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How will the updated list of areas prohibiting new eateries impact the shophouse market?

Over 30 roads across 19 areas are part of the list.

Shophouse owners considering renting out their ground floor space to  food and beverage (F&B) operators are likely to increase yield before selling in response to the government’s revised list of locations where additional eating houses will not be allowed. 

The list superseded the circular in May 2016.

“Investors may possibly shun shophouses which do not have permission to operate F&B outlets,” Huttons added.

Huttons, however, believes that shophouses will remain the  top choice among investors for wealth preservation as the scarcity may lead to better capital appreciation.

In 3Q 2023, transaction volume fell by 21.3% QoQ to 37 shophouses, whilst value fell by 26.6% QoQ to $317.1m.

In the last quarter of 2023, Huttons said the shophouse market may be subdued “as some owners have withdrawn their shophouses for sale.”

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