Olivier Chouchana : “Singapore Shophouse Boom: Rich and Famous Buying Up”

Singapore is known for its modern skyscrapers and bustling financial district, but hidden among the gleaming towers are the ornate, colorful shophouses that line the streets of some of the city-state’s oldest neighborhoods. These colonial-era buildings, with some dating back to the 1840s, are a unique and sought-after piece of Singapore’s architectural heritage.

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Despite the high cost of real estate in Singapore, investors are still flocking to purchase these two- or three-story shophouses, which can fetch tens of millions of dollars. Under a government conservation program, these historic buildings are protected and preserved for future generations to enjoy.

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From high-profile buyers like Jack Ma’s wife and Hong Kong superstar Jackie Chan to Spanish tycoon Ricardo Portabella Peralta, the rich and famous are among those who have invested in Singapore’s shophouses. Even renowned Bridgewater founder Ray Dalio has been linked to the purchase of two shophouses along Singapore’s Club Street.

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According to a report by property consultancy Knight Frank, the sales volume of shophouses in Singapore surged 52.2% in the first quarter of the year to $169.1 million Singapore dollars ($125 million). High-net-worth individuals have been a key driver of this growth, drawn to the unique charm and investment potential of these historic properties.

“This is one of Singapore’s finite gems, you have only 6,000-odd units. Whatever that’s conserved can never be recreated.” – Sebestien Soh, Meir Collective

The allure of shophouses lies in their limited availability and historical significance. With only around 6,500 conservation shophouses in existence, these buildings are a rare and valuable asset. The intricate moldings and design elements of shophouses cannot be replicated by modern technology, making them highly desirable among collectors and investors.

“Only the ultra-high-net worth can afford to buy shophouses nowadays.” – Loyalle Chin, director at Propnex

These commercial shophouses, built between the 1840s and 1960s, offer a versatile space for a variety of uses, from boutique retail stores to family offices. The appeal of shophouses has only grown stronger in recent years, especially with the implementation of property cooling measures that have increased fees for residential properties but exempted commercial shophouses.

While foreign investors have shown interest in Singapore’s shophouses, the majority of buyers are wealthy local individuals or corporate entities. Ultra-high-net-worth individuals, with a net worth of at least $30 million, see shophouses as a safe investment for wealth preservation in a volatile market.