Shophouse sales fell 38.9% in 2024, lowest since 1998: Huttons
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Shophouse sales in 2024 fell by 38.9%, marking the lowest level since 1998, with only 84 transactions recorded, significantly below the average of 200 from 1995 to 2023. The total transaction value was $683.6 million. District 8 dominated the market, accounting for nearly half of the transactions, while freehold properties were preferred by investors. The largest transaction was The Rail Mall, sold for $78.5 million. Rental rates softened slightly, with a 2.6% decline in islandwide rents, although shophouse rents increased by 1.7% for the year.
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