London Daily

Focus on the big picture.
Tuesday, Jul 29, 2025

Asia’s old becomes hip as heritage buildings get multimillion makeovers

Asia’s old becomes hip as heritage buildings get multimillion makeovers

Heritage buildings are not guarantees of premium rental fees, because the deciding factors are ultimately the location, and the dynamics of market demand and supply, analysts said.

Conservation of heritage buildings is gaining traction in Asia, as more investors and companies are piling in and devoting resources to preserve an increasing number of historical sites, either by giving them a new lease of life or repurposing them as part of a bigger property development project.

Hong Kong’s Tai Kwun, formerly a police station, magistrate’s court and a prison compound during the British colonial era, has been turned into an arts and retail hub with hip retail stores, cafes and restaurants.

Reopened to the public in 2018 after a US$485 million restoration over eight years, the 13,600 square metre (146,400 square feet) compound between Hollywood Road and Chancery Lane hosts restaurants, local ceramics brand Loveramics and Yuen’s Tailor, which used to make ceremonial uniforms for the city’s police.

Singapore’s three-storey Beach Road Police Station, which served as the barracks for police officers and their families in the 1950s, will be rebranded as the Midtown House office and retail building, part of a 3.2 development in the city state’s trendy Bugis district. Villa le Voile in Ho Chi Minh City, a 1920s heritage building that was used by the French Air Force as their office after World War II, will feature three restaurants, exhibitions and pop-up events within its walls when it opens to the public in the fourth quarter of 2022.

Singapore’s Beach Road Police Station will be rebranded as an office and retail property.


“A heritage site is usually a place not short of memories for the public at large, and with strong local historical and cultural elements,” said Colliers’ Asia valuation and advisory executive director Dorothy Chow. “Nowadays, the public has a stronger awareness and craving for art and culture around the development of the city and there is an emerging trend of preserving these valuable assets. A preservation is a virtuous selling point of attracting visitors and customers, which improves the commercial potential of a development.”

These sites or buildings are becoming the preferred locations of food-and-beverage outlets, studios and galleries as they typically provide “historical, cultural and unique perspectives,” she said.

In Ho Chi Minh City, Villa le Voile, which once served as an office for the French Air Force, will feature restaurants and exhibitions when it opens to the public next year.


“The history, story and character of those preserved sites provide the development of a central theme which easily connects different parts of the development,” said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank.

These features are not guarantees of premium charges at the sites, because the deciding factors are ultimately the location, and the dynamics of market demand and supply, analysts said.

Tenants and rental charges for the Midtown House and the Villa le Voile have yet to be determined as they are expected to welcome tenants and the public in mid-2023 and end-2022, respectively, according to their spokespersons.

As for Tai Kwun, the property is run by the Hong Kong Jockey Club, a non-profit organisation which donates its earnings to charities. In 2018, the club said the cost of running the place is likely to be at least HK$80 million (US$10.3 million) a year, which would be subsidised by its commercial tenants.

“Depending on the ultimate specification after renovation, these restored buildings would usually come with certain restrictions on layout specification, which could not satisfy the operating requirements of all tenants,” Wong said. “The ultimate rents would depend on the market appeal to tenants.”

Newsletter

Related Articles

0:00
0:00
Close
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
×