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Authorised officer of health technology company alleges it was used as ‘pawn’ to conduct Ponzi scheme in shareholder suitIntestate Succession Act proposed to allow transfer of HDB flats upon death without a will In the third quarter of 2024, interest in the shophouse market in Singapore remained strong despite a decline in the number of caveated transactions, according to Huttons Asia’s latest quarterly shophouse market report published on November 12.Eighteen shophouse transactions were recorded in the third quarter, showing a decline from the 21 deals in the second quarter. The total transacted value of these shophouses was $138.9 million, which is 28.8% lower compared to the previous quarter’s $195.1 million. Year-over-year, this is half of the transacted quantum in the third quarter of 2023, which was at $278.6 million.During the first nine months of 2024, 62 shophouses were sold, which is a 46.1% decrease compared to the same period last year. The total value of transactions for the first three quarters of 2024 was $519 million, which is 48.5% lower than the same period in 2023.Read also: Invictus Developments, run by Indonesian tycoon Bachtiar Karim’s family office, acquires lyf Ginza Tokyo for $93 milAlthough the number of transactions has declined, Huttons’ report highlights that there were also a number of shophouse deals in the third quarter that were not caveated. According to market sources, there were reports of several shophouses being sold along Amoy Street, Neil Road, and Telok Ayer Street in Districts 1 and 2. These shophouse deals are estimated to be worth over $70 million, says Lee Sze Teck, senior director of data analytics at Huttons Asia. These deals show that there is a strong demand for shophouses, which has been steadily increasing over the past few months. “Investors are attracted to this market segment because of its scarcity and potential for strong capital gains. With interest rates recently being cut, shophouses have become a popular asset for creating and preserving wealth,” Lee adds. He also predicts that shophouse transaction volume and quantum will continue to rise in the fourth quarter of 2024.