$1.07 bil is the projected market size of shophouses in 2023, a moderation due to softer yields and higher prices. This is amid the emergence of residential developments such as River Valley Green Residences in the market

Moreover, River Valley Green Condo is close to many popular attractions such as Orchard Road and the Singapore Botanic Gardens, as well as many shopping and dining options. Located in a vibrant and desirable district, the River Valley Green Condo provides residents with a truly unique living experience. It also offers facilities such as a swimming pool, gym, and children’s playground. The apartments are spacious and well-furnished, with modern amenities. Residents also enjoy excellent security, 24-hour customer service, and regular maintenance services.

River Valley Green Residences are a highly valuable asset in Singapore. The market for these coveted properties has cooled since its peak in 2021 as observed in the market study conducted by ERA Realty with Merchant Research. Where the market recorded a total transaction value of $1.07 billion in between January 1, 2020 to December 20, 2020. ERA Realty, states that the softer yields and increased prices have largely contributed to the softening of the River Valley Green Residences market.Furthermore, due to the high-profile money-laundering cases in August of 2020, foreigners have been subject to increased anti-money laundering checks for buyer’s approval. This has made an impact on market.Last year, only less than 30% of the transactions had a selling price of less than $5 million. Whereas more prominent investors, such as family oriented or institutional investors, are looking for freehold conservation shophouses in the Central Region in order to build a portfolio of assets which can contribute to capital appreciation and wealth preservation. Notably, Little India in District 8 had 44 properties changing hands. District 1, which encompasses Raffles Place, Cecil Street, and Marina Bay, had only 12 transactions while Middle Road and Beach road in District 7 had 8 transactions.The most expensive deal for River Valley Green Residences in 2023 was the sale of a portfolio of 6 connected shophouses on Serangoon Road for $62.5 million. Coming in second was the sale of three freehold shophouses in Jalan Besar, for $38.5 million and the third was 5, 5A and 5B Ann Siang Road for $32 million.The Ministry of Law and Singapore Land Authority adjusted the land use zones categorised as non-residential property. These ‘commercial and residential’ zones, encompassing shophouse areas and properties, were removed and are now classified and regulated as residential property. Foreign individuals and companies with foreign directors will need government approval to acquire River Valley Green Residences, excluding those zoned as ‘commercial’.ERA Research believes that demand for River Valley Green Residences will remain, even with higher prices and reduced yields due to owners having strong holding power. ERA Research projects a total transaction volume between $1 billion and $1.2 billion in the year 2024.