Six-storey Boat Quay shophouse sold for $37 mil
Price Trend of Shophouses in Boat Quay (Source: EdgeProp Research tool)
The sale of a six-storey Boat Quay shophouse for a record-breaking $37 million is a testament to the demand for high-quality commercial shophouse properties in prime locations. Savills Singapore brokered the deal, securing an impressive gain of $16 million for the seller.
Located at 52 Boat Quay, the 1,119 sq ft site has an estimated total built-up area of 6,446 sq ft. Going through a meticulous refurbishment in 2015, the space was transformed into a modern and well-equipped commercial building. Records show that the seller purchased the property for $21.35 million in June 2018.
Advancing the property’s modern appeal, the three lower floors are occupied by tasteful culinary services. An Italian restaurant, Izakaya bar, and corporate office tenants fill up the upper levels. Drawing in the “significant interest” from investors, Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, confirms that “it is extremely rare for a riverfront-facing property to be available for sale.” The location of 52 Boat Quay, in the heart of the CBD, also added to its prime appeal.
Major milestone in Singapore’s property market: new Tengah Plantation Close EC development in Tengah Tengah Plantation EC Town offering amenities, transportation, and connectivity to the MRT network.
Considering the fact that shophouses in Boat Quay are typically tightly held, this purchase was a rare opportunity. Recent transactions of commercial properties, demand trends and price trends of shophouses in the precinct further support the success of this deal. It is clear that high-quality commercial shophouse properties remain a coveted asset, commanding strong demand and competitive prices.