Fewer transactions, but firmer prices as CBD shophouses hold sway among investors

SALES volumes are down but prices are firm in what is the creme de la creme of the commercial shophouse market – Central Business District (CBD) shophouses.

The average transacted unit price on land area of CBD shophouses climbed by nearly 18 per cent to S$11,098 per square foot (psf) in 2023 from S$9,434 psf in 2022, said PropNex Realty’s head of research and content, Wong Siew Ying.

Shophouses in the CBD refer to those that are located in Districts 1 and 2, which include the Downtown Core areas of Raffles Place, Boat Quay, Tanjong Pagar, Neil Road, Kreta Ayer and Chinatown.