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Shophouse Transactions Lower 3Q2024 Uncaveated Deals Show Demand Huttons Asia

Posted on November 12, 2024

Huttons Asia: Interest in shophouse market remains strong despite decline in caveated transactionsThe shophouse market continues to attract interest from investors, despite a decrease in caveated transactions in the third quarter of 2024, according to the latest quarterly report published by Huttons Asia on November 12. Only 18 caveats were lodged for shophouse transactions in 3Q2024, indicating a drop from the 21 caveated deals in the previous quarter. However, the transacted quantum of these shophouses still amounted to $138.9 million, which is a decline of 28.8% from the previous quarter’s $195.1 million. Compared to the transacted quantum of $278.6 million in 3Q2023, the amount for 3Q2024 was only half.The figures for the first nine months of 2024 show that 62 shophouses were sold, indicating a 46.1% decrease from the same period in the previous year. The total value of transactions for this period was $519 million, which is 48.5% lower than the same period in 2023.According to Lee Sze Teck, senior director of data analytics at Huttons Asia, although the number of transactions decreased in 3Q2024, this may not reflect the actual level of interest in the shophouse market. Market sources have revealed that a number of shophouses in Districts 1 and 2, such as along Amoy Street, Neil Road and Telok Ayer Street, were reportedly sold. The estimated quantum for these properties is over $70 million.Investors are drawn to the shophouse market due to its scarcity as well as its potential for strong capital gains. With the recent interest rate cuts, shophouses have become increasingly popular as an asset for wealth creation and preservation. Lee is optimistic that shophouse transaction volume and quantum will increase in 4Q2024.

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