Elites team for a street-level perspective and tailored shortlist.