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SINGAPORE (EDGEPROP) – Despite a slight decrease in caveated transactions, the shophouse market continues to attract strong interest in 3Q2024, according to Huttons Asia’s latest quarterly report released on Nov 12.
In the third quarter of 2024, there were 18 caveats lodged for shophouse transactions, compared to 21 in the previous quarter. The total value of these transactions was $138.9 million, which is 28.8% lower than the $195.1 million recorded in the second quarter. On a year-on-year basis, this is only half of the transacted quantum in 3Q2023, which was $278.6 million.
In the first nine months of 2024, 62 shophouses were sold, representing a 46.1% decrease compared to the same period last year. The total value of transactions for the first three quarters of 2024 was $519 million, a 48.5% drop from the same period in 2023.
Despite the decline in transaction numbers, Huttons’ report highlights that several shophouse deals were not caveated in 3Q2024. According to market sources, there were reportedly sales of shophouses along Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2, with an estimated quantum of over $70 million, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
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This indicates a strong demand for shophouses, which has been growing in the past few months, according to Lee. “Investors are drawn to this market segment due to its limited supply and potential for significant capital gains. With the recent interest rate cuts, shophouses are becoming more popular as a means of creating and preserving wealth.” He also anticipates that shophouse transaction volume and quantum will increase in 4Q2024.
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