Shophouses Are Back – What’s Driving the Momentum?

by Gilad | Updated February 2026

District 8 (Little India) was the standout - 24 deals worth SGD 183 million for the full year, making it the most active shophouse district by far. This is where the real activity is concentrated.

And the buyer profile has shifted: 68% of Q4 transactions were above SGD 5 million. This isn't retail investor territory anymore. This is serious capital - developers, syndicates, and high-net-worth individuals betting on heritage conservation and long-term capital appreciation.

So what does this mean for 2026? ERA forecasts 70-80 deals worth SGD 550-650 million - a modest recovery from 2025's lows, but still well below the 2021-2023 peaks. The shophouse market isn't "back" in the sense of a volume surge. It's consolidated. Fewer players, bigger cheques, firmer conviction.

If you're considering a shophouse investment - whether as a heritage play, a long-term hold, or a development opportunity - the market is now dominated by serious money with serious timelines. Casual flipping is out. Strategic positioning is in.

Please do contact me if you’d like to know more.

Image Credit: Photo of Keong Saik Road, Singapore by Rigel on Unsplash

If you've been watching Singapore's shophouse market, you'll have noticed something interesting over the last couple of years: after years of being overlooked, these heritage buildings are attracting serious money again. But the full-year 2025 data tells a more nuanced story than the headline suggests.

Here's what actually happened:

• Full year 2025: 88 shophouse deals worth SGD 623.2 million - the lowest sales value since 2014. Volume has contracted significantly.

• Q4 2025 specifically: 22 transactions worth SGD 158.3 million - down 21% quarter-on-quarter and down 12% year-on-year. The momentum has cooled.

But here's the critical detail that most people miss: prices per square foot actually rose across most districts. District 14/15 (Katong/East Coast) up 8.5%. District 7/8 (Tiong Bahru/Outram) up 8.2%. This tells you something important - fewer deals, but firmer prices. The casual buyers have stepped back. The serious investors remain.