Shophouse Transactions Lower 3Q2024 Uncaveated Deals Show Demand Huttons Asia
There were 18 caveats lodged for shophouse transactions in the third quarter of 2024, a decrease from the 21 caveated deals in the previous quarter, as reported by Huttons Asia on November 12 in their latest quarterly shophouse market report. The total transacted quantum of the caveated shophouses was $138.9 million, a 28.8% drop from the previous quarter’s $195.1 million. In comparison to the same period last year, this is only half of 3Q2023’s transacted quantum of $278.6 million.According to the report, there were only 62 caveated shophouse transactions in the first nine months of 2024, showing a decline of 46.1% in comparison to the same period last year. The total value of these transactions for the first three quarters of 2024 is $519 million, which is a 48.5% decrease from the same period in 2023. However, the report also mentioned that despite the decline in transaction figures, there were a number of non-caveated shophouse deals in 3Q2024, indicating a strong demand for shophouses.“Market sources have reported the sale of several shophouses along Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2,” shared Lee Sze Teck, senior director of data analytics at Huttons Asia. These transactions, which are estimated to exceed $70 million in quantum, reflect the increasing popularity of shophouses as a wealth creation and preservation asset, thanks to their scarcity and potential for strong capital gains. Lee predicts that the interest rate cuts in the last few months will further drive the demand for shophouses, and volume and quantum may rise in 4Q2024.
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