Sales of shophouses jumped 44 per cent, to $415 million in Q2 from the previous quarter, according to Knight Frank. Read more at straitstimes.com.
SINGAPORE – Almost a decade ago, Sebestian Soh got the idea to buy a shophouse. He had recently returned to Singapore after going to university in London, and to his eyes shophouses had a kind of magic.
But in an arc familiar to rehabbers of brownstones in New York’s Brooklyn and London Victorian terraces, the rows have gone from being thought of as urban relics to high-priced symbols of sophisticated city life. Sales of shophouses jumped 44 per cent, to $415 million, in the second quarter from the preceding one, according to Knight Frank.
Mr Soh’s first shophouse purchase is now home to his family office. Along Telok Ayer Street in Chinatown, the cyan-blue building adorned with calligraphy frescoes is next to a Michelin-starred restaurant and a few steps away from Thian Hock Keng, the island’s oldest Chinese temple. After Singapore gained independence in 1965, many traditional villages and low-rise buildings gave way to modernisation.
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