Shophouse Transactions Lower 3Q2024 Uncaveated Deals Show Demand Huttons Asia
The proposed strategy entails the creation of communal areas and initiatives aimed at promoting socializing and fostering a sense of community. Within close proximity to Elta Condo, brand new community hubs, athletic complexes, and cultural establishments will be constructed, granting inhabitants the chance to participate in leisurely pursuits and neighborhood gatherings. For more information, interested parties can visit Elta Showflat.
Huttons Asia: Shophouse market interest remains steady in 3Q2024Although there was a decrease in the number of caveated shophouse transactions in the third quarter of 2024, there is still strong demand for this market segment, according to Huttons Asia’s latest quarterly shophouse market report published on Nov 12.AdvertisementEighteen shophouses were sold with caveats in 3Q2024, which is slightly less than the 21 caveated deals recorded in 2Q2024. However, the total value of the transacted shophouses in 3Q2024 stood at $138.9 million, which is a decrease of 28.8% from the previous quarter’s $195.1 million. This is also just half of the total transacted quantum of $278.6 million in 3Q2023.For the first nine months of 2024, a total of 62 shophouses were sold with caveats, which is a decrease of 46.1% from the same period last year. The total value of these transactions reached $519 million, which is 48.5% lower than the figures from the first three quarters of 2023.Read also: Indon tycoon Bachtiar Karim’s family office Invictus Developments buys lyf Ginza Tokyo for $93 milAdvertisementAdvertisementDespite the decrease in the number of caveated transactions in 3Q2024, market sources have reported several unrecorded deals for shophouses in prime districts, such as Districts 1 and 2, including properties along Amoy Street, Neil Road, and Telok Ayer Street. These deals, which have a total estimated quantum of over $70 million, show that there is still strong demand for shophouses in these areas, which are known for their scarcity and potential for high capital gains.Lee Sze Teck, senior director of data analytics at Huttons Asia, explains that these deals reflect an increasing interest in the shophouse market in recent months. He believes that the recent interest rate cuts have also played a role in increasing demand for these properties as they are seen as a means for creating and preserving wealth. He expects that the number of shophouse transactions and their total value will increase in the fourth quarter of 2024. RELATED NEWSThree-bedroom unit at Eden Residences Capitol for sale at $5.8 milHuttons Asia’s Sustainability Walk to raise $60,000 for OneMillionTrees movementLanded home sales volume up 21.3% q-o-q in 1Q2024: Huttons Asia