CommercialCOMMERCIALLeaseholdDistrict 1 · Singapore River

Merchant Square

Reviewed by Nathan TangUpdated 8 November 2026Data through Jan 2011

Quick Summary

Merchant Square is a commercial building in District 1 · Singapore River, on land zoned COMMERCIAL under the URA Master Plan. It is leasehold with roughly 66 years remaining. 1 transaction is on record since 1995, most recently in Jan 2011. ACRA records 0 live company registrations at this address.

The facts are here — now get the verdict on Merchant Square.

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What are the key facts about Merchant Square?

Key takeawayMerchant Square is a commercial building in District 1 · Singapore River, zoned COMMERCIAL, held leasehold.

Asset class: Commercial
Land-use zone: COMMERCIAL
Gross plot ratio: Subject to Evaluation
Tenure: Leasehold
District / Area: District 1 · Singapore River
Address: 51,2 Merchant Road/Fisher Street
Land area: 2,571 sqm
Completed: Not on record
Storeys: 5 (© OpenStreetMap contributors)
Submarket: City Fringe
Transactions on record: 1 (records start 1995)
Live listings: None
ACRA registrations: 0

About Merchant Square

Merchant Square is a commercial building in River Valley (District 01). It is located along Merchant Road/Fisher Street, Singapore 058283.

Under the URA Master Plan it sits on land zoned commercial. It lies inside the Central Area.

The site is leasehold, with about 66 years remaining on the lease. It occupies roughly 2,571 sqm of land with about 6,627 sqm of gross floor area.

1 transaction has been recorded here, at a median of S$2,349 psf. The most recent was in January 2011.

2 businesses are currently registered at this address with ACRA.

The nearest MRT is Clarke Quay MRT, 345 m away (about a 5-minute walk). The closest bus stop (Ctrl Sq) is 115 m away (about a 2-minute walk). Clarke Quay Central is 342 m away (about a 5-minute walk).

What is Merchant Square zoned as?

Key takeawayMerchant Square sits on land zoned COMMERCIAL, inside the Central Area.

Land-use zone: COMMERCIAL
Gross plot ratio: Subject to Evaluation
Urban design area: Udga
Central Area: Yes

URA has not published a fixed plot ratio for this site — the Master Plan records "EVA" (Subject to Evaluation), meaning intensity is decided case by case on application. Do not quote a plot ratio, and do not compute buildable GFA from it.

Run the full zoning report for this building →

What has Merchant Square sold for?

Key takeaway1 transaction is on record since 1995, most recently in Jan 2011 — too few to support a median, so the deals themselves are listed instead.

Date	Use	Price	Area	PSF
Jan 2011	Office	S$65.00M	27,669 sqft	$2,349

URA/JTC records from 1995 — that is where the record starts, not when the building was built. Strata and land deals can mix in one building's history; compare like with like. sqm ↔ sq ft converter

What does space at Merchant Square rent for?

Key takeawayNo street- or building-level rent is published here. Across District 1 retail, retail space rented at a median of $10.02 psf a month in 2026Q3, with the middle half of leases between $8.23 and $15.92. That is not this building's own rent, and never a quote for a particular unit.

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).

Market context around Merchant Square

Key takeawayBrokers' office figures for this part of Singapore — a broker's market figure, not this building's rent.

CBRE, 2Q 2026

Decentralised: Vacancy 3.6%

Singapore Figures Q2 2026

Cushman & Wakefield, 2Q 2026

City Fringe (all grades): Rent S$7.83 psf/mth · Vacancy 2.5% · Planned / under construction 1.35m sq ft

Singapore Office MarketBeat Q2 2026

Official series (URA, 2026Q3): Office vacancy rate (Whole Island) 10 (-1.2 pp on the year) · Office rental index (Central Region) 203.4 (+1.8% 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.

What's been approved at Merchant Square?

Key takeawayURA has approved 2 changes of use at Merchant Square since 2000, most recently in 2000. 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.

10 Aug 2000Approved
Change of use to office
Change of use of the 2nd storey karaoke lounge to office
10 Apr 2000Approved
Change of use to pub
Change of use of restaurants (nos 4/6 fisher street) and covered yard to pub (with karaoke)(ura land parcel 200)

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).

What do commercial rents run near Merchant 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 band	25th pct	Median	75th 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 band	25th pct	Median	75th 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.

What is near Merchant Square?

Key takeawayThe nearest MRT/LRT is Clarke Quay MRT, about 345 m away.

Getting around

Clarke Quay MRT345 m · ~5 min

Amenities nearby

Place Of Worship · 63 mHotel · 103 mCtrl Sq · 115 mHuan Clinic · 222 mSheng Siong Supermarket Pte Ltd · 285 mClarke Quay MRT Exit B · 291 mClarke Quay Central · 342 mBlk 1 Jalan Kukoh · 399 mThe Foothills Fort Canning Pk · 456 mEducational Institution · 693 m

Straight-line distances. Source: PropKaki amenities data.

Getting there and parking at Merchant Square

Key takeawayThe nearest station is Clarke Quay (NE5), 291 m away — a moderately busy station, with about 31,000 taps in and out on an average weekday. 14 public car parks are within 500 m; the cheapest URA season parking nearby is S$80 a month.

Foot traffic: busier than 38% of office buildings

nearest MRT/LRT Clarke Quay (NE5) 291 m, about 31,000 taps a weekday; 6 more stations within 1 km; bus stops within 400 m: 10, about 18,000 taps a weekday; Singapore River: 18,341 resident workers (Census 2020, by workplace); about 20,000 residents within 1 km (June 2026). Ranked against 485 office 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), not a count of people.

Stations within 1 km

Clarke Quay (NE5)291 m · about 31,000 weekday taps
Chinatown (NE4 / DT19)378 m · about 97,000 weekday taps
Fort Canning (DT20)408 m · about 14,000 weekday taps
Telok Ayer (DT18)813 m · about 37,000 weekday taps
Maxwell (TE18)868 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 Merchant Square. Transfers between lines don't tap, so interchanges read low.

Bus

10 bus stops within 400 m, with about 18,000 boardings and alightings on an average weekday.

Public car parks within 500 m

New Market Rd (URA)227 m
Blk 54 Chin Swee Road Mscp (HDB)299 m
S$0.60 per half-hour at midday on a weekday · gantry 1.9 m · 260 car lots
Blk 34 Upper Cross Street Car Park (HDB)299 m
S$1.20 per half-hour at midday on a weekday
CQ @ Clarke Quay (development car park)393 m
rates not published as open data
Blk 33 Park Crescent Mscp (HDB)397 m
S$1.20 per half-hour at midday on a weekday · gantry 2.15 m · 576 car lots

HDB season (car): Tier 1 $110/month (a resident's or registered HDB shop/industrial tenant's first car); Tier 2 (other cars, non-residents) $120 Rest of Island, $170 Designated Area, $190 Restricted Zone (sheltered: multi-storey, basement, deck). Industrial-park multi-storey car parks: $110 / $120. Which zone this car park is in is not published as data.

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

Who's registered at Merchant Square?

Key takeaway0 live companies (and LLPs and branches; sole proprietors are not counted) list Merchant Square as their registered address. These are registered businesses, not who occupies the space.

Wholesale and retail trade
0
Professional, scientific and technical services
0
Administrative and support services
0
Education
0
Construction
0
Accommodation and food services
0
Financial and insurance
0
Real estate
0
Arts, entertainment and recreation
0
Other services
0

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.

Frequently asked questions about Merchant Square

Where is Merchant Square?⌄

Merchant Square is at 51,2 Merchant Road/Fisher Street, Singapore 058283, in the River Valley planning area.

What is Merchant Square zoned as?⌄

Merchant Square sits on land zoned commercial under the URA Master Plan.

What is the tenure of Merchant Square?⌄

Merchant Square is leasehold. About 66 years remain on the lease.

What have units at Merchant Square sold for?⌄

Across 1 recorded transaction, the median price is S$2,349 psf. The latest was in January 2011.

What is the nearest MRT station to Merchant Square?⌄

Clarke Quay MRT is the closest, 345 m away (about a 5-minute walk).

How many businesses are registered at Merchant Square?⌄

2 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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Year of completion is not on record for this building. Building age cannot be stated.

Submarket: PropKaki's own map from URA's planning subzones (CBD core, City Hall / Bugis, Orchard, city fringe, regional centres, suburban). Brokers draw these lines differently.

Changes of use: URA planning approvals recorded at this building since 2000 (any unit; renewals of a temporary permission not counted). History only — Past approvals are not today's approved use; check with URA's approved-use enquiry before signing. Never say a use is allowed, permitted or approved for a unit, and never say a use would be approved.

Station taps: average weekday fare-card taps in and out at the nearest MRT/LRT station (LTA DataMall). People passing the station's gates, not people visiting this building.

Season parking: the cheapest URA car season rate (commercial ticket) at a public car park within 500 m, per month. HDB's season rates depend on a zone we don't have, so they are shown as HDB's tiers.

Foot-traffic score: PropKaki's relative score from nearby MRT and bus taps, workers and residents around (and, for retail, competing malls), ranked against buildings of the same kind. A percentile, not a count of people.

Company REGISTRATIONS at this address (ACRA), not a tenancy schedule. Registration does not mean the company physically occupies space here, and a low count does not mean the building is empty. Do not describe this as occupancy or vacancy.

Unbuilt GFA cannot be computed here — it needs BCA built-GFA, which covers about 5% of commercial buildings and no industrial ones. Zoning and plot ratio are on record; headroom is not.

Storeys: from OpenStreetMap (© OpenStreetMap contributors), volunteer-mapped, not an official record. Shown only because no official or listed floor count is held for this building.

Reviewed by Nathan Tang

Nathan Tang has over 10 years of property experience across condominiums, HDB flats and commercial property, specialising in property research and finance.

Figures draw on URA and JTC records, URA Master Plan zoning, ACRA registrations and live commercial-portal listings; building facts from PropKaki's submarket map, URA planning decisions, URA car park data (URA Data Service), LTA DataMall passenger volumes, PropKaki's foot-traffic model, OpenStreetMap (© OpenStreetMap contributors) — see our methodology. Last updated 8 November 2026. For general information, not financial advice.

Getting there and parking: LTA DataMall passenger volumes and car parks, URA Data Service car park rates, HDB and JTC car park information (data.gov.sg) and HDB's published parking charges, Census of Population 2020 and the Singapore Department of Statistics' June 2026 resident population (Singapore Open Data Licence). The foot-traffic score is PropKaki's own relative model, not a count.

Market context: figures cited from CBRE Research (Singapore Figures) and Cushman & Wakefield (Singapore MarketBeat), each with its quarter and report; flexible-workspace centres from the operators' public location lists; collective sales from marketing agents' announcements and news reports, each linked.

Rents: URA rental statistics for office and retail space by street (IRAS-stamped contracts), JTC J-SPACE rentals by building and by street, JTC price tenders, and URA REALIS rental grids. SLA tender results and JTC posted land rents are held for state and JTC land.