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Shophouses have always had a cool factor about them. But these icons of Southeast Asian architecture are now sought-after by local and foreign investors alike for reasons beyond that
When you think of Singapore, the things that come to mind immediately are its multi-cultural cuisine, swanky malls and high-rise residences. Amidst these, and in complete contrast, are its bold, bright and ornate shophouses. As the name suggests, these often two- to three-level buildings, have shops on the lower levels and residences above they used to house the merchants and owners of these shops in the 19th century. They are an integral part of Singapore’s heritage, and for years now locals and foreign investors have been vying for a piece of that pie.
The facade of the Shang House, a rental property marketed by Figment. Image: Ivan Tan, courtesy of Figment
According to Knight Frank’s Wealth Report 2021, the number of Ultra High Net Worth Individuals with a net worth of US$30 million inclusive of their primary residence in 2020 went up by 10.2 per cent from 2019 despite the pandemic-led recession. “Besides other luxury properties in Singapore, shophouses also provide a draw for such investors looking into niche commercial space with cultural character,” says Sai.
The number is steadily rising, notes Clive Chng, associate director of Red Brick Mortgage Advisory. In 2020 amidst the pandemic, 135 shophouses were sold, which was a 10 per cent increase from the 123 shophouses that were sold in 2019.
Shophouses also provide a draw for such investors looking into niche commercial space with cultural character
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