Singapore’s property market boasts some varied clusters of charming and iconic dwellings scattered round the island state. Called shophouses, these two- or three-storey colonial-era buildings were largely neglected during the past as they became old and run down, however in recent times they've increasingly been gaining new-found appeal with buyers.
In accordance with Colliers International, total shophouse transactions in the first 50 % of 2018 came to approximately $576.2 million, surpassing full-year shophouse investment sales from 2014 to 2017. Noting how shophouses are scarce in supply and frequently can be used as either commercial or hospitality purposes, the real estate advisory says that they are going to likely continue to attract interest from local and foreign high value individuals along with property funds and investment companies.
The primary reason because of this trend depends on the elevated autonomy and greater control that shophouses offer. This allows operators to have their own street frontage, select their operating hours, have more flexibility when it comes to layouts and consequently create clusters which drive footfall.
Other benefits of checking in a shophouse will be the ability to stick out aesthetically as compared with cookie-cutter retail mall shopfronts.
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