Old becomes hip: Asia’s heritage buildings get multimillion dollar makeovers as investors see gold and dazzle in history and culture

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.

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.

“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.”