![[UPDATE] Chinese investors drive conservation shophouse prices above $7,000 psf](https://i.headtopics.com/images/2023/4/27/yahoosg/update-chinese-investors-drive-conservation-shopho-update-chinese-investors-drive-conservation-shopho-1651454375045345281.webp)
Chinese investors drive conservation shophouse prices above $7,000 psf
The two-storey conservation shophouse at Amoy Street changed hands for $18.688 million last November and again in early April, for $21.8 million recently changed hands for $29 million, according to a caveat lodged on April 13. The property has a built-up area of 6,485 sq ft and sits on a 1,729 sq ft freehold site. The price of $29 million makes it the highest absolute price achieved for a shophouse to date. On a psf-price basis, it works out to $4,472.
Some properties have recently been flipped. In early April, a 999-year leasehold, two-storey intermediate conservation shophouse along Amoy Street changed hands for $21.8 million. It sits on a 1,856 sq ft site with a built-up area estimated at 3,115 sq ft. The price translates to $6,998 psf. According to a caveat lodged, it is 3.112 million higher than the $18.688 million the shophouse fetched last November.
The conservation shophouses in the Haji Lane-Beach Road area are equally well-sought-after, with recent transactions crossing $6,900 psf, notes PropNex’s Chin. For instance, Havana KTV Nightclub is the current tenant of the shophouse along Amoy Street. With the lease ending in June, the new owner can choose to put a new nightclub in., was put on sale by expression of interest, which closed on April 18.
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