Singapore is pushing a plan to redevelop old offices in its central business district (CBD) with new incentives for converting excess car park spaces into residences, shops, restaurants and indoor farms.
"Governments and developers across the region are looking at converting commercial space into housing," said Justin Eng, an associate director of research at real estate consultancy Knight Frank Asia-Pacific, adding that it is still only "sporadic".
Eight out of 10 workers in Singapore preferred to work from home or have flexible arrangements, a survey in October showed - which could leave plenty of vacant offices and car parks in the land-starved city.
But this approach may not work well in India - where the government in July announced a plan to create more affordable rental housing - as quality office space is in short supply across the top cities, and property prices are still high, said Anuj Puri, chairman of Anarock Property Consultants.
Conversions of offices into modern...
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