Shophouse Sales Hit 13-Year Low Amid Money Laundering Scandal
• Sales of shophouses fell to 13-year low in Q4 2023 amid money laundering scandal; $95M in deals vs $321M a year before • 131 shophouses worth $1.14B sold in 2023, down from 191 deals worth $1.6B in 2022 - lowest volume since 2019 • Owners raised prices after property cooling measures in April 2023 drove investors to shophouses • After money laundering arrests, fewer foreign buyers; some owners now more open to negotiation • Leasing activity remains resilient, especially for F&B, retail, hotels; rents bounced back in Q4 2023