Shophouse transactions hit $1.45 bil in 2018, highest in six years

By
/ EdgeProp
|
January 23, 2019 5:19 PM SGT
The total value of all shophouse transactions last year is about $1.45 billion, up by 40.8% y-o-y from $1.03 billion in 2017, according to PropNex Realty. About 167 shophouses changed hands last year, and the total transaction value is the highest since 2012 when $1.38 billion in sales were recorded, as reported by EdgeProp in its Dec 31, 2018 issue.
The highest transaction done in 2018 was for a trio of 99-year leasehold shophouses at 48/49/50 Mosque Street. The trio changed hands for $64.8 million on March 1 2018.
The shophouse segment has seen steady growth in transaction volume over the last five years, says Clarence Goh, head of corporate sales and auctions at PropNex Realty. “High net worth Singaporeans and foreigners, including investment companies, continue to heighten the demand for such properties,” he adds.
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He expects demand to remain strong as more boutique investors purchase units this year for their investment portfolio.