S$70M Holland Village Shophouse Portfolio Leads the Week — Conservation Deals Total S$94.6M Across Four Properties

Four conservation shophouse deals worth a combined S$94.6 million dominated this week’s 51 new commercial and industrial caveats, led by a S$70 million freehold portfolio at Lorong Liput in Holland Village — the single largest shophouse transaction lodged in 2026. Industrial factories made up 35 of the 51 deals by count, but the four shophouses alone accounted for 64% of total transacted value. The batch spans sale dates from 6 April to 19 June 2026, consistent with the usual caveat-lodgement lag.

The week in numbers

Heritage on the block — four shophouses, S$94.6 million

The week’s marquee deal was a S$70 million portfolio of three adjoining freehold two-storey shophouses at Lorong Liput in Holland Village (District 10), spanning approximately 7,542 sq ft of land. The properties — at Lorong Liput — were marketed via an expression-of-interest exercise with a guide price of S$60 million. The caveat, lodged on 17 June at S$70 million (S$9,281 psf on land area), represents a 17% premium above the asking price. No prior caveat for these addresses exists in the 31-year REALIS record, making this their first appearance in the public transaction database. Lorong Liput sits at the heart of a dining and lifestyle precinct that has seen continued institutional interest, including the S$100 million sale of Holland Piazza earlier this year.

In the CBD, a freehold conservation shophouse on Keong Saik Road in the Bukit Pasoh Conservation Area changed hands at S$16 million (S$12,715 psf on land area of 1,258 sq ft). The three-storey property — which has a built-up area of approximately 3,305 sq ft — was marketed via separate expression-of-interest exercises, most recently with a guide price of S$17.5 million. The caveat price of S$16 million came in below the guide. However, the P&L tells a different story: the property was last transacted in June 1995 at S$2.1 million, yielding a gain of S$13.9 million — a 662% return over a 31-year hold. Keong Saik Road has undergone a generational transformation from its historical roots into one of Singapore’s most recognisable heritage F&B and hospitality enclaves.

A pair of shophouses on Geylang Road in the Geylang Conservation Area traded at S$6.4 million (S$4,271 psf on land, freehold), also with no prior caveat in the database. At the other end of the spectrum, a 99-year leasehold shophouse on Owen Road sold for S$2.2 million (S$652 psf on land) — a S$300,000 gain after just 2.7 years, having been purchased in October 2023 at S$1.9 million.

The P&L read — 31 gains, 7 losses

Of the 51 caveats, 38 could be paired with a prior transaction at the same address. Of those, 31 were profitable and 7 recorded losses. The deepest loss was a retail unit at EON Shenton, which sold for S$650,000 — down S$308,000 or 32% from its October 2012 purchase at S$958,000 after nearly 14 years of holding. A pair of ground-floor units at iSpace each sold for S$690,000, recording losses of 7–8% against their 2013 purchase prices after more than 13 years. Pioneer Point lost S$130,000 or 15% over a 14-year hold — a pattern among older Jurong West industrial units with shorter remaining lease tenures.

On the gain side, beyond the Keong Saik headline, a single-user factory at Tuas View Loop returned S$1.95 million (186%) over 27 years. Two adjacent ground-floor units at Frontier each gained approximately S$600,000 (60%) over six years — a solid mid-cycle industrial hold. The industrial median PSF of S$482 was in line with recent quarters.

Office and retail — Golden Mile leads the strata segment

The largest office deal was a new-sale unit at The Golden Mile at S$5.5 million (S$3,474 psf), reflecting the repriced positioning of the redeveloped landmark. A ground-floor unit at Orchard Towers traded at S$2.95 million (S$4,645 psf) — a 51% gain on its 2000 purchase after 26 years. A retail unit at Concorde Shopping Centre sold for S$398,000 at S$1,479 psf, while an office unit in the same building changed hands at S$671,600 (S$2,151 psf) — a 163% return on its 1995 purchase.

All transactions — latest URA REALIS release

Listed newest sale date first. Addresses are masked for privacy: for strata units the block and floor are shown with the unit masked as XX (e.g. #02-XX); for landed and whole-building caveats the block number is masked. Conservation shophouse PSF figures are computed on land area and are not directly comparable to strata per-unit PSF. Tenure shows the lease type and, for leasehold, the original term and commencement date.

Figures are drawn from URA REALIS commercial and industrial caveats reflected to 26 June 2026. Caveats can be lodged after completion, so recent weeks fill in over time. Conservation shophouse PSF is on land area (not directly comparable to strata per-unit PSF). This review is descriptive and does not offer buy or sell recommendations.