In 1Q 2024, an estimated 21 shophouses were sold, which is 31.3% higher than 4Q 2023 though 34.4% lower than a year ago. The total value of transactions in 1Q 2024 was $180.3 million, 62.3% higher than the previous quarter but 39.2% lower than 1Q 2023 and the average price paid for a shophouse in 1Q 2024 was $8.6 million.

Investors continued to acquire 999-year leasehold and freehold shophouses for wealth preservation. The rarity of shophouses plus the lower barrier to entry for foreign investors compared to the residential market and the potential for capital appreciation will support prices in this market segment.

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On the demand side, the first wave of ex-private property owners (PPO) who were waiting out the 15 months’ period to buy a 5-room or larger flat entered the market in January 2024. Some of the ex-PPO may have bought smaller flats instead of waiting out the 15 months. On the supply front, there was more supply of HDB resale flats put up for sale in 1Q 2024, some of these coming those that reached their 5-year MOP in 2022, 2023 and 2024.

The top 5 most popular HDB towns among buyers in 1Q 2024 are Jurong West, Punggol, Sengkang, Woodlands and Yishun. The number of million-dollar flats continued to reach new highs too. HDB resale flat transactions are estimated to be between 25,000 to 27,000 while resale flat prices are likely to consolidate in the range of 3% to 5% this year.

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In 1Q 2024, the landed homes segment remained well-supported by aspirations and the limited new supply. Based on caveats, an estimated 295 landed homes were sold in 1Q 2024, 20.9% higher quarter-on-quarter (QoQ) and 1.0% higher year-on-year (YoY). The total value of landed homes that changed hands in 1Q 2024 was $1.6 billion, 23.0% higher QoQ but 11.7% lower YoY.

Most popular districts for landed homes among buyers include 10, 15, 19, 20 and 28. The quantum for 99-year leasehold landed homes ranged from $2.5 to $4.2 million while for 999-year leasehold and freehold landed homes, the quantum is between $2.5 and $14 million.

Prices of landed homes rose by 2.6% in 1Q 2024, 2 percentage points lower than the previous quarter. This year, prices should trend towards stabilisation and see less than 6% gains.

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