As Singapore rejuvenates ageing buildings, where does adaptive reuse fit?
Industry players say adaptive reuse works only when buildings are suitable and the economics make sense
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[SINGAPORE] Across Singapore’s property market, owners are investing in ageing assets to meet changing tenant expectations, improve sustainability performance and maintain competitiveness.
As owners seek to extend the life of ageing buildings, adaptive reuse is one of several strategies available. Whether it is pursued, however, ultimately depends on whether a building can be converted and whether the business case stacks up.
The strategy involves repurposing a building for a different primary use while retaining much of its existing structure. By contrast, an asset enhancement initiative (AEI) upgrades or refreshes a building while preserving its existing use, whereas redevelopment replaces it entirely, said Melissa Luki, director of economics and property at real estate consultancy Cistri.
