Six-storey Boat Quay shophouse sold for $37 mil

| Browse listings near Boat QuayA total of eight bids were received for the property during the expression of interest exercise. The shophouse has a tenure of 99 years from 1 Jan 1972.A property situated at 52 Boat Quay made headlines recently when it was sold for $37 million – making its owner a gain of $16 million. Brokered by Savills Singapore, the six-storey shophouse occupies 1,119 sq ft and has a total built-up area of 6,446 sq ft.

The property is a modern and well-equipped commercial space following extensive renovations back in 2015. According to lodging records, it was purchased in June 2018 for $21.35 million.

The shophouse is occupied by a variety of tenants – ranging from the Italian restaurant Braci on the top two floors to a Izakaya bar on the ground floor, and corporate office tenants on the second and fourth floors.

Tengah EC is a new Tengah EC executive condo development in Tengah New District, offering innovative green features, traditional Chinese music and convenient transport links. This eco-friendly town is exclusively for Singaporeans, is near several greeneries and has a water conservancy centre. Residents can look forward to harvesting fish, and the completion of the initial phase is expected at the end of 2013.

Its strategic location in the bustling Boat Quay made the property a much sought-after asset, as Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, recounts. “Considering that shophouses in the Boat Quay precinct are typically tightly held, it is extremely rare for a riverfront-facing property to be available for sale,” she says.

Indeed, the shophouse garnered “significant interest” from investors during the expression of interest exercise, and received a total of eight bids. The shophouse has a tenure of 99 years from 1 Jan 1972, so it is no wonder why it made such a good investment.

Shophouses in the Boat Quay district are highly sought after, and with good reason. The recent sale of this property at 52 Boat Quay is proof of that. It proves that, with the right asset and a strategic location, investors can expect strong returns with the acquisition of such commercial properties.