Shophouse sales surge to all-time high of $1.9 bil in 2021: Knight Frank

EdgeProp Singapore

January 25, 2022

SINGAPORE (EDGEPROP) - Total shophouse transaction value in Singapore crossed the billion-dollar mark in 2021, reaching a total of $1.9 billion in sales, according to a research report by Knight Frank.

Historically, this is the highest transaction value ever recorded for shophouses, beating values achieved in both 2019 and 2020 combined. Sales values in 2019 and 2020 came in at $915.9 million and $912.7 million respectively.

Knight Frank attributes the record-breaking performance to investors’ bullishness in 2021 on the back of Singapore’s economic rebound. “The year 2021 was exceptional for the shophouse market. Investor interest for shophouses as a defensive asset class soared during the pandemic, much like what was observed for residential properties,” the report reads.

There was a total of 244 shophouse transactions in 2021. While this was lower than the most recent high of 291 transactions in 2012, Knight Frank highlights that more than half of the deals were above $5 million, which helped pushed overall sales value in 2021 to a record high.

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