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 before since they became old and rundown, but in recent years they've increasingly been gaining new-found appeal with buyers.
As outlined by Colliers International, total shophouse transactions in the first 1 / 2 of 2018 stumbled on approximately $576.2 million, surpassing full-year shophouse investment sales from 2014 to 2017. Noting how shophouses are scarce in supply and quite often can be used as either commercial or hospitality purposes, the real estate advisory states that they will likely always attract interest from local and foreign high value individuals in addition to property funds and investment companies.
The reason for this trend lies in the elevated autonomy and greater control that shophouses offer. This permits operators to obtain their own street frontage, select their operating hours, have more flexibility regarding layouts and finally create clusters which often drive footfall.
Other great things about opening within a shophouse will be the capacity to be noticeable aesthetically in comparison with cookie-cutter retail mall shopfronts.
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