Textile Centre En Bloc opportunity: Why investor Raymond Giam acted decisively — and what buyers should know now

Singapore’s en bloc real estate market has experienced a notable slowdown in recent years. In 2024, only about 25% of en bloc attempts were successful, mirroring the 2023 rate, with many deals falling through due to missed payment deadlines or lack of buyer interest.

In early 2024, while most buyers hesitated due to rising interest rates and market uncertainty, one investor moved in when others looked away, and he was proven right.

That investor was PropNex Millionaire Raymond Giam, who made a decisive acquisition at Textile Centre — a mixed-use development in Singapore’s Downtown Core — at a time when few were paying attention.

Giam says, “Some called it a ‘dying mall.’ I saw it as a strategic downtown asset that was fundamentally undervalued — and positioned for potential upside.”

📉 When the listings told the wrong story

Since multiple units at the Textile Centre were up for sale, many assumed something was wrong. That perhaps owners were rushing to exit due to deteriorating prospects or declining value. But Giam dug deeper.

“I started with primary desk research — reviewing past transactions, yields, and comparable mixed-use assets. Then I began speaking with owners, agents, and tenants on the ground to verify what I saw in the data,” adds Giam.

What he found surprised him. Many owners had bought the units decades ago and had long paid off their loans. Some weren’t even renting them out — they were using them for storage or leaving them vacant.

Giam says that to him, “they weren’t distressed sellers. They were just disengaged after years of stalled en bloc attempts. To me, that presented a rare opportunity, not a red flag.”

🏗️ Undervalued, underutilised — and widely overlooked

As Giam’s research progressed, one thing became clear: The Textile Centre was grossly undervalued, and very few were paying attention.

The site sits on a rare full commercial zoning, yet hosts residential, office, and retail components — a flexible and developer-friendly combination. It also occupies a large land plot in a central fringe location, something rarely found in strata-titled developments today.

In fact, in October 2023, it was reported that Crescendas Group chairman Lawrence Leow and his family acquired the multi-storey car park at Textile Centre, along with an adjacent plot, for approximately S$26 million.

At the heart of Giam’s conviction were four crucial factors:

• ✅ Commercial zoning — No ABSD and no 5-year sell-down deadline, making it highly attractive to developers
• ✅ Undefined plot ratio — Greater flexibility for future redevelopment under URA guidelines
• ✅ Double frontage — Along both Jalan Sultan and North Bridge Road, improving visibility and access
• ✅ Underutilised tenant mix — A fragmented profile that makes owner alignment and negotiation more achievable

“These aren’t just nice-to-haves. These are structural advantages that directly impact a site’s en bloc potential and appeal to developers,” according to Giam.

While these planning characteristics were key, Giam also appreciated the site’s connectivity and cultural context:

• Within 1km of five MRT stations: Bugis, Nicoll Highway, Lavender, Rochor, and Jalan Besar
• Located in the Downtown Core planning area
• Surrounded by a vibrant mix of heritage shophouses, national monuments, boutique hotels, HDBs, condos, malls, and offices
• Directly across from the Kampong Glam conservation district

“Textile Centre offers the kind of flexibility, scale, and location that’s increasingly rare — especially for older leasehold sites in the Downtown Core that haven’t yet been optimised,” says Giam.

Nearby indicators also supported his view.

“When I made the move, I believed Golden Mile’s redevelopment would eventually cross $4,500 psf. That’s now happened — and it proves this precinct is gaining market acceptance.”
“This wasn’t emotion. It was a data-backed, planning-led decision. And it continues to play out as expected.”

💰 A year later: A $550K appreciation — and multiple offers

By February 2025, Giam’s retail unit, which is currently leased to three corporate tenants — a commercial school, a sports therapy provider, and a car dealership — had appreciated by approximately $550,000. He received several offers — both before and after his appointment into the Collective Sale Committee (CSC) — and declined them all.

Giam states that he “believed the en bloc payout will be even more rewarding. But even if it doesn’t happen, I’d still come out ahead from rental returns alone.”

He also made a conscious decision based on investor prudence and regulatory awareness.

“In 2023, I sold a HDB shophouse at Owen Road and made a profit. I didn’t want to risk being mischaracterised by IRAS as a property trader. That also factored into my decision to hold,” he clarifies.

His portfolio is structured for long-term income. Besides the Textile Centre, Giam also owns an industrial property that is delivering excellent yield, and views each property as a self-sustaining asset.

“Even if en bloc never happens, I’m still collecting strong rent and holding a prime-located, rare-use asset. It’s a win either way,” he adds.

🧩 A functional yet fragmented asset with new upgrades

To the casual eye, Textile Centre might seem disjointed — with shops selling religious goods, eateries, night spots, entertainment venues, and even a snooker centre. A church has also long occupied a large former cinema hall, and the space is open for rental. Several car dealers lease space on-site and park their vehicles within the building.

Yet the building is evolving. A solar panel installation has been completed, and recent R&R works have upgraded the toilets and common areas — improving both energy efficiency and aesthetics.

Giam says, “It may seem eclectic, but to me, it’s a mature yet underutilised property — exactly the kind developers look for when eyeing transformation.”

🏛 From investor to CSC member — and treasurer of the 42nd MCST Council

In early 2025, hundreds of Subsidiary Proprietors (SPs) gathered at the Extraordinary General Meeting (EOGM) to elect the new Collective Sale Committee (CSC). Out of 12 nominees, 7 were elected — and Giam received the 5th highest vote count.

He now works closely with the CSC chairman and fellow members:

• Assisting in the preparation of meeting minutes
• Providing data-driven inputs and market analysis
• Sharing zoning insights and comparable redevelopment cases
• Supporting owner engagement and expectation management

Talking about his role at the CSC, Giam states, “The chairman leads. I contribute with insights, analysis, and collaboration.”

In April 2025, Giam was also nominated as Treasurer of the 42nd Management Council of Textile Centre (MCST 695). In this role, he supports financial oversight, budgeting, and compliance matters, and provides advisory input to assist the council in making sound financial decisions — all while remaining committed to building on the strong foundation established by previous councils.

“While we work towards en bloc, we cannot afford to remain passive. Small enhancements today can benefit everyone — and strengthen our collective position for tomorrow,” says Giam, underscoring the importance of taking proactive, practical steps even as the collective sale process unfolds.

With the Council’s support, several improvement ideas have been tabled — aimed at increasing footfall, uplifting the visitor experience, and enhancing long-term estate value at minimal cost.

Key proposals include:

• Upgrading lighting at the mall frontage and adding seating within the building to create a more inviting environment.
• Activating advertising spaces in selected common areas and along the façade — providing businesses within and beyond Textile Centre greater visibility in a prime central location.

These ideas focus on optimising existing resources to support both tenants and owners.

Giam adds, “I’m not leading these initiatives — but I believe in surfacing ideas, aligning stakeholders, and working through them together.”

Following Council discussions, the Managing Agent has been tasked with identifying a qualified media company to manage advertising spaces professionally.

These efforts are being rolled out in parallel with ongoing en bloc attempts, which are expected to take at least 1.5 years to materialise, if successful.

🧠 Final thoughts: Strategy over sentiment

“If en bloc happens — fantastic. If not, I’m still collecting healthy rental income, sitting on long-term capital growth, and holding a rare city-fringe commercial asset.”

Giam’s approach was never reactive. It was founded on planning logic, market insight, and risk management.

“In investing, the best deals rarely look obvious. That’s why they’re overlooked. But when you do your homework and act decisively, they become clear in hindsight,” Giam adds.

As Textile Centre prepares for its next chapter, Raymond Giam isn’t just watching — he’s helping shape the outcome.

“As a fellow owner, my role is not to lead, but to listen, contribute with facts, and support what’s best for the collective — with honesty, accountability, and transparency.”

Raymond Giam is also a licensed real estate professional with PropNex, bringing over 15 years of full-time experience across residential, commercial, and industrial assets. If you’re exploring a sale, purchase, lease — or simply seeking clarity on your next move — he and his team welcome meaningful, well-considered conversations.