When Rajesh Bafna bought his 2006, the decision wasn’t easy. He had his eye on a unit at City Square Residences, a 910-unit freehold development in Farrer Park that was launched in April 2005.
For nearly four months, he frequented the sales gallery — sometimes with his wife, other times with his brother. “I would visit the sales gallery almost every weekend, pick up the brochure, tour the showflats, feel good about the project and then go home,” he recalls.
At the time, Bafna was a first-time property investor, which made the decision even more daunting. “Once you commit and sink all your money into an investment, you’re left with nothing else,” says the now-successful 53-year-old chartered accountant and businessman.
In September 2006, Bafna bought the unit for $807,600 ($664 psf), and spent $35,000 on renovations (Photo: The Edge Singapore)
When Bafna finally decided on a unit, he chose a 1,216 sq ft, three-bedroom apartment with the number #14-14. His agent advised him to purchase the neighbouring unit instead — #14-13 — to avoid having two “number fours” in his address. “The agent mentioned that the number ‘four’ is considered inauspicious by the Chinese,” says Bafna. “But I like the number 14-14, and it was the highest floor available then, so I went ahead with the purchase.”
In September 2006, Bafna bought the unit for $807,600 ($664 psf). He spent $35,000 on renovations before moving in early 2009 when City Square Residences obtained its Temporary Occupation Permit (TOP).
After living there for nine months, he sold the unit in November 2009 for $1.35 million ($1,110 psf), securing a 67% profit.
Since then, prices at City Square Residences have climbed even higher. According to a caveat in February, the three-bedroom unit directly above Bafna’s (on the 15th floor) recently changed hands for $2.575 million ($2,117 psf).
Bafna bought a three-bedroom unit at the freehold One Amber in a sub-sale in September 2009 for $1.469 million ($1,110 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Swift investments
In 2007, Bafna sold an investment in India, earning about $100,000. He decided to reinvest the proceeds in a second property. He decided to purchase a two-bedroom unit at One St Michael’s, a 131-unit freehold condominium just off Serangoon Road. Launched in 2006, One St Michael’s still had available units for sale at the time. Bafna bought his unit for $715,000.
When One St Michael’s obtained its TOP in 2009, prices for his unit had already appreciated by 17.5%. Looking to upgrade, he considered selling it in favour of a larger home. At the time, he had his eye on One Amber, a 562-unit freehold condominium on the East Coast, which was also launched in 2006.
Bafna sold his two-bedroom unit at One St Michael’s for $840,000. According to a lodged caveat, he then purchased a three-bedroom freehold unit at One Amber in a sub-sale in September 2009 for $1.469 million ($1,110 psf).
Bafna acquired a unit at Cube 8 (pictured, extreme right tower), a 177-unit freehold condominium on Thomson Road in prime District 11 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Sell one, buy two’
After selling his unit at City Square Residences in November 2009, Bafna returned and purchased a larger 1,518 sq ft, four-bedroom unit for $1.544 million ($1,018 psf) in February 2010.
Around the same time, he acquired a unit at Cube 8, a 177-unit freehold condominium on Thomson Road in prime District 11. Despite heavy rain, he queued up to secure a unit, ultimately purchasing a 1,335 sq ft, three-bedroom apartment on the 30th floor for $1.67 million ($1,248 psf). “I made it a point to buy two new units every time I sold one,” Bafna says.
In July 2009, at the launch of Oasis at Elias, Bafna aimed to buy a penthouse with a sea view. However, the agent informed him that all sea-facing units had been taken. “My wife spotted a unit and asked if it had a sea view, but the agent said no,” Bafna remembers. “However, based on the unit’s orientation, we were confident it would have a sea view, so we bought it.”
Encouraged by their decision, Bafna convinced his friends to invest as well. Together, they purchased all the remaining six penthouses at Oasis at Elias in Pasir Ris.
He later acquired another penthouse — this time a five-bedroom unit spanning 3,778 sq ft — at Waterview on Tampines Avenue 1. The unit was purchased in 2011 for $1.967 million ($521 psf), and offers views of Bedok Reservoir, Marina Bay Sands and the National Day fireworks.
Based on the latest caveats lodged, units at the 99-year leasehold Waterview in Tampines have been changing hands at prices between $1,361 psf and $1,514 psf since January 2025.
Bafna has kept the five-bedroom penthouse spanning 3,778 sq ft at Waterview on Tampines Avenue 1, which he purchased for $1.967 million ($521 psf) in 2011 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Transition from residential to commercial
After the property cooling measures, introduced in December 2011 — included a 10% additional buyer’s stamp duty (ABSD) for foreign buyers of residential properties — Bafna stopped investing in residential real estate. “I never bought any residential units after that, as the ABSD would eat into my margins,” he says.
Over time, he gradually exited all his residential property holdings but retained the penthouse at Waterview. “My wife insisted we should at least keep one unit,” Bafna adds.
In 2012, he shifted his focus to strata-titled commercial properties, acquiring units in Eon Shenton, Sim Lim Square and Sim Lim Tower.
To structure his investments, he created a separate company for each property. Today, he owns 17 properties across 15 companies, with a total market value of $52.7 million.
Bafna’s son, Devang Bafna, is also entering the family business (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Portfolio reconstitution
After holding these commercial assets for over a decade, Bafna believes it is time to sell some of them and reinvest in larger ones, including redevelopment projects. Outside Singapore, Bafna is investing in a 330-acre plot for a township project in Rameswaram, Tamil Nadu, India.
“In the past, I focused on small strata-titled shops and office units, buying them for between $500,000 and $2 million each,” he says. “Now, I want to explore more substantial deals and properties with redevelopment potential.”
Bafna’s son, Devang Bafna, is also entering the family business. A graduate of Babson College in the US, he will pursue a master’s degree at London Business School, specialising in analytics and management, this August.
When Devang returns to Singapore next year, he plans to apply for permanent residency. “We want to stay in Singapore for the long term,” says the 23-year-old entrepreneur and founder of Tixme, an online event ticketing platform. Since last year, Tixme has hosted 30 to 40 events in Singapore, and Devang aims to expand the business to Dubai, India and London.
Bafna has already begun transitioning the management of his real estate portfolio to his son. “I’ve been training him for the past eight months. Every alternate weekend, we sit down together, and I teach him how to identify suitable properties to invest in.”
Bafna has appointed Sammi Lim, founder and executive director of Brilliance Capital, to facilitate the sale of some of his commercial assets. The sale will be through an expression of interest (EOI) exercise that will close on May 8.
The first phase of the portfolio sale focuses on assets clustered in the Bugis area. It includes a freehold strata office floor at Sim Lim Tower, an entire office floor at The Bencoolen and a strata office floor at Lee Kai House, totalling $30.4 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Bugis Collection’ of strata commercial units
The first phase of the portfolio sale focuses on assets clustered in the Bugis area. It includes a freehold strata office floor at Sim Lim Tower, an entire office floor at The Bencoolen and a strata office floor at Lee Kai House, totalling $30.4 million.
According to Lim, Bafna is open to selling these office floors either individually or as a bulk purchase.
The freehold strata office floor at Sim Lim Tower, located along Jalan Besar, is a high-floor unit spanning 8,374 sq ft, with an asking price of $17.8 million ($2,126 psf) [Photo: Brilliance Capital]
Sim Lim Tower
The freehold strata office floor at Sim Lim Tower, located along Jalan Besar, is a high-floor unit spanning 8,374 sq ft, with an asking price of $17.8 million ($2,126 psf). It offers 360-degree views of the city skyline and is conveniently located next to the Jalan Besar MRT Station on the Downtown Line.
Additionally, it is within walking distance of three other MRT stations: Rochor (Downtown Line), Bugis (interchange for East-West and Downtown lines) and Little India (interchange for Northeast and Downtown lines).
The most recent transaction at Sim Lim Tower occurred in August 2024, when a 420 sq ft unit was sold for $924,000 ($2,201 psf).
Meanwhile, the building’s owners are working on a second collective sale attempt after the first attempt in 2021, with a reserve price of $825 million, failed to take off.
Based on the reserve price, the 15th floor unit at Sim Lim Tower would have been entitled to a payout of about $30.5 million had the collective sale been successful, says Bafna.
The Singapore University of Social Sciences is reportedly building a new permanent campus on the site of the former Rochor Centre by the mid-2030s. “The new campus is just opposite Sim Lim Tower,” adds Bafna. “It is expected to enhance the property values of the surrounding buildings.”
The office floor at The Bencoolen is up for sale at $7.8 million ($1,858 psf) [Photo: Brilliance Capital]
The Bencoolen
The office floor for sale at The Bencoolen consists of five strata-titled units combined into a 4,198 sq ft space. It is being offered for $7.8 million ($1,858 psf) and is fitted out with a reception area, conference room, pantry, meeting room, partitioned workspaces and general office space. Brilliance Capital’s Lim notes that the unit is currently tenanted and offers immediate rental income.
The Bencoolen is a mixed-use development with strata office and retail units, as well as 94 residential apartments. It has a 99-year lease from 1995, leaving a remaining tenure of 69 years. The development is well-connected, with a sheltered pedestrian walkway leading to Rochor MRT Station and within walking distance of Bugis MRT Interchange.
The latest transaction in the development took place in February when a 420 sq ft retail unit on the first level was sold for $2.48 million ($5,908 psf). The most recent office unit sale was in June 2024, when a 753 sq ft unit on the fifth level changed hands for $1.08 million ($1,433 psf), based on caveats lodged.
The strata office floor at Lee Kai House, located along Middle Road, is available for $4.8 million ($1,304 psf) [Photo: Brilliance Capital]
Lee Kai House
The strata office floor at Lee Kai House, located along Middle Road, is available for $4.8 million ($1,304 psf). It comprises two strata-titled office units with a combined floor area of 3,681 sq ft. The
space is currently leased to a commercial school until early 2026 and is fitted with a reception area, meeting rooms, a conference room, a pantry and classrooms.
Lee Kai House is a short walk from Bugis MRT Interchange, Bugis+, Bugis Junction shopping mall and InterContinental Singapore. The building’s lease, which began in 1974, is for 99 years, leaving a remaining tenure of 48 years.
According to Lim, Lee Kai House is zoned for commercial use and has a gross plot ratio of 4.2. “Thus, it is an attractive investment for those looking to capitalise on rental yield and future capital appreciation in a high-demand location,” she adds.
All three assets are currently leased and will be sold with existing tenancies. Lim estimates the gross rental yields to be about 2% for Sim Lim Tower, 3% for The Bencoolen and 4% for Lee Kai House.
“The demand for centrally located commercial and office spaces remains strong as companies prioritise strategic locations for operational efficiency, brand presence and workforce collaboration,” Lim notes.
Future collective sale potential
Each of these three properties holds the potential for a future collective sale, adding another layer of investment value, says Lim.
“Given their prime city-fringe locations, tenure mix and existing tenant profiles, they are expected to attract en bloc investors and seasoned buyers who have previously benefited from successful collective sales,” says Lim. Additionally, end-users from recent successful en bloc projects may view these properties as ideal replacement assets for relocation.
Bafna remains optimistic about the future collective sale potential of his assets, stating: “One day, the entire Singapore will go en bloc.” He adds that as leasehold properties age, their owners will have greater motivation to exit through a collective sale.
