News

Commercial Property Residential Property

Staff Reporter

, Singapore

Published:

1 year ago

Photo from Envato Elements

COTD: Shophouse market hits record leasing value of $10.7m in Q3

The Q3 leasing value boosted the 9M total to $30.6m.

The shophouse market reached its highest quarterly leasing value in Q3, hitting $10.7m from 927 contracts.

The Q3 leasing value boosted the 9M total to $30.6 million, surpassing last year’s $28.4m.

Despite higher leasing contract values, rentals in Q3 moderated, breaking a three-quarter growth streak from Q3 2023.

Shophouse median monthly rents fell 2.8% QoQ to $6.64 psf in Q3 but increased 11% YoY.

Popular districts also felt the easing of shophouse rentals, with District 8 (Little India) and District 15 (Katong, Joo Chiat) posting declines of 4.7% and 6.8% QoQ, respectively.

PropNex attributed the overall moderation to increased F&B sector closures, with intense competition, high rents, and operational costs weighing on operators.

“There could be headwinds for shophouse rental growth as F&B operators may resist higher rents,” PropNex said,

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PropNex

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