, Singapore
A six-storey Boat Quay Shophouse located at 52 Boat Quay has been sold for a staggering $37 million, a gain of $16 million for the seller. The Savills Singapore team brokered the deal. With an estimated total built-up area of approximately 6,446 sq ft, Nestled on a 1,119 sq ft site, the shophouse underwent a massive renovation in 2015, resulting in a modern and well-equipped commercial space.
Based on caveats lodged, the seller purchased the property back in June 2018 for $21.35 million. The property houses an Italian restaurant, Braci,on the top two floors and an Izakaya bar on the ground floor. It also has corporate office tenants on the second and fourth floor.
Yap Hui Yee, Executive Director of Investment Sales and Capital Markets at Savills Singapore who helped broker the deal, reported a “significant” interest in the property, highlighting the demand for high-quality commercial shophouse properties located in prime locations. Strikingly, shophouse properties in the Boat Quay precinct are typically tightly held, making this a rare chance to acquire a high-value, flagship property in the Central Business District area.
Recent transactions of commercial properties near and near 52 Boat Quay has further solidified the potential of the area. For those looking to invest in the area, there are plenty of listings to choose from.
The Boat Quay Shophouse sale marks yet another success for the Singapore property market pandemic. Despite the challenges of the pandemic, the property market remains vibrant and lucrative.