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Property
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Singapore shophouse sales dropped 46.1% YoY in 9M2024; only 62 sold

Mary Alavanza
By Mary Alavanza

SINGAPORE: The number of shophouse transactions in Singapore dropped in Q3 2024, with fewer deals than earlier in the year.

According to data from property agency Huttons, in Q3 2024, only 18 caveats were lodged for shophouses, down from 21 in Q2 2024.

According to Singapore Business Review, in the first nine months of 2024 (9M2024), around 62 shophouses were sold, a 46.1% year-on-year (YoY) decrease compared to the same period in 2023.

The total value of transactions also fell. Several shophouses in Districts 1 and 2, including those along Amoy Street, Neil Road, and Telok Ayer Street, were sold for a total estimated to exceed S$70 million in Q3 2024.

In District 7, a few shophouses were sold for nearly S$60 million in total. 

In Q3 2024, the total transacted value of caveated shophouses was S$138.9 million, down 28.8% quarter-on-quarter (QoQ) from S$195.1 million in Q2 2024.

Compared to 3Q 2023, the drop was even steeper, with a 50% YoY decrease from S$278.6 million.

The total value of transactions for 9M2024 reached S$519 million, which is 48.5% lower than the same period in 2023. /TISG

Read also: Sale of shophouses linked to money laundering probe sparks buyer interest

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