A two- or three-story terrace close to the city’s central business district, home quite often to a wine bar or gastro pub at street level with a massage spa or music lounge tucked away upstairs, has been in bigger demand this year than industrial sheds.
Shophouses are mixed-use buildings constructed between the 1840s and the 1960s that formed the majority of the pre-World War II urban fabric of the old city center. Deals of more than S$5 million ($3.7 million) for these conservation dwellings increased 281 percent from a year earlier to a record S$478.6 million in the first quarter, according to Colliers International Group Inc. The broker attributes the surge to strong demand from local and foreign high-net-worth individuals, as well as property funds and investment firms.
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