People's Insurance Building
People's Insurance Building is a commercial building in District 1 · Singapore River, on land zoned COMMERCIAL under the URA Master Plan with a gross plot ratio of 4.2. It is leasehold with roughly 14 years remaining. 2 transactions are on record since 1995, most recently in Jan 2023. 5 units are currently listed for sale or rent. ACRA records 0 live company registrations at this address.
What are the key facts about People's Insurance Building?
- Asset class
- Commercial
- Land-use zone
- COMMERCIAL
- Gross plot ratio
- 4.2
- Tenure
- Leasehold
- District / Area
- District 1 · Singapore River
- Address
- 38,40 South Bridge Road
- Land area
- —
- Completed
- Not on record
- Storeys
- 4 (© OpenStreetMap contributors)
- Submarket
- City Fringe
- Listed as
- Food & Beverage, Other Retail, Office
- Transactions on record
- 2 (records start 1995)
- Live listings
- 5
- ACRA registrations
- 0
About People's Insurance Building
People'S Insurance Building is a commercial building in Downtown Core (District 01). It is located along South Bridge Road, Singapore 058672.
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, with about 14 years remaining on the lease.
2 transactions have been recorded here, at a median of S$3,496 psf. The most recent was in January 2023.
The nearest MRT is Clarke Quay MRT, 214 m away (about a 3-minute walk). The closest bus stop (Boat Quay) is 108 m away (about a 2-minute walk).
What is People's Insurance Building zoned as?
- Land-use zone
- COMMERCIAL
- Gross plot ratio
- 4.2
- Conservation area
- Upper Circular Road
- Urban design area
- Udga
- Central Area
- Yes
What has People's Insurance Building sold for?
| Date | Use | Price | Area | PSF |
|---|---|---|---|---|
| Jan 2023 | Shop House | S$13.58M | 2,624 sqft | $5,175 |
| Jan 2000 | Shop House | S$4.77M | 2,624 sqft | $1,816 |
URA/JTC records from 1995 — that is where the record starts, not when the building was built. Strata and land deals can mix in one building's history; compare like with like. sqm ↔ sq ft converter
What does space at People's Insurance Building rent for?
Retail space on South Bridge Road
Street level · 2026Q3S$ per sq ft per month · median -27.6% on a year earlier
URA's percentiles of RETAIL rents (shop, F&B, entertainment, health & fitness) 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. Retail rent swings with floor and frontage, so the spread matters as much as the median. A median needs at least 2 buildings and 3 contracts (percentiles need 4); a blank means below that threshold, not zero.
Source: URA rental statistics by street (IRAS-stamped contracts).
Office space on South Bridge Road
Street level · 2026Q3S$ per sq ft per month · median +2.4% on a year earlier
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 · 2026Q3S$ 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 People's Insurance Building
- Other City Areas: Rent S$21.21 psf/mth · Vacancy 7.4% (1Q 2026) · Planned / under construction 0.73m sq ft
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.
How fast units move at People's Insurance Building
Rent: between 6 Aug 2026 and 28 Aug 2026, 3 new listings appeared and 0 came off (sold, let or withdrawn). Days on market: not enough history yet — we began tracking on 6 Aug 2026.
Sale: between 6 Aug 2026 and 28 Aug 2026, 0 new listings appeared and 0 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.
What's been approved at People's Insurance Building?
- 29 Jul 2025ApprovedAdditions & alterations
Proposed addition & alteration to existing four-storey conserved building at 38 & 40 south bridge road singapore 058672 on lot ts07-00160n and ts07-00164m (singapore river planning area)
- 9 Apr 2025ApprovedAdditions & alterations
Proposed addition & alteration to existing four-storey conserved building at 38 & 40 south bridge road singapore 058672 on lot ts07-00160n and ts07-00164m (singapore river planning area)
- 13 Dec 2023ApprovedAdditions & alterations
Proposed change of facade and removal of sub-station to existing 4-storey building at 38 & 40 south bridge road singapore 058672 on lot ts07-00160n and ts07-00164m (singapore river planning area)
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$54.50 per unit).
How does South Bridge Road price?
Too few strata sales on this street to support a median — the count is shown without one.
Street figures cover strata deals only — land and strata PSF are not comparable.
What do commercial rents run near People's Insurance Building?
Indicative area yield — District 1 retail
An INDICATIVE AREA yield for District 1 retail — NOT this building's yield, and not any unit's. Commercial rents are published as a district percentile grid, so both halves describe the district.
Priced on STRATA sales only: rent is quoted per unit of lettable area, and commercial land PSF runs far above strata — mixing them would shift the ratio sharply.
Net deducts the 10% non-residential property tax ONLY — not vacancy, maintenance, agent fees, financing, or the 9% GST on purchase.
Retail rents — District 1 ($ 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 available at People's Insurance Building right now?
For sale (1)
- 38 South Bridge RoadS$38.00M · 10,503 sqft
For rent (4)
- 38 South Bridge Road2 agentsS$105k/mo · 12,303 sqft
- Brand New Shophouse w Lift near Clarke Quay/ Raffles PlaceS$72k/mo · 7,878 sqft
- Prime Heritage F&B Space Near Clarke Quay MRT3 agentsS$21k/mo · 1,671 sqft
- Rare High Visibility Ground Floor F&B2 agentsS$21k/mo · 1,671 sqft
What is near People's Insurance Building?
Getting around
- Clarke Quay MRT214 m · ~3 min
Amenities nearby
Competing premises nearby
Retail and F&B premises competing for the same footfall — context for an occupier, not a selling point.
Straight-line distances. Source: PropKaki amenities data.
Getting there and parking at People's Insurance Building
nearest MRT/LRT Clarke Quay (NE5) 189 m, about 31,000 taps a weekday; 8 more stations within 1 km; bus stops within 400 m: 13, about 23,000 taps a weekday; Singapore River: 18,341 resident workers (Census 2020, by workplace); about 9,913 residents within 1 km (June 2026); 12 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
- Clarke Quay (NE5)189 m · about 31,000 weekday taps
- Raffles Place (EW14 / NS26)470 m · about 133,000 weekday taps
- Chinatown (NE4 / DT19)536 m · about 97,000 weekday taps
- Telok Ayer (DT18)605 m · about 37,000 weekday taps
- Fort Canning (DT20)672 m · about 14,000 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 People's Insurance Building. Transfers between lines don't tap, so interchanges read low.
Bus
13 bus stops within 400 m, with about 23,000 boardings and alightings on an average weekday.
Public car parks within 500 m
- Carpenter St Off St (URA)37 mS$1.50 per half-hour at midday on a weekday · 69 car lots
- Backlane (Hongkong St - Carpenter St) (URA)54 m
- Carpenter St (URA)70 mS$1.20 per half-hour at midday on a weekday · 35 car lots
- Upp Circular Rd (URA)88 mS$1.20 per half-hour at midday on a weekday · 22 car lots
- Backlane (Carpenter - Upp Circular Rd) (URA)101 m
Nearest URA season parking: Mohd Sultan-River Vall Ey Road Area, 1.0 km away, S$80/month.
Public car parks only, by straight-line distance, with the operator's published rates. People's Insurance Building's own car park, if it has one, and its charges are not in the open data.
Who's registered at People's Insurance Building?
- Financial and insurance0
- Administrative and support services0
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 People's Insurance Building
Where is People'S Insurance Building?⌄
People'S Insurance Building is at 38,40 South Bridge Road, Singapore 058672, in the Downtown Core planning area.
What is People'S Insurance Building zoned as?⌄
People'S Insurance Building sits on land zoned commercial under the URA Master Plan, with a gross plot ratio of 4.2.
What is the tenure of People'S Insurance Building?⌄
People'S Insurance Building is leasehold. About 14 years remain on the lease.
Is People'S Insurance Building a conserved property?⌄
Yes. People'S Insurance Building falls within a URA conservation area, so external works are subject to conservation guidelines.
What have units at People'S Insurance Building sold for?⌄
Across 2 recorded transactions, the median price is S$3,496 psf. The latest was in January 2023.
What is the nearest MRT station to People'S Insurance Building?⌄
Clarke Quay MRT is the closest, 214 m away (about a 3-minute walk).
The facts are here — now get the verdict on People's Insurance Building.
Ask what a unit here would fetch, what the zone allows, or how it compares.
PropKakiHere's the building's zone, its recorded deals and every live unit — and where the asking prices sit against them.