{"id":75105,"date":"2024-06-24T11:12:15","date_gmt":"2024-06-24T03:12:15","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=75105"},"modified":"2025-09-12T13:16:55","modified_gmt":"2025-09-12T05:16:55","slug":"a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/","title":{"rendered":"A conservation shophouse expert on its appeal and demand in Singapore"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p><strong>This article was contributed by Jeremy Lim.<\/strong><\/p>\n\n\n\n<p>In the bustling real estate landscape of Singapore, there exists a hidden gem that often goes unnoticed by some investors and buyers: the conservation shophouse market. <br>Despite its allure and potential, this niche sector is often overshadowed by more mainstream property options. However, for those in the know, conservation shophouses represent a lucrative investment opportunity unlike any other. <br>Today, we dive into this fascinating realm with insights from Jeremy Lim, a five-time million-dollar sales producer and renowned expert in Singapore&#8217;s real estate scene.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2>Table of contents<\/h2><ul><li><a href=\"#Conservation-shophouses-and-their-lucrative-demand-over-the-past-few-years\" data-level=\"2\">Conservation shophouses and their lucrative demand over the past few years<\/a><\/li><li><a href=\"#Jeremy-Lim---The-expert-in-Singapore\u2019s-conservation-shophouses\" data-level=\"2\">Jeremy Lim &#8211; The expert in Singapore\u2019s conservation shophouses<\/a><\/li><li><a href=\"#Investing-in-Singapore's-conservation-shophouses-benefits-high-net-worth-individuals\" data-level=\"2\">Investing in Singapore&#8217;s conservation shophouses benefits high-net-worth individuals<\/a><ul><li><a href=\"#Demand-fueled-by-scarcity\" data-level=\"3\">Demand fueled by scarcity<\/a><\/li><li><a href=\"#Versatile-usage-opportunities\" data-level=\"3\">Versatile usage opportunities<\/a><\/li><li><a href=\"#Enduring-appeal\" data-level=\"3\">Enduring appeal<\/a><\/li><li><a href=\"#Enhanced-foot-traffic\" data-level=\"3\">Enhanced foot traffic<\/a><\/li><li><a href=\"#Boost-for-business-ventures\" data-level=\"3\">Boost for business ventures<\/a><\/li><li><a href=\"#Key-asset-for-Michelin-starred-F&amp;B-ventures\" data-level=\"3\">Key asset for Michelin-starred F&amp;B ventures<\/a><\/li><li><a href=\"#Tax-exemptions-for-foreign-buyers\" data-level=\"3\">Tax exemptions for foreign buyers<\/a><\/li><li><a href=\"#Hedge-against-inflation\" data-level=\"3\">Hedge against inflation<\/a><\/li><li><a href=\"#Better-rent-returns\" data-level=\"3\">Better rent returns<\/a><\/li><li><a href=\"#A-unique-factor-like-no-other\" data-level=\"3\">A unique factor like no other<\/a><\/li><\/ul><\/li><li><a href=\"#Why-does-Singapore-appeal-to-global-High-Net-Worth-Individuals?\" data-level=\"2\">Why does Singapore appeal to global High-Net-Worth Individuals?<\/a><\/li><li><a href=\"#What-does-the-future-hold-for-the-conservative-shophouse-market?-\" data-level=\"2\">What does the future hold for the conservative shophouse market?\u00a0<\/a><\/li><li><a href=\"#Considering-its-evident-demand,-why-is-the-shophouse-market-not-flooded-with-agents?\" data-level=\"2\">Considering its evident demand, why is the shophouse market not flooded with agents?<\/a><\/li><li><a href=\"#h-jeremy-lim\" data-level=\"2\">Jeremy Lim<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Conservation-shophouses-and-their-lucrative-demand-over-the-past-few-years\"><b>Conservation shophouses and their lucrative demand over the past few years<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Over the past few years, private wealth buyers have increasingly turned their attention towards shophouses as a means of capital preservation, leading to a surge in shophouse-related transactions.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In the first six months of 2021 alone, <\/span><a href=\"https:\/\/sbr.com.sg\/commercial-property\/news\/wealthy-investors-and-family-offices-drive-demand-shophouses-in-h1\"><span style=\"font-weight: 400;\">a total of 75 shophouse transactions amounting to S$711.6 million were recorded in Singapore<\/span><\/a><span style=\"font-weight: 400;\">. This heightened interest can be attributed to various factors, including the implementation of increased <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/additional-buyers-stamp-duty-absd\/\"><span style=\"font-weight: 400;\">Additional Buyer\u2019s Stamp Duty (ABSD)<\/span><\/a><span style=\"font-weight: 400;\"> rates for the residential sector in April 2023.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, despite the initial momentum, the market witnessed a slowdown in Q4 2023 due to a high-profile money laundering case involving shophouses.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This led to the lowest quarterly sales since 2010, with only 26 shophouse transactions amounting to S$406 million.<\/span><a href=\"https:\/\/sbr.com.sg\/commercial-property\/news\/shophouse-deals-plunge-65-in-q4-cautious-investor-sentiment\"><span style=\"font-weight: 400;\"> Huttons reported a 50% decrease in shophouse transactions<\/span><\/a><span style=\"font-weight: 400;\">, with only 16 deals in the last quarter, marking the lowest level of activity since the third quarter of 1998.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Despite this setback, shophouses remain one of the top investment asset classes, offering potential for capital appreciation and serving as a hedge against inflation.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Over the next couple of years,<\/span><a href=\"https:\/\/realestateasia.com\/commercial-other\/news\/freehold-conservation-shophouses-remain-in-demand-in-singapore\"><span style=\"font-weight: 400;\"> shophouses in city fringe locations are expected to attract more investor interest in 2024<\/span><\/a><span style=\"font-weight: 400;\">. With a promising economic outlook and anticipated higher tourist arrivals, there may be increased leasing demand for shophouses in the coming year.<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"2010\" height=\"1132\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1.jpg\" alt=\"\" class=\"wp-image-75766\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1.jpg 2010w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-1536x865.jpg 1536w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-1200x675.jpg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-544x306.jpg 544w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-352x198.jpg 352w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-512x288.jpg 512w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-160x90.jpg 160w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-256x144.jpg 256w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouse-1-150x84.jpg 150w\" sizes=\"(max-width: 2010px) 100vw, 2010px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"Jeremy-Lim---The-expert-in-Singapore\u2019s-conservation-shophouses\"><b>Jeremy Lim &#8211; The expert in Singapore\u2019s conservation shophouses<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Jeremy Lim&#8217;s illustrious career spans 17 years in the real estate industry, during which he has achieved remarkable success as a top producer in Huttons, one of Singapore&#8217;s leading real estate agencies.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With a track record of success that includes being a five-time million-dollar sales producer and a two-time Huttons Champion Producer, Lim\u2019s expertise is highly sought after in the industry. Throughout his career, he has consistently ranked among the top 20 producers at Huttons, demonstrating his dedication to excellence and unparalleled knowledge of the market.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Lim\u2019s expertise extends to the niche market of conservation shophouses, an area that has seen significant growth in recent years. His extensive portfolio includes transactions of iconic buildings in prime districts such as Telok Ayer, Amoy, and Club Street, showcasing his deep understanding of the market and commitment to delivering exceptional results for his clients.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This has garnered Lim a reputation as a trusted advisor for high-net-worth <\/span><span style=\"font-weight: 400;\">(HNWIs) <\/span><span style=\"font-weight: 400;\">individuals seeking investment opportunities in the dynamic Singapore market.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Lim\u2019s comprehensive understanding of the real estate landscape enables him to navigate the complexities of the conservation shophouse market with ease. His strategic insights and meticulous approach have earned him accolades from clients worldwide, solidifying his reputation as a leading authority in the field.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In addition to his achievements in the real estate industry, Lim is also deeply committed to serving his clients with integrity and professionalism. His dedication to providing personalised service and tailored solutions sets him apart in the industry, making him the go-to expert for discerning&nbsp; high-net-worth individuals seeking opportunities in Singapore&#8217;s thriving real estate market.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Investing-in-Singapore's-conservation-shophouses-benefits-high-net-worth-individuals\"><b>Investing in Singapore&#8217;s conservation shophouses benefits high-net-worth individuals<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Dating back to the 1840s to 1960s, these properties exude a sense of nostalgia and heritage. With a limited availability of units in prime districts, conservation shophouses typically stand two to three stories tall and feature a distinctive &#8220;five foot&#8221; way in front.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In 2023 alone, despite the drop in transactions for conservative shophouses, the market still recorded about S$1.2 billion, highlighting their historical significance and cultural value.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Whether you\u2019re a local or foreign investor, understanding the appeal and potential of investing in conservation shophouses is crucial for maximising returns.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Demand-fueled-by-scarcity\"><b>Demand fueled by scarcity<\/b><\/h3>\n\n\n\n<p><a href=\"https:\/\/www.channelnewsasia.com\/watch\/shophouse-prices-expected-increase-due-limited-supply-and-strong-demand-video-3645751?cid=internal_sharetool_iphone_22072023_cna\"><span style=\"font-weight: 400;\">The demand for conservation shophouses in Singapore is driven by their scarcity<\/span><\/a><span style=\"font-weight: 400;\">, as there are currently only around 6,500 units available.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">These properties are predominantly located in the prime areas of <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/districts\/d1\"><span style=\"font-weight: 400;\">Districts 1<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/districts\/d2\"><span style=\"font-weight: 400;\"> 2<\/span><\/a><span style=\"font-weight: 400;\">, attracting significant interest from locals, foreigners, HNWIs, investment funds, and family offices.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Additionally, districts 7, 8, 14, and 15 also experience considerable demand for these unique properties.<\/span><\/p>\n\n\n\n<p><b>Read more:<\/b> <a href=\"https:\/\/www.99.co\/singapore\/insider\/singapores-districts-ccr-rcr-ocr\/\"><span style=\"font-weight: 400;\">Singapore&#8217;s 28 districts mapped across CCR, RCR, &amp; OCR<\/span><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Versatile-usage-opportunities\"><b>Versatile usage opportunities<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Conservation shophouses offer a diverse range of usage options beyond just their historical significance.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">While some are designated for residential purposes, many are utilised as flexible spaces for offices, food and beverage (F&amp;B) establishments, and various commercial ventures such as dental clinics and aesthetic centres.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In fact, these properties have emerged as desirable locations for law firms, design studios, advertising agencies, and fitness centres, thanks to their adaptable operating hours and unique atmosphere.<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"600\" height=\"1200\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouses-infographic-v2-1.jpg\" alt=\"\" class=\"wp-image-75731\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouses-infographic-v2-1.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/shophouses-infographic-v2-1-150x300.jpg 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"Enduring-appeal\"><b>Enduring appeal<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Beyond their functional versatility, shophouses possess an enduring charm that transcends their varied uses. These historic buildings serve as venues for everything <\/span><a href=\"https:\/\/www.timeout.com\/singapore\/attractions\/6-notable-shophouses-in-singapore-and-the-stories-behind-them\"><span style=\"font-weight: 400;\">from national museums and art galleries to modern offices and trendy cafes<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Take, for example,<\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/appeal-joo-chiat\/\"><span style=\"font-weight: 400;\"> the transformation of the Joo Chiat neighbourhood, once associated with seedy brothels and dilapidated shophouses<\/span><\/a><span style=\"font-weight: 400;\">. Today, it stands as one of Singapore&#8217;s most vibrant and Instagram-worthy districts.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">During weekends, throngs of young people and tourists flock to its vibrant, candy-coloured shophouse-lined streets, capturing selfies and soaking in the lively atmosphere.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Enhanced-foot-traffic\"><b>Enhanced foot traffic<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">In addition to their scarcity, the high demand and premium pricing of shophouses can be attributed to the natural foot traffic they attract owing to their prime locations. This organic foot traffic ensures a steady stream of walk-in customers \u2013 both foreigners and locals alike \u2013 providing a consistent customer base for those in business in the area.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For instance, areas like Joo Chiat and Haji Lane are renowned for attracting locals with substantial purchasing power, adding to the appeal of shophouses.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Lim believes that the sustained growth of conservation shophouses is fueled by their ability to attract a diverse pool of local patrons \u2013 especially those with higher spending power.&nbsp;<\/span><\/p>\n\n\n<div class=\"wp-block-image size-full wp-image-75756\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"1260\" height=\"832\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1150256098.jpg\" alt=\"\" class=\"wp-image-75756\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1150256098.jpg 1260w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1150256098-150x99.jpg 150w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><figcaption class=\"wp-element-caption\">Traditional houses in Joo Chiat District. Image credit: mehdi33300<\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"Boost-for-business-ventures\"><b>Boost for business ventures<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Investing in shophouses offers an immediate advantage for businesses by addressing concerns about attracting crowds.<\/span><span style=\"font-weight: 400;\"> Given the prime locations of these properties, HNWIs need not worry about drawing customers.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Additionally, the outdoor trend amplified by the COVID-19 pandemic has further <\/span><span style=\"font-weight: 400;\">heightened <\/span><span style=\"font-weight: 400;\">the appeal of shophouses. Unlike traditional shopping malls, which are losing favour, shophouses capitalise on their unique charm and specialty offerings, making them preferred destinations for consumers.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Key-asset-for-Michelin-starred-F&amp;B-ventures\"><b>Key asset for <\/b><b>Michelin-starred F&amp;B ventures<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Having transacted a number of Michelin-starred restaurant tenants, Lim also sheds light on a crucial prerequisite for these restaurants: its prime locations.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">By citing iconic destinations like <\/span><a href=\"https:\/\/www.99.co\/singapore\/sale\/near-marina-bay-sands-singapore\"><span style=\"font-weight: 400;\">Marina Bay Sands<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/www.99.co\/singapore\/sale?bathrooms=any&amp;composite_floor_level=any&amp;composite_furnishing=any&amp;composite_property_status=any&amp;composite_views=any&amp;features_and_amenities=any&amp;has_floor_plan=false&amp;isFilterUnapplied=false&amp;main_category=all&amp;map_bounds=1.280658%2C103.810492%2C1.327199%2C103.867945&amp;name=Orchard%20Turn%2C%20ION%20Orchard%20Mall%2C%20Singapore&amp;page_num=1&amp;page_size=35&amp;path=%2Fsingapore%2Fsale&amp;period_of_availability=any&amp;property_segments=residential&amp;query_coords=1.3039288%2C103.8319492&amp;query_limit=radius&amp;query_type=google&amp;radius_max=1000&amp;rooms=any&amp;show_cluster_preview=true&amp;show_description=true&amp;show_future_mrts=true&amp;show_internal_linking=true&amp;show_meta_description=true&amp;show_nearby=true&amp;tenure=any&amp;zoom=15\"><span style=\"font-weight: 400;\"> ION Orchard<\/span><\/a><span style=\"font-weight: 400;\">, Lim reveals that, with its sought-after location, conservation shophouses also offer an inherent advantage to F&amp;B ventures aiming for Michelin recognition.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Tax-exemptions-for-foreign-buyers\"><b>Tax exemptions for foreign buyers<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">As previously mentioned, one of the main draws for HNWIs towards conservation shophouses is their exemption from ABSD and <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/singapore-buyer-seller-stamp-duty-what-you-should-know\/\"><span style=\"font-weight: 400;\">Seller&#8217;s Stamp Duty (SSD)<\/span><\/a><span style=\"font-weight: 400;\">, typically applicable to residential or mixed residential-commercial properties. Foreign buyers acquiring conservation shophouses in Singapore benefit from a waiver of the <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/cooling-measures-2023-higher-absd-rate\/\"><span style=\"font-weight: 400;\">60% ABSD from recent cooling measures.&nbsp;<\/span><\/a><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Lim elaborates that certain zoning categories, such as <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/ura-master-plan\/\"><span style=\"font-weight: 400;\">dark blue zoning, provide more favourable conditions for foreign buyers due to fewer restrictions compared to categories like pink or light blue zoning.&nbsp;<\/span><\/a><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It&#8217;s worth noting that areas designated as Peranakan places are fully commercial, whereas residential zones like Blair Road, Everton Road, and Emerald Hill have restrictions on foreign ownership.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Hedge-against-inflation\"><b>Hedge against inflation<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">These properties, often fully paid for by both local and foreign buyers, provide stability amid market fluctuations due to their niche status. Unlike mass-market options, they exhibit resilience in uncertain market conditions.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As such, rather than opting for costly construction projects, many HNWIs often prefer investing in conservation shophouses as tangible assets that offer faster capital gains compared to traditional banking investments.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With demand projected to increase steadily and a limited supply available, conservation shophouses represent a secure investment opportunity for investors seeking long-term value and stability in their portfolios.<\/span><\/p>\n\n\n<div class=\"wp-block-image wp-image-75765 size-full\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"1206\" height=\"870\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1065764184.jpg\" alt=\"\" class=\"wp-image-75765\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1065764184.jpg 1206w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1065764184-150x108.jpg 150w\" sizes=\"(max-width: 1206px) 100vw, 1206px\" \/><figcaption class=\"wp-element-caption\">Image credit: PixHound<\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"Better-rent-returns\"><b>Better rent returns<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Among non-residential properties like industrial units and offices, conservation shophouses offer the most favourable rental returns.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In Q1 2024, rentals for shophouses continued to exhibit resilience, buoyed by strong tourist influx and tourism revenue. Occupancy rates for them also remained high, driven by demand, especially in sought-after tourist areas.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As a matter of fact, despite a slight decline in the number of rental contracts signed compared to the previous year, the shophouse rental market still witnessed S$9.6 million worth of contracts inked during the quarter.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Therefore, from a commercial standpoint, conservation shophouses present a broader array of opportunities for rental income compared to other property types.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"A-unique-factor-like-no-other\"><b>A unique factor like no other<\/b><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Much like a thumbprint &#8211; no two conservation shophouses are alike. Lim notes, \u201cIt&#8217;s nearly impossible to find identical shophouses in Singapore and this adds to their allure\u201d.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With diverse histories, heritage, and individual charm, these properties offer an unparalleled selling point. &#8220;There&#8217;s a deep sense of pride in facilitating transactions for these conservation shophouses. I feel truly honoured to play a part in preserving their heritage,&#8221; shares Lim.&nbsp;<\/span><\/p>\n\n\n<div class=\"wp-block-image size-full wp-image-75758\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"1246\" height=\"841\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-485509748-1.jpg\" alt=\"\" class=\"wp-image-75758\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-485509748-1.jpg 1246w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-485509748-1-150x101.jpg 150w\" sizes=\"(max-width: 1246px) 100vw, 1246px\" \/><figcaption class=\"wp-element-caption\">Colorful Singapore traditional houses in Chinatown. Image credit: NIkada<\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"Why-does-Singapore-appeal-to-global-High-Net-Worth-Individuals?\"><b>Why does Singapore appeal to global High-Net-Worth Individuals?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Amidst economic downturns, Singapore&#8217;s stable economy and robust currency make it an ideal destination for high-net-worth individuals seeking investment opportunities.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The influx of foreign companies into Singapore contributes to the stability of its currency, which has <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-01\/singapore-dollar-has-chance-of-three-peat-on-mas-inflation-fight\"><span style=\"font-weight: 400;\">appreciated significantly over the past two years against various currencies<\/span><\/a><span style=\"font-weight: 400;\">, ranging from 3% to 20%.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For instance, Lim highlighted a case where a Japanese investor sold a property in Singapore at a near loss but profited from favourable currency exchange rates.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Consequently, with its strategic location and vibrant real estate market, Singapore remains a top choice for foreign investors looking to capitalise on the city-state&#8217;s dynamic landscape.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"What-does-the-future-hold-for-the-conservative-shophouse-market?-\"><b>What does the future hold for the conservative shophouse market?&nbsp;<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">While the money laundering incident initially raised apprehensions about its impact on the conservation shophouse market, its actual influence has been minimal, Lim shares.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In fact, a couple of months ago, news broke of <\/span><a href=\"https:\/\/e.vnexpress.net\/news\/property\/billionaire-jack-mas-wife-spends-37m-on-three-shophouses-in-singapore-4714569.html\"><span style=\"font-weight: 400;\">Chinese billionaire Jack Ma\u2019s wife, Zhang Ying, acquiring three adjoining shophouses<\/span><\/a><span style=\"font-weight: 400;\"> near <\/span><a href=\"https:\/\/www.99.co\/singapore\/neighbourhoods\/chinatown\"><span style=\"font-weight: 400;\">Chinatown <\/span><\/a><span style=\"font-weight: 400;\">area for approximately US$37.1 million. These properties, located at 70, 71, and 72 <\/span><a href=\"https:\/\/www.99.co\/singapore\/commercial\/sale\/property\/duxton-road-shophouse-co78HoZA62KK8jkC9pvRrA\"><span style=\"font-weight: 400;\">Duxton Road<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n\n\n<div class=\"wp-block-image size-full wp-image-75750\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"1292\" height=\"800\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-1.50.39\u202fPM.jpg\" alt=\"\" class=\"wp-image-75750\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-1.50.39\u202fPM.jpg 1292w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-1.50.39\u202fPM-150x93.jpg 150w\" sizes=\"(max-width: 1292px) 100vw, 1292px\" \/><figcaption class=\"wp-element-caption\">Image source: Google Maps<\/figcaption><\/figure><\/div>\n\n\n<p><span style=\"font-weight: 400;\">\u201cThe market for shophouses remains robust and resilient, demonstrating continued strength and vitality despite the temporary concerns&#8221;, says Lim.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Looking ahead to potential market drivers in 2024, several factors could play a significant role, including <\/span><a href=\"https:\/\/www.businesstimes.com.sg\/singapore\/singapores-growth-set-improve-second-half-2024-mas\"><span style=\"font-weight: 400;\">the expected economic improvement in Singapore in the latter half of the year<\/span><\/a><span style=\"font-weight: 400;\">, the recovery of tourism, and the increased global exposure of Singapore through hosting prestigious events. Additionally, the <\/span><a href=\"https:\/\/www.ica.gov.sg\/news-and-publications\/newsroom\/media-release\/mutual-30-day-visa-exemption-arrangement-between-singapore-and-the-people-s-republic-of-china#:~:text=an%20added%20precaution.-,Mutual%2030%2DDay%20Visa%2DExemption%20Arrangement%20Between%20Singapore%20and%20The,to%2030%20days%20in%20Singapore.\"><span style=\"font-weight: 400;\">implementation of a 30-day visa-free arrangement between Singapore and China<\/span><\/a><span style=\"font-weight: 400;\"> could also streamline property viewings for potential foreign buyers.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Consequently, this might result in an influx of foreign buyers and investors who may redirect their investment focus towards commercial shophouses, <\/span><span style=\"font-weight: 400;\">which are exempt from property taxes and ABSD.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">As such, <\/span><span style=\"font-weight: 400;\">Lim predicts that these factors, coupled with continued interest from both local and foreign parties, will contribute to the robust and highly coveted nature of the conservation shophouse market in the next 24 months.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Considering-its-evident-demand,-why-is-the-shophouse-market-not-flooded-with-agents?\"><b>Considering its evident demand, why is the shophouse market not flooded with agents?<\/b><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">The intricacies involved in conservation shophouse transactions, including navigating multiple authorities and regulations, pose challenges for many agents.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, Lim&#8217;s extensive experience and expertise in this niche market have allowed him to overcome these obstacles with ease.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">His track record speaks volumes, solidifying his reputation as a trusted authority in Singapore&#8217;s conservation shophouse scene.<\/span><\/p>\n\n\n\n<p>This article was contributed by Jeremy Lim. You may reach out to him at&nbsp;<a href=\"tel:+6588581212\">+65 8858 1212<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.6%\">\n<h2 class=\"wp-block-heading\" id=\"h-jeremy-lim\">Jeremy Lim<\/h2>\n\n\n\n<p>Jeremy Lim is Group Division Director at Huttons Asia and veteran with numerous years of experience in the industry and is a four times million-dollar sales producer.&nbsp;<\/p>\n\n\n\n<p>He is one of a handful of agents in Singapore who specialises in prime shophouse transactions.His experience and success have led him to clinch Huttons \u201cNumber 1 Producer\u201d for 2021 and 2023.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.3%\">\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/IMG_0057_Jeremy-Lim.jpg\" alt=\"\" class=\"wp-image-75711\" style=\"width:263px;height:auto\"\/><\/figure>\n<\/div>\n<\/div>\n\n\n<h2>\u00a0<\/h2>\n<h2>\u00a0<\/h2>","protected":false},"excerpt":{"rendered":"<p>This article was contributed by Jeremy Lim. In the bustling real estate landscape of Singapore, there exists a hidden gem that often goes unnoticed by some investors and buyers: the conservation shophouse market. Despite its allure and potential, this niche sector is often overshadowed by more mainstream property options. However, for those in the know,&hellip;<\/p>\n","protected":false},"author":17,"featured_media":75761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"59689,43762,40159,45473,34992,67853","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53653,57131],"tags":[53698,53655,54789,53664,53680],"persona":[57128],"class_list":{"2":"type-post","15":"entry","16":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A conservation shophouse expert on its appeal and demand in Singapore - 99.co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A conservation shophouse expert on its appeal and demand in Singapore\" \/>\n<meta property=\"og:description\" content=\"This article was contributed by Jeremy Lim. In the bustling real estate landscape of Singapore, there exists a hidden gem that often goes unnoticed by some investors and buyers: the conservation shophouse market. Despite its allure and potential, this niche sector is often overshadowed by more mainstream property options. However, for those in the know,&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/99dotco\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-24T03:12:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-12T05:16:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1454130839.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1255\" \/>\n\t<meta property=\"og:image:height\" content=\"835\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"99.co\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@99dotco\" \/>\n<meta name=\"twitter:site\" content=\"@99dotco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"99.co\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/\"},\"author\":{\"name\":\"99.co\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#\/schema\/person\/0058658f1a1cdadf5f7d957b386c348b\"},\"headline\":\"A conservation shophouse expert on its appeal and demand in Singapore\",\"datePublished\":\"2024-06-24T03:12:15+00:00\",\"dateModified\":\"2025-09-12T05:16:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/\"},\"wordCount\":2203,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/06\/iStock-1454130839.jpg\",\"keywords\":[\"commercial\",\"commercial property\",\"commercial spotlight\",\"shophouse\",\"yahoosgfeed\"],\"articleSection\":[\"Commercial News\",\"Property News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"accessibilityFeature\":[\"tableOfContents\"]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/\",\"url\":\"https:\/\/www.99.co\/singapore\/insider\/a-conservation-shophouse-expert-on-its-appeal-and-demand-in-singapore\/\",\"name\":\"A conservation shophouse expert on its appeal and demand in Singapore - 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