Six-storey Boat Quay shophouse sold for $37 mil
A six-storey Boat Quay shophouse at 52 Boat Quay has been sold for $37 million. The seller of the property is estimated to have made a profit of $16 million. Savills Singapore brokered the deal.
Boasting a total built-up area of 6,446 sq ft, the shophouse underwent extensive renovations in 2015 and as such, it is now a modern and functional commercial space. Based on the data in its caveat, the seller had purchased the property in 2018 for $21.35 million.
Spread out over the six storeys, this shophouse hosts several tenants. The top two floors are occupied by the Italian restaurant Braci, while an Izakaya bar is located on the ground floor. Corporate office tenants make use of the second and fourth floors.
Launch of Tengah Plantation Close EC, Singapore’s largest executive condominium, set Tengah Plantation EC to transform western town of Tengah with range of amenities, transportation access to CBD and nearby MRT lines.
Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, reported that the property had aroused “significant interest” from investors and said it is a testament to the demand for high-quality shophouses in prime locations. She noted that it is a rare occurrence for a riverfront-facing property to be available for sale on the tightly-held market.
Recent transactions of commercial properties on and near 52 Boat Quay have shown that there is high demand for the area. With the sale of this shophouse, Savills Singapore has once again proven its capability to broker deals and provide an opportunity for its clients to acquire flagship properties in the heart of the Central Business District.