Empty shophouses as seen here at Menglait, Gadong are in demand as they are considered prime areas for businesses. Picture: BT file
Bandar Seri Begawan - Real estate industry players have simplified that the abundance of empty shophouses in certain areas of the country are due to entrepreneurs' preferred location of shophouses in prime areas such as Gadong and Kiulap, which are "selling like hotcakes".
In an interview with The Brunei Times, Rustini Real Estate manager Ron Knox said that although there was not a big demand for shophouses in the current market, they are still being built because of its simplicity and its profitability.
"The reason why there is an abundance of shophouses in the country is because they are cheap to build. Nowadays, it costs about $150,000 to build a three-level unit, and it is a very profitable business because you can sell it at about $300,000 and above," he said.
He added that at "good areas" such as in Kiulap, some chophouse units are even sold for $1 million per piece. "Shophouses are really simple, and are not that complicated to build."
However, he said that there was not a big demand for shophouses in the Sultanate. "Primary shopping areas, such as Kiulap, Batu Bersurat, Gadong and Serusop are doing very well, unlike secondary shopping areas such as Jerudong, where there are whole blocks of empty shophouses," he explained.
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