Shophouse deals gain momentum in Jan-Feb

Singapore

THE Singapore shophouse market has had a good start to the year in terms of transactions volume with deals in places like Tanjong Pagar and Mosque Street in the CBD to Tanjong Katong Road and Joo Chiat Road. Prices are also holding well, if not appreciating, amid a dearth of new listings, say industry watchers.

In the first two months, 26 caveats totalling S$220.8 million were lodged for purchases of shophouses island-wide, based on CBRE's analysis of URA Realis caveats data as at March 5.

For the whole of last year, the tally was 148 caveats amounting to just over S$1 billion - a jump from the 107 caveats totalling S$707.1 million in 2016.

Shophouse market watchers told The Business Times that prices of conservation shophouses in the first two months have either been holding up from 2017 levels or gone up slightly. "Given a dearth of new listings by owners, buyers were prepared to pay a bit more to clinch the deal," said Clemence Lee, a…