Singapore’s heritage is rich with cultural diversity, from its world-famous multi-cultural dishes to its stunning architecture. One aspect that often goes unnoticed, though, is its bold and bright shophouse in Singapore –built as contrast points between two worlds.
One filled with luxurious towers; another, busy marketplace on every street corner. Indeed, shophouses in Singapore add a lovely charm to this modern island state.
- What are shophouses, and why are they so popular in Singapore?
- Shophouses in Singapore are booming
- Why should you rent a shophouse in Singapore?
- How do you find a shophouse for rent in Singapore’s competitive market?
- What should you look for when renting a shophouse in Singapore?
- How to get a shophouse of your choice?
What are shophouses, and why are they so popular in Singapore?
Shophouses are two or three-story buildings that were popular in the early 1900s as commercial and residential spaces. Today, they are a sought-after rental property due to their unique architecture, location, and charm. Their long legacy is helped in part by the city-state’s efforts to conserve and revitalise its heritage buildings.
To know more about shophouses, their history and their benefits, wait for my upcoming book, A System of Building Commercial Cashflow Assets.
Shophouses in Singapore are booming
In recent years, locals have been vying for a piece of this pie. Although these properties are limited in number, foreign investors are also looking to capture opportunities in one of the most vibrant property markets in all of Asia.
Freehold shophouse sales in 2021 grew 51.6% over the previous year, taking in a total of 194 transactions for the full year. Even more impressive, the total transaction value of these sales recorded 90% growth in 2021, amounting to S$1.5 billion. Per-square-foot values have surged higher than the supply as more people compete to own these shophouses in Singapore.
What does this mean for the ordinary person who wants to experience these iconic pieces of history? Well, for anyone who can’t drop a few million to score this type of property investment in Singapore, they can instead rent a shophouse at a more manageable price.
Why should you rent a shophouse in Singapore?
- There are several reasons why renting a shophouse in Singapore is a good idea. A few key highlights that should make the point are:
- Shophouses rental in psf are usually cheaper compared to most.
- Shopping malls require tenants to share a portion of the share profit, but for shophouses, you can enjoy your profit all on your own.
- Shophouse comes with shop frontage or main road. Thus, they have the chance to bring more foot traffic than shops inside the shopping malls as they are more visible.
- You can get shophouses with bigger spaces of around 3,000-5,000 sqft whereas shopping mall has a smaller rental floor plate.
On top of it, shophouses offer a more unique living experience than your average high-rise condo. Shophouses are also usually located in prime areas with easy access to public transportation. It makes them a convenient option for those who need to commute to work or school.
Another advantage of renting a shophouse in Singapore is that they often come with higher ceilings, which can make the space feel more open and spacious. And because most shophouses have been well-maintained. You can expect to find modern amenities like air conditioning and a fully equipped kitchen in many of these rental properties.
Of course, one of the biggest advantages of renting a shophouse in Singapore is that they are more affordable than other types of rental properties. This is especially true for any commercial shophouse for rent. This includes an office or retail space. So, if you’re looking for a shophouse for rent in Singapore, here are some tips on how to find and rent one.
How do you find a shophouse for rent in Singapore’s competitive market?
The first step is to have a realistic idea of what you can afford. Shophouses in Singapore are typically priced at a premium. So be sure to factor in other associated costs like renovations, marketing, and utilities.
Once you’ve determined your budget, the next step is to start searching for shophouses that fit your criteria. A tentative way to do this is by searching online portals for commercial property in Singapore. However, this might take a lot of time as you’ll be presented with properties that you’ll have to spend precious time researching.
Alternatively, you can get in touch with a reputable real estate agent who specialises in commercial properties. You can work with me here at Commercial Realty Singapore. My platform can connect you with suitable properties for rent. It would make it easy to compare different shophouses and find one that meets your needs.
What should you look for when renting a shophouse in Singapore?
When evaluating potential shophouses, it’s important to consider the following factors:
- Location: Is the shophouse centrally located? Is it near public transportation? What is the surrounding neighbourhood like?
- Size: How large is the shophouse? Does it have enough space to accommodate your business needs?
- Condition: What is the condition of the shophouse? Does it need any repairs or renovations?
- Price: Is the rental price in line with similar properties in the area?
How to get a shophouse of your choice?
Renting a shophouse in Singapore is a great way to experience the city’s rich history and culture. And with the right planning and preparation, you can find a shophouse that meets your needs and budget.
If you’re looking for a commercial shophouse for rent in Singapore, be sure to check out Commercial Realty Singapore. My platform makes it easy for you to find a shophouse in Singapore without breaking a sweat. Contact me today to learn more about my expertise!