CommercialCOMMERCIALConservationLeaseholdDistrict 1 · Outram

Capital Square

Reviewed by Nathan TangUpdated 8 November 2026
Quick Summary

Capital Square is a commercial building in District 1 · Outram, on land zoned COMMERCIAL under the URA Master Plan with a gross plot ratio of 4.2. It is leasehold. 30 units are currently listed for rent. ACRA records 168 live company registrations at this address.

1

What are the key facts about Capital Square?

Key takeawayCapital Square is a commercial building in District 1 · Outram, zoned COMMERCIAL, held leasehold.
Asset class
Commercial
Land-use zone
COMMERCIAL
Gross plot ratio
4.2
Tenure
Leasehold
District / Area
District 1 · Outram
Address
—
Land area
11,102 sqm
Completed
Not on record
Storeys
16 (© OpenStreetMap contributors)
Submarket
City Fringe
Listed as
Office, Shop / Shophouse, Mall Shop
Transactions on record
None recorded
Live listings
30
ACRA registrations
168

No recorded transactions — this building has never generated a strata caveat (typically single-owner or lease-only stock). That is not missing data, and it says nothing about the building's value, occupancy or availability.

2

What are the specs at Capital Square?

Key takeawayThe building's specs as its sources state them — the listing agent or the management can confirm a unit's own.
Facilities
car park
Source: CommercialGuru
3

About Capital Square

Capital Square is a commercial building in Outram (District 01). It is located along Church Street, Singapore 049481.

Under the URA Master Plan it sits on land zoned commercial with a gross plot ratio of 4.2. The site falls within a conservation area, so external alterations are subject to URA conservation guidelines. It lies inside the Central Area.

The site is leasehold. It occupies roughly 11,102 sqm of land with about 38,209 sqm of gross floor area.

176 businesses are currently registered at this address with ACRA.

The nearest MRT is Telok Ayer MRT, 190 m away (about a 3-minute walk). The closest bus stop (OCBC Ctr) is 79 m away (about a 1-minute walk). Republic Plaza is 184 m away (about a 3-minute walk).

4

What is Capital Square zoned as?

Key takeawayCapital Square sits on land zoned COMMERCIAL with a gross plot ratio of 4.2, with conservation status, inside the Central Area.
Land-use zone
COMMERCIAL
Gross plot ratio
4.2
Conservation area
China Square
Urban design area
Udga
Central Area
Yes

Run the full zoning report for this building →

5

What does space at Capital Square rent for?

Key takeawayNo rent is published for Capital Square itself. On its street, Church Street, office space rented at a median of $10.00 psf a month in 2026Q3, with the middle half of leases between $8.30 and $10.01. That is not this building's own rent, and never a quote for a particular unit.

Office space on Church Street

Street level · 2026Q3
25th pct
$8.30
$89.34 psm
Median
$10.00
$107.64 psm
75th pct
$10.01
$107.72 psm

S$ per sq ft per month · median +5.3% on a year earlier

2023Q4 · $114.03 psm2026Q3 · $107.64 psm median

URA's percentiles of OFFICE rents across every lease stamped with IRAS on this STREET in the quarter — the street's figure, not this building's rent and never a unit's. URA publishes a median only where the street has at least 2 office buildings and 3 contracts that quarter (percentiles need 4); a blank means below that threshold, not zero.

Source: URA rental statistics by street (IRAS-stamped contracts).

Retail space — District 1 retail

Region band · 2026Q3
25th pct
$8.23
$88.64 psm
Median
$10.02
$107.81 psm
75th pct
$15.92
$171.42 psm

S$ per sq ft per month

A REGION BAND — URA's grid for the whole district or location, not this street or building. Say "across <district/location>, …", never that this building rents for it. The middle of URA's retail grid for District 1 across every floor and size band — a ground-floor shop and an upper-floor unit sit at very different points in it.

Source: URA REALIS retail rental analysis (district × floor × size grid).

6

Market context around Capital Square

Key takeawayFlexible workspace: The Executive Centre lists a centre here, per the operator's public location list (10 Oct 2026).Brokers' retail figures for this part of Singapore — a broker's market figure, not this building's rent.
CBRE, 2Q 2026 (island-wide)
  • Islandwide: Rent S$28.15 psf/mth
Singapore Figures Q2 2026
Cushman & Wakefield, 2Q 2026
  • Other City Areas: Rent S$21.21 psf/mth · Vacancy 7.4% (1Q 2026) · Planned / under construction 0.73m sq ft
Singapore Retail MarketBeat Q2 2026

Official series (URA, 2026Q3): Retail vacancy rate (Whole Island) 6.5 (-0.4 pp on the year) · Retail rental index (Central Region) 81.2 (+1.4% on the year).

Brokers draw submarkets and grades differently; each figure is the broker's own, for its own area, cited to its report. Rents are per square foot per month.

7

How fast units move at Capital Square

Key takeawayBased on listings we track, as of our last check on 28 Aug 2026: 30 units for rent.

Rent: between 6 Aug 2026 and 28 Aug 2026, 3 new listings appeared and 3 came off (sold, let or withdrawn). Days on market: not enough history yet — we began tracking on 6 Aug 2026.

One count per unit, however many agents list it. Asking prices are not tracked over time, so price cuts are not shown.

8

What's been approved at Capital Square?

Key takeawayURA has approved 5 changes of use at Capital Square since 2000, most recently in 2023. This is the building's planning history, not today's approved use of any unit: confirm a unit's approved use with URA before signing.
  1. 20 Aug 2026ApprovedFloor 10
    Additions & alterations

    Proposed additions and alterations to the existing 10th storey unit #10-XX - 13 to #10-XX and #10-XX at 23 church street singapore 049481 (outram planning area)

  2. 24 Jun 2026ApprovedFloor 14
    Additions & alterations

    Proposed additions and alterations to the existing 14th storey unit #14-XX - 11 to #14-XX and #14-XX at 23 church street singapore 049482 (outram planning area)

  3. 21 Oct 2025ApprovedFloor 16
    Additions & alterations

    Proposed additions and alterations to repartition existing 16th storey to units #16-XX to 02, #16-XX to 06 and #16-XX to 13 at 23 church street, singapore 049481 (outram planning area)

  4. 9 Oct 2025RenewedFloor 1
    Continued use as restaurant and bar

    Continued use of unit #01-XX capital square as restaurant and bar

  5. 10 Jul 2025ApprovedFloors 8, 9, 14
    Additions & alterations

    Proposed additions and alterations to amalgamate existing 8th, 9th and 14th storey offices to units #08-XX to 04, #08-XX, #08-XX to 13, #09-XX to 03, #09-XX to 06, #09-XX to 11, #09-XX, #09-XX, #14-XX, #14-XX, #14-XX, #14-XX to 11, #14-XX on lot 00603a ts04 at 23 church street, singapore 049481 (outram planning area)

  6. 17 Nov 2023Approved
    Change of use to office

    Proposed change of use of part of corridor to office

  7. 10 Jan 2023Approved
    Additions & alterations

    Proposed amendment to approved additions and alterations to existing 16-storey office building with multi-storey carpark (capital square) involving 1st storey carpark/drop off, lobby & covered walkway and surplus carpark conversion at 5th storey on lot 603a ts04 at 23 church street (outram planning area)

  8. 4 Nov 2022Agency worksFloor 5
    Change of use to gym/fitness centre

    Lodgment for proposed use of unit #05-XX as gym/fitness centre

  9. 2 Aug 2022Approved
    Additions & alterations

    Proposed new doghouse to existing rooftop of capital square on lot 00603a ts 04 at 23 church street singapore 049481 (outram planning area)

  10. 23 May 2022ApprovedFloor 1
    Change of use to restaurant

    Proposed change of use of units #01-XX, #01-XX and corridor to restaurant

  11. 11 Oct 2021Approved
    Additions & alterations

    Proposed amendment and regularisation of floor area to approved additions and alterations to existing 16-storey office building with multi-storey carpark/drop off (capital square) involving 1st storey carpark, lobby & covered walkway and surplus carpark conversion at 5th storey on lot 603a ts04 at 23 church street (outram planning area)

  12. 20 Jun 2021Approved
    Additions & alterations

    Proposed additions and alterations to existing 16-storey office building with multi-storey carpark (capital square) involving 1st storey carpark/drop off, lobby & covered walkway and surplus carpark conversion

13 earlier change-of-use and A&A decisions are on record since 2000.

Source: URA planning decisions (URA Data Service), matched to this building by address or land lot. A past approval can lapse (a temporary permission) and belongs to the unit it names. The authoritative approved use of a unit comes from URA's Enquiry on Approved Use of Premises (S$54.50 per unit).

9

How does Church Street price?

Strata sales on the street (5y)
9

Too few strata sales on this street to support a median — the count is shown without one.

Street figures cover strata deals only — land and strata PSF are not comparable.

10

What do commercial rents run near Capital Square?

Key takeawayURA publishes contracted-rent percentile grids quarterly (latest: 2026Q3) — the benchmark evidence an asking rent should be weighed against.

Indicative area yield — District 1 retail

Gross yield (area)
3.4%
3.0% net of property tax
Rent side (median of bands)
$107.81 psm/mo
2026Q3
Price side (strata, 5y)
$3,561 psf
90 sales

An INDICATIVE AREA yield for District 1 retail — NOT this building's yield, and not any unit's. Commercial rents are published as a district percentile grid, so both halves describe the district.

Priced on STRATA sales only: rent is quoted per unit of lettable area, and commercial land PSF runs far above strata — mixing them would shift the ratio sharply.

Net deducts the 10% non-residential property tax ONLY — not vacancy, maintenance, agent fees, financing, or the 9% GST on purchase.

Retail rents — District 1 ($ psm/month, 2026Q3)

Floor level · size band25th pctMedian75th pct
Level 2 & 3 · 30 & Below$82.69$99.35$120.39
Level 1 · 30 & Below$172.73$245.52$332.57
B1 & Below · 30 & Below$87.33$172.91$321.72
Level 2 & 3 · >30 - 100$77.43$95.09$183.52
Level 1 · >30 - 100$106.77$168.33$217.05
B1 & Below · >30 - 100$117.40$198.29$365.38
Level 1 · >100 - 300$115.69$148.57$187.43
B1 & Below · >100 - 300$148.73$233.33$396.56

Office rents — Central Area ($ psm/month, 2026Q3)

Building class · size band25th pctMedian75th pct
Category 2 · 100 & Below$54.65$69.39$88.80
Category 1 · 100 & Below$103.62$122.24$132.43
Category 1 · >100 - 200$116.28$126.99$148.35
Category 2 · >100 - 200$65.57$82.87$97.63
Category 1 · >200 - 500$114.67$128.09$145.77
Category 2 · >200 - 500$64.83$82.57$94.73
Category 1 · >500 - 1000$106.56$137.78$148.23
Category 2 · >500 - 1000$85.04$89.34$109.80

URA REALIS rental-contract percentiles for the district/location — an area benchmark, not this building's own rents. Office and retail are dimensioned differently and are never mixed.

11

What is available at Capital Square right now?

Key takeaway30 units are currently listed at Capital Square. One row per unit; several agents often market the same unit.

For rent (30)

  • Capital SquareS$117k/mo · 9,774 sqft
  • Capital SquareS$168k/mo · 14,036 sqft
  • Capital SquareS$20k/mo · 2,336 sqft
  • Capital SquareS$17k/mo · 2,336 sqft

Browse every listing at this building →

12

What is near Capital Square?

Key takeawayThe nearest MRT/LRT is Telok Ayer MRT, about 190 m away.

Getting around

Amenities nearby

Hotel · 73 mOCBC Ctr · 79 mFullerton Health @ OFC · 83 mPlace Of Worship · 84 mMarket Street Hawker Centre · 119 mTelok Ayer MRT Exit B · 141 mMarket Street Park · 149 mRepublic Plaza · 184 mNTUC Fairprice Co-operative Ltd · 492 mKreta Ayer Community Club · 717 m

Straight-line distances. Source: PropKaki amenities data.

13

Getting there and parking at Capital Square

Key takeawayThe nearest station is Telok Ayer (DT18), 140 m away — a moderately busy station, with about 37,000 taps in and out on an average weekday. 31 public car parks are within 500 m.
Foot traffic: busier than 72% of retail buildings

nearest MRT/LRT Telok Ayer (DT18) 140 m, about 37,000 taps a weekday; 9 more stations within 1 km; bus stops within 400 m: 7, about 10,000 taps a weekday; Outram: 38,402 resident workers (Census 2020, by workplace); about 13,000 residents within 1 km (June 2026); 7 other malls within 1 km. Ranked against 12,856 retail buildings by PropKaki's model: a relative score, not a footfall count.

A relative score from PropKaki's model (station and bus taps nearby, workers and residents around, and competing malls), not a count of people.

Stations within 1 km

  • Telok Ayer (DT18)140 m · about 37,000 weekday taps
  • Raffles Place (EW14 / NS26)261 m · about 133,000 weekday taps
  • Chinatown (NE4 / DT19)391 m · about 97,000 weekday taps
  • Clarke Quay (NE5)474 m · about 31,000 weekday taps
  • Maxwell (TE18)549 m · about 23,000 weekday taps

Taps are fare-card taps in and out at the station's gates on an average weekday (Jul 2026 to Sep 2026) — people passing through, not visitors to Capital Square. Transfers between lines don't tap, so interchanges read low.

Bus

7 bus stops within 400 m, with about 10,000 boardings and alightings on an average weekday.

Public car parks within 500 m

  • Backlane (Synagogue St - Church St) (URA)99 m
  • Backlane (Synagogue St ) (URA)216 m
  • Club St (URA)235 m
    S$1.20 per half-hour at midday on a weekday · 27 car lots
  • Backlane (Gemmill Lane ) (URA)236 m
  • Backlane (Boon Tat St - Amoy St) (URA)239 m

Nearest URA season parking: Mohd Sultan-River Vall Ey Road Area, 1.3 km away, S$80/month.

Public car parks only, by straight-line distance, with the operator's published rates. Capital Square's own car park, if it has one, and its charges are not in the open data.

14

Who's registered at Capital Square?

Key takeaway168 live companies (and LLPs and branches; sole proprietors are not counted) list Capital Square as their registered address. These are registered businesses, not who occupies the space.
  • Financial and insurance
    93
  • Transportation and storage
    19
  • Professional, scientific and technical services
    18
  • Information and communications
    14
  • Wholesale and retail trade
    9
  • Administrative and support services
    4
  • Other services
    4
  • Accommodation and food services
    3
  • Real estate
    2
  • Electricity, gas and air-conditioning supply
    1

Registered businesses, not who occupies the space: companies, LLPs and branches whose REGISTERED address is this building (ACRA), by industry. Sole proprietors are not counted; no business is named. ACRA, as of 2026-09-16.

15

Frequently asked questions about Capital Square

Where is Capital Square?⌄

Capital Square is at Church Street, Singapore 049481, in the Outram planning area.

What is Capital Square zoned as?⌄

Capital Square sits on land zoned commercial under the URA Master Plan, with a gross plot ratio of 4.2.

What is the tenure of Capital Square?⌄

Capital Square is leasehold.

Is Capital Square a conserved property?⌄

Yes. Capital Square falls within a URA conservation area, so external works are subject to conservation guidelines.

Have there been any recorded transactions at Capital Square?⌄

No caveats have been lodged for Capital Square in the URA records we track. That is common for buildings held by a single owner, which never generate strata transactions.

What is the nearest MRT station to Capital Square?⌄

Telok Ayer MRT is the closest, 190 m away (about a 3-minute walk).

How many businesses are registered at Capital Square?⌄

176 businesses are currently registered at this address with ACRA. That is a measure of registered addresses, not of how many businesses physically occupy the building.

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