This was the largest shophouse transaction in Singapore in Q4

Around 68% of all transactions in the quarter were worth over $5 million.

Big-ticket transactions featured prominently in Singapore’s commercial shophouse market in the fourth quarter of 2025, with several high-value deals underscoring sustained investor appetite for well-located assets, according to a report by PropNex Research.

Citing URA Realis data, PropNex said the largest caveated shophouse transaction in Q4 2025 was the sale of a five-storey property along North Canal Road in Clarke Quay for nearly $24 million in December. Based on a land area of about 1,730 sq ft, the deal reflected a unit land price of approximately $13,810 per sq ft. The shophouse, which is currently operated as a boutique hotel, is located opposite Hong Lim Park.

Another notable transaction highlighted by PropNex was the sale of a three-storey conservation shophouse in Kreta Ayer, Chinatown, which changed hands for $12 million during the quarter. The sale translated to a unit land price of $10,478 per sq ft, based on a land area of 1,145 sq ft.

District 8 leads activity

PropNex noted that District 8 (Little India) emerged as the most active shophouse market in Q4 2025, recording seven transactions with a combined value of $46.3 million. For the full year, the district accounted for 24 shophouse deals worth $183 million — more than a quarter of the total sales value recorded in 2025, according to PropNex’s analysis.

Rise in large-value transactions

Overall, PropNex observed a higher proportion of large-ticket shophouse purchases in the quarter. Based on caveats lodged, more than two-thirds (68%) of the 22 shophouse transactions in Q4 2025 were priced above $5 million, while the remaining 32% were transacted at below $5 million.

For the whole of 2025, PropNex said about 63% of caveated shophouse transactions, or 55 deals, exceeded the $5 million threshold. This distribution was broadly consistent with 2024, when 64% of transactions were priced above $5 million.

Prices trend higher across districts

In terms of pricing, PropNex reported that average shophouse transaction prices on a land area per square foot basis rose across most popular districts in 2025 compared with the previous year.

Average prices in Districts 14 and 15 increased by 8.5% year-on-year to $3,817 per sq ft on land area in 2025, while Districts 7 and 8 saw prices climb by 8.2% to an average of $5,861 per sq ft. In the downtown core of Districts 1 and 2, price growth was more measured, with average prices edging up 1.3% year-on-year to $8,850 per sq ft, PropNex said.

PropNex added that the prevalence of high-value deals and firmer pricing reflects continued demand for centrally located and conservation shophouses, even amid a more selective investment environment.