Who are buying HDB shophouses and why?
Despite these properties being considered commercial assets, foreigners make up just a small proportion of buyers
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THE growing interest in HDB shophouse assets comes mostly from local individuals or companies, with foreigners accounting for a very nominal proportion, said Knight Frank capital markets executive director Mary Sai.
This is despite the Housing and Development Board properties being considered commercial assets, so foreigners face no restrictions in purchasing them, said Clemence Lee, CBRE capital markets executive director for Singapore.
Sai attributes this to the Additional Buyer’s Stamp Duty payable for the residential component of the property – the HDB shophouse’s living quarters on the second floor.
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