Singapore 2025 shophouse sales hit record lows since 2014

For the year, 88 shophouse deals worth $623.2 million were transacted.

Sales momentum in Singapore’s commercial shophouse market softened slightly in the fourth quarter of 2025, despite the economy delivering its strongest growth in four years, according to a report by PropNex.

PropNex noted that the moderation in shophouse transactions was likely due to the typical year-end seasonal lull, even as broader economic conditions remained supportive. Singapore’s gross domestic product (GDP) expanded by a robust 5.7% quarter-on-quarter in Q4 2025, accelerating from 4.3% growth in Q3, based on advance estimates from the Ministry of Trade and Industry (MTI). For the full year, the economy grew by 4.8%, building on the 4.4% expansion in 2024.

Quarterly sales dip

Based on caveats lodged, PropNex said there were 22 shophouse transactions in Q4 2025, marking a 21.4% decline from the 28 deals recorded in the previous quarter. On a year-on-year basis, transactions were down 12% from the 25 deals seen in Q4 2024. PropNex cautioned that the actual number of deals could be higher, as caveats for some transactions may not have been lodged.

In value terms, shophouse sales totalled approximately $158.3 million in Q4 2025, representing a 27.6% quarter-on-quarter decrease from $218.6 million in Q3. Compared with the same period a year earlier, total sales value was about 12.2% lower than the $180.3 million recorded in Q4 2024, according to PropNex.

Full-year performance

For the whole of 2025, PropNex estimated that 88 shophouse deals worth $623.2 million were completed, easing from the $699 million transacted in 2024. The consultancy highlighted that the total sales value in 2025 was the lowest since 2014, when 106 deals valued at $585 million were recorded.

While transaction activity improved in the second half of the year, PropNex said the rebound was insufficient to offset weaker performance earlier in 2025. In particular, the market faced headwinds in Q2 2025, when uncertainties stemming from sweeping US trade tariffs weighed on investor confidence and dampened investment interest.

Outlook

PropNex observed that although Singapore’s strong macroeconomic fundamentals continue to provide underlying support, investor sentiment in the shophouse segment remains sensitive to external risks and global policy uncertainties. As a result, transaction volumes may remain uneven in the near term, even as economic growth stays on a firm footing.