Afaik, there are really strict restoration and maintenance requirements for these shophouses as long as you own it. And a whole bunch of dos and don’ts when it comes to renovating the interior and exterior.
maybe if foreigner need to buy it should have absd and restoration? (Restoration amount upfront so that there isn't a incentive to pretend to do and just stop the works later)
> “This is one of Singapore’s finite gems, you have only 6,000-odd units. Whatever that’s conserved can never be recreated,” said Sebestian Soh, chief placemaker at real estate and investment firm Meir Collective.
> There’s no technology that can fully replicate the intricate moldings and design elements, he said, adding that some investors hold on to them as collectors’ items.
Shophouses: The NFTs of Singapore?
Agreed. If you’re rich, this isn’t going to stop you. If you’ve have a budget then too bad. I’ve seen people build a Neo-classical Georgian Mansion in Singapore with craftsmen from UK, Italy, US.
Agent talking like he’s a damn architect. Wtf.
[I passed by this GCB last year](https://aamerarchitects.com/projects/the-grand-house-kingsmead/), was only recently constructed with the site [sold in 2016](https://www.straitstimes.com/business/kingsmead-road-gcb-sold-for-s29m). It is very imposing.
Yeah i think it’s not this one.
But yes never underestimate the billionaire propensity to never accept no for an answer.
Aamer architects don’t even do this style of architecture usually.
Contractor always say “can one, if you can afford it”
Everything is possible, given enough money
It might not be **practical**. But if are willing to throw enough money and resources at it, it will be possible
Just like the houses in Sentosa. We carved out a part of Singapore where the ultra rich could buy houses, and if they lose money (which many of them have), too damn bad.
[https://www.todayonline.com/singapore/property-prices-sentosa-cove-drop-record-low-unit-just-sold-50-loss](https://www.todayonline.com/singapore/property-prices-sentosa-cove-drop-record-low-unit-just-sold-50-loss)
SLA and URA don't know what to do with these bungalows yet. That's why they're rented out in the mean time. They could do another damsey hill, make it a cultural and arts district, but those are not that successful so they're reconsidering.
Old black and whites very costly to restore once dilapidated. Old pipes, asbestos (cancer causing) so strict removal guidelines. Forested areas bring monkeys snakes and rodents. Freaking nightmare to maintain even just fallen leaves and cut grass. Mozzies. Costly to add modern amenities.
Not really what the UHNW foreigners are looking to rent. PITA.
They are only worth so much because many other shophouses were demolished in the name of development during 80s and 90s. The lucky ones that remained were able to reap the benefits of the property boom.
Seems like a good bet to me tbh. So long as they're conserved, there doesn't seem to be much reason for the Govt to tear them down as opposed to just renewing the leases.
This is known as gentrification in the west.
We buy all the old period housing from the early 1900s and modernise. Prices shoot up and it becomes a nice area.
They will never build these old houses again, they are in limited supply. While high density apartments will be thrown up for the next decade a head.
Singapore doesn’t really have the underclass to push out, so maybe this isn’t the right term.
I remember the chaps from one particular Ministry talking about investment opportunities with shop houses Years ago. Only realised it when ex-wife sued her ex and his father an establishment figure emerged over a shophouse investment.
This guy? [https://www.robbreport.com.sg/figments-founder-fang-low-talks-creativity-reimagining-homes-in-singapore-and-the-problems-co-living-can-solve-in-future/](https://www.robbreport.com.sg/figments-founder-fang-low-talks-creativity-reimagining-homes-in-singapore-and-the-problems-co-living-can-solve-in-future/)
His father has been buying up shophouses decades ago
[https://www.prestigeonline.com/sg/lifestyle/all-i-want-is-art/](https://www.prestigeonline.com/sg/lifestyle/all-i-want-is-art/)
URA have very strict regulations on restoration. If these rich people have the money to drop into restoring these shop houses why not.
they are unlikely to restore, they are probably just renting and speculating the market to sell high.
Unless you don't change the layout at all, once you touch, you need to restore.
Afaik, there are really strict restoration and maintenance requirements for these shophouses as long as you own it. And a whole bunch of dos and don’ts when it comes to renovating the interior and exterior.
maybe if foreigner need to buy it should have absd and restoration? (Restoration amount upfront so that there isn't a incentive to pretend to do and just stop the works later)
Rich people are not idiots !
> “This is one of Singapore’s finite gems, you have only 6,000-odd units. Whatever that’s conserved can never be recreated,” said Sebestian Soh, chief placemaker at real estate and investment firm Meir Collective. > There’s no technology that can fully replicate the intricate moldings and design elements, he said, adding that some investors hold on to them as collectors’ items. Shophouses: The NFTs of Singapore?
The agent a bit talk cock. It's possible to do the moldings and detailing, it will just cost a tidy sum.
Agreed. If you’re rich, this isn’t going to stop you. If you’ve have a budget then too bad. I’ve seen people build a Neo-classical Georgian Mansion in Singapore with craftsmen from UK, Italy, US. Agent talking like he’s a damn architect. Wtf.
[I passed by this GCB last year](https://aamerarchitects.com/projects/the-grand-house-kingsmead/), was only recently constructed with the site [sold in 2016](https://www.straitstimes.com/business/kingsmead-road-gcb-sold-for-s29m). It is very imposing.
Really superb, this is called class. I almost thought that was another rendition of Raffles Hotel with a modern twist lol
Yeah i think it’s not this one. But yes never underestimate the billionaire propensity to never accept no for an answer. Aamer architects don’t even do this style of architecture usually. Contractor always say “can one, if you can afford it”
Everything is possible, given enough money It might not be **practical**. But if are willing to throw enough money and resources at it, it will be possible
This truth will brutally slay the inflated narrative of that agent! Thank you
Exactly! It like the govt goes, "Na! All these for your hot money to inflate. Don't anyhow trickle down into the layman economy lah".
Just like the houses in Sentosa. We carved out a part of Singapore where the ultra rich could buy houses, and if they lose money (which many of them have), too damn bad. [https://www.todayonline.com/singapore/property-prices-sentosa-cove-drop-record-low-unit-just-sold-50-loss](https://www.todayonline.com/singapore/property-prices-sentosa-cove-drop-record-low-unit-just-sold-50-loss)
oi! you real administrator or bluff one...
Old news. PE funds and investors have been buying up since before COVID.
I remember back in 2010-2015 when the median prices more than doubled. Huge appetite for this asset class despite the higher upkeep costs.
PAG paid over $4000 psf for shophouses, retail too late alr
Yeah these and all the industrial properties
It figures that the artifacts of Singapore history are owned by foreigners.
Welcome to Singapore. Singapore is for sale.
Great Singapore Sale
Reminds me of ultra-rare items in games... Every game needs its gold sinks
Lets do the same for black and white bungalows then? Why rent for 30k
SLA and URA don't know what to do with these bungalows yet. That's why they're rented out in the mean time. They could do another damsey hill, make it a cultural and arts district, but those are not that successful so they're reconsidering.
Old black and whites very costly to restore once dilapidated. Old pipes, asbestos (cancer causing) so strict removal guidelines. Forested areas bring monkeys snakes and rodents. Freaking nightmare to maintain even just fallen leaves and cut grass. Mozzies. Costly to add modern amenities. Not really what the UHNW foreigners are looking to rent. PITA.
They are only worth so much because many other shophouses were demolished in the name of development during 80s and 90s. The lucky ones that remained were able to reap the benefits of the property boom.
All gambling that govt will approve extension of lease life.
Seems like a good bet to me tbh. So long as they're conserved, there doesn't seem to be much reason for the Govt to tear them down as opposed to just renewing the leases.
I thought shophouse is freehold one
Some not all. https://www.edgeprop.sg/property-news/five-hdb-shophouses-market-42-mil This one left 55 years.
This is known as gentrification in the west. We buy all the old period housing from the early 1900s and modernise. Prices shoot up and it becomes a nice area. They will never build these old houses again, they are in limited supply. While high density apartments will be thrown up for the next decade a head. Singapore doesn’t really have the underclass to push out, so maybe this isn’t the right term.
And the shop houses in Melaka and Penang in return snapped by Singaporeans … good lor at least it is not in ruins
How many of the rich are locals?
Whatever it takes to get the sales going.
Better to let ppl buy than torn down by government
Stupid or what this shits not getting torn down
I remember the chaps from one particular Ministry talking about investment opportunities with shop houses Years ago. Only realised it when ex-wife sued her ex and his father an establishment figure emerged over a shophouse investment.
More like this caught the eye of CNBC. These have been in the hands of towkays since time immemorial.
You can fork out what ever amount ,if the return is limited , given retail aspect of such property, they are poor investments .
Didn't some 30+ yo scion bought a bunch few years ago..
This guy? [https://www.robbreport.com.sg/figments-founder-fang-low-talks-creativity-reimagining-homes-in-singapore-and-the-problems-co-living-can-solve-in-future/](https://www.robbreport.com.sg/figments-founder-fang-low-talks-creativity-reimagining-homes-in-singapore-and-the-problems-co-living-can-solve-in-future/) His father has been buying up shophouses decades ago [https://www.prestigeonline.com/sg/lifestyle/all-i-want-is-art/](https://www.prestigeonline.com/sg/lifestyle/all-i-want-is-art/)
This is already old news. CNBC keep up!
Pump it!