Singapore strata retail market dominated by deals under S$4m in H2 2024

Only one transaction was worth above S$10 million.

The strata retail market remained muted in the second half of 2024, with a slight decline of 1.3% in total sales value to S$214.8 million from S$217.5 million in H1 2024, according to data from Knight Frank. A total of 115 strata retail deals closed, a half yearly decline of 13.5% from 133 deals in the first half of 2024. 

However, the average unit price increased 6.8% on a half yearly basis to S$3,010 psf in H2 2024 from S$2,817 psf.

Here’s more from Knight Frank:

Out of the 115 strata retail deals closed in H2 2024, only one was sold above S$10.0 million. A unit at Tong Building was sold for S$14.0 million (S$4,080 psf) in August. Apart from that one transaction, most of the transactions were of smaller deals under S$4.0 million, suggesting that a majority of buyers in this space are smaller business owners and/or non-institutional retail investors. 

Other notable deals included a strata retail unit at One Claymore that changed hands for S$9.2 million in September, and a strata retail unit at The 101 that was purchased for S$8.7 million in August. 
Similar to strata offices, some strata retail transactions might not have been reported or caveated. Additionally, although some of these units on higher floors have been designated as retail in type, several are typically used as offices.