While some asset owners are repositioning their assets for alternative uses, others are trying to extend the life of their vacated sites that are still in good shape. There are also some who are leveraging new opportunities to integrate ESG – environmental, social and governance – best practices into their assets.

Repurposing real estate is not a new concept here. Old shophouses and warehouses have been converted into F&B outlets in areas such as Boat Quay and Clarke Quay. Large colonial buildings such as the former City Hall and Supreme Court have also been repurposed into the National Gallery, while what used to be the General Post Office is now The Fullerton Hotel.

The pandemic, however, has boosted the push for repurposing residential and commercial buildings as the way we live, work and play has changed.

There is also a need for planning policies to evolve, with the changing trends in demography, socioeconomic developments, technological advances, environmental considerations and rising expectations or aspirations. And with a big shift towards work-from-home arrangements in the post-pandemic world, there is now a demand to create residential spaces that are conducive to productive work at home.

“Sometimes, repurposing is not the first thing that comes to mind because it is not easy. You can’t easily convert a commercial building into a residential building because natural ventilation is just not going to be very easy to achieve. You can’t change your retail space to an F&B space easily because, with F&B, there’s more demand for kitchen exhausts, for example, so such a conversion is really challenging,” he added.

When evaluating whether or not to repurpose a building, it’s essential to gauge what kind of value can be retained when certain directions are taken.

“So, from that angle, it’s not just about redevelopment. We view it as also a repurposing of the precinct because all this would eventually translate into the rentability of the asset,” he added.

The question of sustainability is important to consider too, but not just environmental sustainability – social sustainability is a priority as well.

“We don’t think often enough about social sustainability and it’s a missed opportunity if you don’t go into that,” said Leong.

“Because, when we do a building very well, keeping the social memory, it can be very charming. If that’s done properly, it actually increases the value of a property. And it can even do better than if you were just to tear down and rebuild the most modern structure that you can think of.”

Leong cited the example of Golden Mile Complex. He had watched a video of an interview with a resident who lived there for many years, sharing what was so endearing to him about the building. The resident mentioned the waterfront view of Kallang Bay as well as the fact that retail and F&B outlets were conveniently accessible.

“Why can’t we think of a retail plan that can recapture the kind of memory that people are so familiar with over the years in the new development? Or create a viewing gallery in a new development for people who are not even residents in the place?” Leong asked. “If you can find the merit of a building, play it up and inject new life and understanding into it, I think it will bring value to a lot of these structures.”

“We need to work harder to study more of these buildings. That will allow us to review a lot of hidden treasures so we will be able to find more reasons to keep buildings,” he added.