SINGAPORE - Rental rates have more than doubled for privately held HDB shop units, particularly over the past year, while rents for shops directly leased out by HDB have mostly held steady.Median rentals for heartland shops held by private landlords rose from $3.51 per sq ft (psf) in the second quarter of 2024 to $7.34 psf in the second quarter of 2025.This is the highest ever rental rate for privately held HDB shops, according to the Urban Redevelopment Authority’s Realis data that dates back to 1999.Meanwhile, shops directly rented out by HDB have seen rents rise at a more gradual rate.HDB said rents for nine in 10 of such shops have remained largely unchanged over the past five years.Property analysts and agents attributed the rise in rental rates for privately held HDB shops to increased demand for such units after consumer sentiment improved post-pandemic, even though there are signs that this demand is now moderating. Read more