The vibrant terrace houses are being snapped up for a whopping $4,000 per square foot.
Built by Chinese immigrants in the 18th century, a shophouse, as its name suggests, is a two or three-story row building designed to have a commercial business on the ground floor with living spaces above. With just 6,500 of these preserved yet often neglected structures left in Singapore, they’re now being scooped up for crazy sums and given a new life as luxury hotels, retail stores, and even fine dining establishments.
While demand is booming, acquiring a century-old shophouse is getting harder by the day. In an effort to regulate housing costs, Singaporein April on second home and private property purchases for locals and foreigners alike. As of July, the city-state now requires international buyers to obtain government approval if they want to invest in mixed commercial and residential properties.
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