The most overpriced commercial subzones in Singapore - ranked by rent vs F&B score
We mapped commercial PSF against F&B demand scores across our Singapore subzone database. The real story isn't Orchard vs suburbs. It's industrial and fringe zones charging premium PSF for locations that score below 35 - and central residential hubs delivering 86-point scores at moderate rent.
The conventional overpriced narrative for Singapore commercial space points at Orchard Road and the CBD. The data produces a more nuanced picture. The genuinely overpriced locations in our analysis - those with the worst score-to-rent ratio - are not primarily in the central region. They are industrial fringe zones, restricted areas, and suburban locations where infrastructure cost is high but demand signals are weak.
Meanwhile, several central locations - Boat Quay, Kampong Java, One North - deliver strong F&B scores at PSF levels that the data supports. They are expensive. But the value index shows they are not the most overpriced locations in Singapore.
Rent vs score: the full picture
Rent vs F&B demand score
Top-left = overpriced · Bottom-right = costly but low-demand · Top-right = good value
The most and least overpriced
The value index - F&B score divided by PSF - measures how much demand signal you get per dollar of rent. A higher number means the location delivers more per dollar. A lower number means rent has run well ahead of what the location actually delivers.
Most overpriced
Safti
0.7Jurong West · $22.05 psf · Score 15
Senoko North
1.1Sembawang · $17.87 psf · Score 20
Jurong Port
1.3Jurong East · $21.17 psf · Score 27
Loyang West
1.6Pasir Ris · $21.7 psf · Score 34
Xilin
1.6Tampines · $21.7 psf · Score 34
Dairy Farm
1.8Bukit Panjang · $17.91 psf · Score 33
Best value
Kampong Java
7.6Kallang · $9.24 psf · Score 70
One North
7Queenstown · $10.51 psf · Score 74
Boat Quay
7Singapore River · $12.22 psf · Score 86
Sengkang Town Centre
6.9Sengkang · $13.12 psf · Score 90
Victoria
6.6Rochor · $11.44 psf · Score 75
Why the real overpriced locations are industrial zones
Safti, Jurong Port, and Senoko North top the overpriced list - not Orchard. These are areas where commercial PSF is driven by infrastructure cost and land use type, not F&B demand. The PSF reflects what it costs to operate commercial space there, not what the catchment population will spend on food and beverage.
An operator who signs in Safti at SGD 22.05 psf is paying the highest rent in our database for a score of 15. That is structural mismatch, not market inefficiency - it reflects an area that was never designed for F&B and where the catchment cannot support it.
The Sengkang Town Centre case
Sengkang Town Centre sits at SGD 13.12 psf with a score of 90 - a value index of 6.86. That's among the best in our database. It is not cheap. But it delivers more per dollar of rent than almost anywhere else in Singapore, because the demand signal - residential density, interchange MRT volume, established catchment - is genuinely strong.
About this analysis. Value index = F&B score ÷ PSF (SGD/sqft/month). PSF from URA commercial transaction data. F&B scores from SiteMetriq database using URA, LTA, SingStat, and HDB data. Scores reflect mid-2026. Full methodology: SiteMetriq.sg/sg/about