Singapore’s property market boasts some varied clusters of charming and iconic dwellings scattered around the island state. Referred to as shophouses, these two- or three-storey colonial-era buildings were largely neglected previously as they became old and run-down, but also in the past few years they've increasingly been gaining new-found appeal with buyers.
According to Colliers International, total shophouse transactions inside the first 50 % of 2018 came to approximately $576.Two million, surpassing full-year shophouse investment sales from 2014 to 2017. Noting how shophouses are scarce in supply and sometimes can be used either commercial or hospitality purposes, real estate advisory states that they are going to likely continue to attract interest from local and foreign high net worth individuals as well as property funds and investment companies.
The reason why for this trend is based on the increased autonomy and greater control that shophouses offer. This enables operators to obtain their own street frontage, select their operating hours, have more flexibility when it comes to layouts and consequently create clusters which often drive footfall.
Other benefits of opening inside a shophouse will be the capacity to jump out aesthetically in comparison with cookie-cutter retail mall shopfronts.
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