The Far East Shopping Center on Orchard Road, once vibrant, now struggles with high vacancy rates and low foot traffic, reflecting a broader trend among older malls in the area. Redevelopment plans are underway, driven by financial incentives from the Urban Redevelopment Authority, aiming to revitalize the Tanglin section with mixed-use developments and enhanced pedestrian experiences. Significant investments are anticipated, as the area seeks to adapt to evolving consumer preferences and improve connectivity to key attractions.
Japan faces a unique real estate opportunity with over 9 million "akiyas" or empty houses, many priced under $10,000, due to a declining population and urban migration. While foreign interest is rising, experts caution about high renovation costs and cultural challenges. Investors like Anton Wormann have found success by understanding local customs and investing time in community building.
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