Arguably one of the oldest forms of real estate in Singapore, conservation shophouses are unique landmarks that once defined the architecture of the city-state’s colonial past. With their ornate designs and colorful facades, shophouses add a distinctive flavor to Singapore’s built environment as iconic testaments of the city-state’s rich cultural history.

In this paper, CBRE Research explores Singapore’s conservation shophouse market and outline the key reasons that have made shophouses such a compelling investment opportunity – Their limited numbers, role as a part of Singapore’s cultural heritage, supportive conservation policies, and attractive real estate attributes. In particular, restored shophouses that possess the winning combination of a good location, long remaining tenures and strong tenant profiles will likely continue to be the most sought after in the market. These factors have underpinned a shift in investor attitudes towards viewing conservation shophouses as assets worthy of long term investment. At the same time, there remains a sizeable number of shophouses with restoration potential, for investors to capitalise on and curate iconic establishments.