Owner to exit $102.8 mil conservation shophouse portfolio after 20-year journey
The six properties, located across the Beach Road, Tanjong Pagar and Chinatown conservation areas, are available for sale individually or collectively (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A portfolio of six conservation shophouses with a combined indicative value of $102.8 million has been launched for sale.
The owner, who requested anonymity, has been investing in conservation shophouses since 2007. The six properties, located across the Beach Road, Tanjong Pagar and Chinatown conservation areas, are available for sale individually or collectively.
She has appointed PropNex associate group director Hoe Tze Huat to market the portfolio.
The investor’s journey into the shophouse market began nearly two decades ago when she was searching for a property with a commercial zoning for her own use.
After acquiring her first shophouse in the Tanjong Pagar Conservation Area, she discovered what she describes as “the pleasure of being the temporary caretaker of one of Singapore’s heritage assets”.
That first purchase sparked a deeper interest in conservation shophouses. “My family entrusted me to invest wisely and left it to me to manage independently,” she says. “And so far, we have done reasonably well.”
Scarcity value and long-term appeal
Before venturing into shophouses, she had invested in residential property. However, she found conservation shophouses “more interesting, aesthetically pleasing and financially rewarding”.
Part of the attraction lies in their scarcity. According to URA, Singapore has more than 6,500 conservation shophouses built between the early-1800s and mid-1900s. “These heritage buildings continue to be an important part of our cityscape and serve as a link to our past,” URA noted in its guide to conservation shophouse owners published in May 2022.
The closest residential comparison, in terms of rarity, would be Good Class Bungalows (GCBs). According to JLL, there are only about 2,800 GCBs located across 39 gazetted areas in Singapore.
By comparison, Singapore had 73,662 landed homes and 350,503 apartments and condos as at 1Q2026. Unlike conservation shophouses, the supply of residential properties can continue to increase.
Over the years, the investor accumulated shophouses primarily within the Core Central Region, such as Tanjong Pagar, Chinatown and Beach Road.
Table: Hoe Tze Huat/PropNex
She says the segment has delivered “consistently attractive” rental yields and capital appreciation over the long term. “Hardly any asset class can outperform good-quality conservation shophouses in Singapore in terms of overall risks versus returns,” she adds.
Her investment strategy focused on acquiring shophouses that were already in reasonably good condition, minimising downtime and refurbishment costs. She also outsourced leasing and property management to “trusted agents”.
After nearly two decades in the market, however, she now intends to devote more attention to her family business, given the “current global market turbulence and extremely volatile environment”.
Even though she believes it is the right time to exit the conservation shophouse market, the owner says she may “probably re-invest again in the future”.
Two adjoining shophouses in Bugis-Beach Road area
Two of the six properties are adjoining shophouses along Tan Quee Lan Street in the Beach Road Conservation Area in District 7.
The properties sit directly across from Guoco Midtown II retail and F&B cluster next to the Bugis MRT Interchange Station, and the 558-unit Midtown Modern condo that was completed just last year.
Both are 999-year leasehold, three-storey shophouses comprising commercial space on the first storey and residential units above. As mixed-use assets, additional buyer’s stamp duty (ABSD) applies only to the residential component.
Two adjoining shophouses along Tan Quee Lan Street are available for sale at $15 million and $17 million each, or $32 million collectively (Photo: Samuel Isaac Chua/EdgeProp Singapore)
One of the shophouses occupies a site area of 1,028 sq ft with a built-up area of 4,453 sq ft, including a 5½-storey rear annex block. The first two levels have URA approval for F&B use and are leased to a restaurant operator, while the upper floors are residential units that have been tenanted.
The property is fully leased and carries an indicative price of $17 million, or $3,818 psf based on built-up area.
The adjoining shophouse sits on a 1,102 sq ft site with a built-up area of 2,665 sq ft. All three levels have URA approval for F&B use and are fully leased. It has an asking price of $15 million, translating to $5,629 psf based on built-up area.
One of the shophouses on Tan Quee Lan Street has a 5½-storey annex block for use as apartments (Photo: Samuel Isaac Chua/EdgeProp Singapore)
PropNex’s Hoe notes that a buyer could potentially construct a rear residential annex block for the second property. There is also the option to purchase both shophouses for $32 million and amalgamate them.
He points to a neighbouring row where three adjoining units were amalgamated and converted into a hostel, The Room @ Bugis.
“Shophouses along Tan Quee Lan Street are tightly held,” says Hoe. Based on caveats lodged, the last transaction along the street was in 2021, when a 999-year leasehold shophouse changed hands for $12.59 million.
Tanjong Pagar assets near the CBD
Two other properties in the portfolio are located within the Tanjong Pagar Conservation Area in District 2.
One is along Tras Street, within the CBD and near office towers such as Keppel South Central and Guoco Tower, as well as Maxwell Chambers, the URA Centre and the MND Complex.
Hotels in the vicinity include Duxton Reserve, Sofitel Singapore City Centre, Mondrian Singapore and Orchid Hotel. The property is also within walking distance of Tanjong Pagar, Maxwell and Outram Park MRT stations.
The first floor of the shophouse is leased to a restaurant, while the upper floors are available for lease.
The portfolio includes a shophouse on Tras Street in Tanjong Pagar that is on the market for $13.8 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The property sits on a 99-year leasehold site of 1,618 sq ft with a built-up area of 3,359 sq ft. It has full commercial zoning and is therefore not subject to ABSD.
The shophouse has an indicative price of $13.8 million, or $4,108 psf based on built-up area. The lease commenced in 1994, leaving about 67 years remaining.
Based on caveats lodged, the most recent shophouse transaction along Tras Street took place in July 2024, when a property changed hands for $10.2 million.
The second Tanjong Pagar property is located along Craig Road, near both the CBD and the Duxton Conservation Area.
Another shophouse in Tanjong Pagar that is also available for sale is on Craig Road, with an indicative price of $20 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The corner shophouse occupies a 1,916 sq ft site with a built-up area of 5,400 sq ft across three storeys. The first floor is leased to an F&B tenant, while the upper floors are used as offices.
The property has full commercial zoning and a 99-year lease commencing from 1989, with about 62 years left on the lease. The indicative price is $20 million, or $3,704 psf based on built-up area.
According to caveats lodged, the last transaction along Craig Road occurred in 2021, when a smaller shophouse farther down the street was sold for $8.2 million.
Chinatown shophouses in tourist belt
The final two properties are located within the Kreta Ayer Conservation Area in Chinatown.
One is situated along Temple Street, a pedestrianised stretch popular with tourists and just a short walk from Chinatown MRT Interchange Station and Maxwell MRT Station.
The fully leased freehold shophouse occupies a land area of 1,052 sq ft with a built-up area of 3,002 sq ft. A restaurant tenant occupies all three floors.
One of the two shophouses in Chinatown is on Temple Street, with an indicative price of $20 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The property is on the market for $20 million, or $6,662 psf on built-up area.
Based on caveats lodged, the last transaction along Temple Street took place in December 2021, when a shophouse changed hands for $13.8 million.
The final asset in the portfolio is along Smith Street, one street away from Temple Street.
Another shophouse in Chinatown that is on the market is along Smith Street, and has a price tag of $17 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The freehold shophouse sits on a site area of 1,090 sq ft with a built-up area of 2,618 sq ft. The property was recently renovated for F&B use and carries an asking price of $17 million, or $6,494 psf based on built-up area.
Farther down Smith Street, the Chinese Business Association is rejuvenating a row of 13 shophouses stretching from 11 to 37 Smith Street. Habyt Chinatown has taken up the upper floors for co-living accommodation, while ground-floor tenants include Starbucks, Killiney Kopitiam and a Peranakan-themed concept.
Scarcity supports prices despite slower sales
In 1Q2026, quarterly shophouse sales fell to their lowest level since 3Q1998, according to Huttons’ latest report released on May 11.
Investors have become increasingly selective amid an uncertain geopolitical and economic environment, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
Based on caveats, an estimated 13 shophouses changed hands in 1Q2026, down 40.9% q-o-q and 35% y-o-y. Total transaction value fell 44.2% q-o-q to $88.4 million, while the average deal size slipped just 5.5% to $6.8 million from $7.2 million in the previous quarter.
Chart: URA, Huttons Data Analytics (data downloaded as of April 24)
“Interest in shophouses has remained steady since the start of the year, but the prolonged conflict in the Middle East may weigh on sentiment in the near term,” says Lee.
“While some investors are biding their time for a high-value opportunity, property owners are leveraging market scarcity to maintain high asking prices,” he adds.
Lee expects transaction activity to improve once geopolitical uncertainties ease.
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