CONSERVATION IN SINGAPORE: HERITAGE AND URBAN RENEWAL

Abstract

Is it more important to protect or progress? This is the fundamental question around the conservation of heritage compared to the need for redevelopment, particularly in Singapore, which focuses on a pragmatic approach to planning. This level of pragmatism led to the large-scale demolition of shophouses in the city to facilitate urban renewal works for economic development, a sharp contrast compared to the protection afforded to these heritage buildings today. Changing perceptions and attitudes towards heritage have led to a shift in recognition of heritage and its importance in society. The central area, which underwent a systematic urban renewal process in the 1960s, will be the focus of the study. Using a linear regression model, the study found that conservation has a significant but small impact on commercial transaction prices. Price premiums can be observed for commercial units located within designated conservation areas, as does the unique shophouse typology, compared to typical office and retail development types. Quantifying the value of heritage conservation on transaction price adds another layer of relevance to such properties, ensuring that they are both culturally and economically relevant. The argument for continued conservation of new heritage properties and sites is then strengthened and still needs to be prioritised in the planning process of future redevelopment and renewal projects.