A Japanese family office has acquired a corner conservation shophouse at 3 Keong Saik Road for $22 million.
Located in the Bukit Pasoh Conservation Area off Neil Road, 3 Keong Saik Road occupies a land area of approximately 1,287 sq ft. At $22 million, the transaction translates to approximately $17,100 psf on the land area.
3 Keong Saik Road is the address of Japanese omakase restaurant Haruki and advertising firm Atelier X.
According to Steward Asia, which brokered the deal, the property previously transacted in 2022 for approximately $15.8 million, equivalent to about $12,300 psf on the land area.
Prior to that, Knight Frank Singapore marketed 3 Keong Saik Road in 2020 at a guide price of $9 million. The property consultancy listed the shophouse’s built-up area then at 3,236 sq ft.
The latest sale price of $22 million reflects an approximate 39% uplift from the 2022 transacted price, underscoring the continued capital resilience of scarce, well-located shophouse assets in Singapore’s conservation districts, adds Steward Asia, an independent team within PropNex.
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“Corner conservation shophouses sit in a class of their own,” says Loyalle Chin, co-founder of Steward Asia. “In Singapore’s tight, limited heritage stock, they offer superior frontage, stronger tenant appeal, better natural light and rare dual-use flexibility. That combination supports more resilient income and explains why family offices are prepared to pay approximately 20% premium over comparable non-corner shophouses.”
The purchaser is a single family office solely owned by a Japanese national. The acquisition marks his first shophouse purchase in Singapore and is intended for own use.
While shophouses have long appealed to local family businesses and private investors, Steward Asia points to a broader regional pattern of Asian ultra-high-net-worth individuals seeking Singapore assets that combine capital preservation, operational utility for family offices, heritage value and long-term scarcity.
