Chinese investors drive spike in Singapore’s conservation shophouse transaction, prices surpass $7,000 psf
During an interview with EdgeProp.sg, Loyalle Chin, the director of PropNex ShophouseHuat and associate group division director of PropNex Realty, observed that “a fresh wave of overseas investors, including those from China”, who are driving up prices for commercial shophouses in Singapore’s CBD.
In early April, a 999-year leasehold, two-storey intermediate conservation shophouse along Amoy Street was sold for $21.8 million, which is $3.112 million (16.65%) higher than its last sale in November 2022.
The buyer, NC Properties, is said to be linked to Hong Kong’s New Century Group and has invested in conservation shophouses in the Telok Ayer and Circular Road neighbourhood.
