Revitalization has breathed new life into the shophouses along Keong Saik Road, transforming the area from its former identity as a red-light district into a bustling hub of culinary and retail experiences. Since 2014, this metamorphosis has attracted a diverse array of new businesses, drawing both local residents and international visitors eager to explore the vibrant offerings. The eclectic mix of restaurants, cafés, and shops has redefined the street, making it a desirable destination for those seeking unique dining and shopping experiences in a charming historical setting.
As demand for these shophouses continues to grow, recent sales reflect an increasing interest in the properties. Notably, a ground floor unit at 6 Keong Saik Road was sold for $8.5 million, while other properties at 34 and 12 Keong Saik Road fetched $15.5 million and $17 million, respectively. These transactions highlight the premium that investors are willing to pay for a piece of this rejuvenated locale.
The allure of Keong Saik Road lies not only in its rich architectural heritage but also in the potential for profitable returns in the thriving commercial landscape. The ongoing demand for shophouses is further demonstrated by the listing of a unit at 6B Keong Saik Road for $4.48 million, which offers a gross yield of 3.08%. Such figures indicate that buyers are recognizing the financial viability of investing in this area, particularly as it continues to attract foot traffic and business opportunities.
Family offices and high-net-worth individuals are increasingly viewing these conservation shophouses as stable, character-rich assets, ideal for wealth preservation. This trend suggests a strategic shift in investment preferences, as these investors seek properties that not only promise financial returns but also embody historical significance and charm.
Looking ahead, the anticipated third wave of rejuvenation is expected to further enhance the appeal of Keong Saik Road. This new phase is likely to foster the emergence of additional businesses and community hubs, solidifying the area’s reputation as a premier destination for retail and food and beverage ventures.
The revitalization efforts have already laid a strong foundation, and with the ongoing support from both the government and private sector, Keong Saik Road is poised for sustained growth and development.
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News Source: Edgeprop
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