What lies ahead for the shophouse market in Q4?

Ultra-wealthy investors may take profits and shift to safe-haven assets.

Demand for shophouses is expected to stay resilient in the final quarter of the year (Q4), supported by lower borrowing costs and recent gains in global equity markets, according to a Huttons report.

Transaction volumes and prices are likely to remain steady in Q4, as ultra-high-net-worth investors may take profits and invest in physical assets in safe havens such as Singapore.

“Shophouses, being a rare asset class with no new supply, may appeal to investors seeking strong capital returns,” said Lee Sze Teck, Senior Director, Data Analytics at Huttons.

In Q3, an estimated 28 transactions were recorded, up from 20 in the previous quarter and 18 a year earlier. Total transaction value reached $292.5m, 25.6% higher than in Q2.

“Transaction volume and quantum were higher in Q3 due to purchases by funds and institutional investors,” Lee added.

Furthermore, 68 transactions were recorded with an aggregate value of $644.5m for the first nine months of the year—about 10% more deals and 24% higher value than the same period in 2024.

Asia Success Management, affiliates of Clifton Partners, and KB One Pte Ltd were behind several large transactions valued at $15m and more in Q3. The biggest sale involved six adjoining units along Stanley Street that changed hands for $82.4m on a 99-year leasehold.

Other notable deals included Jalan Besar at $36.5m, Club Street at $21m, Outram Road at $15m, and Kampong Bahru Road at $14.9m.

Meanwhile, close to 90% sold in the quarter are less than $15m. Districts 8 and 15 accounted for almost half of all sales, with most units priced under $10m.

“85.7% of the shophouses sold in Q3 are on land with a 999-year/freehold tenure,” the report said.

Leasing volume of shophouses inched up by 1.9% quarter-on-quarter to 816. Meanwhile, rents dipped to $6.59 psf/month from $6.68 psf/month the quarter prior, it added.

Follow the link s for more news on

commercial property

report

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia