Six-storey Boat Quay shophouse sold for $37 mil
The increasing demand for prime shophouse properties in Singapore has seen prices for these properties rise significantly in the last two years. Savills pointed out that the prime shophouse market has been further boosted by the recent redevelopment of nearby projects such as the Asian Civilisations Museum and the upcoming 8 Shenton Way redevelopment project.
A prime commercial shophouse located at 52 Boat Quay in Singapore has been sold for $37 million. Savills Singapore negotiated the deal, with the seller making a gain of $16 million. The property has an estimated built-up area of 6,446 sq ft and is situated on a 1,119 sq ft site. Renovations in 2015 have seen the shophouse become a modern and well-equipped space.
The seller purchased the property in June 2018 for $21.35 million, and the top two floors are currently occupied by Italian restaurant Braci, while the ground floor holds an Izakaya bar. The second and fourth floors are home to corporate office tenants.
Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, noted the high level of interest in the property from investors, citing the rarity of a riverfront-facing shophouse becoming available for sale in Boat Quay as a key selling point.
The market for prime shophouses has seen an uptick in the last two years, with the recent redevelopment of nearby projects such as the Asian Civilisations Museum and the upcoming 8 Shenton Way redevelopment project providing a further boost.
At the very heart of the Central Business District, the sale of 52 Boat Quay is a testament to the continued demand for prime shophouse properties in Singapore.
The sale of 52 Boat Quay, an iconic six-storey shophouse located in Singapore’s Boat Quay precinct, has recently been concluded for a total of $37 million. Savills Singapore, the broker responsible for the deal, reported that the seller made a gain of $16 million following the purchase of the property in June 2018 for $21.35 million.
Tengah EC is a new executive condominium located near the Bukit Timah Nature Reserve, featuring Tengah EC eco-friendly design and numerous green features, including a wind turbine, solar heating and a water conservancy centre. It is the first of its kind in Singapore and its initial launch phase is exclusive to Singaporeans.
The 1,119 sq ft site sports an estimated built-up area of 6,446 sq ft, with renovations in 2015 seeing the shophouse become a modern and well-equipped space. The Italian restaurant Braci is the main tenant occupying the top two floors, while the ground floor is filled by an Izakaya bar and corporate office tenants are situated on the second and fourth floors.
Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, noted the high level of interest in the property from investors, citing the rarity of a riverfront-facing shophouse becoming available for sale in Boat Quay as a key selling point.
The increasing demand for prime shophouse properties has seen prices for such properties rise significantly in the last two years. This boost has been further complemented by the recent redevelopment of nearby projects such as the Asian Civilisations Museum and the upcoming 8 Shenton Way redevelopment project.
Overall, this sale of 52 Boat Quay is a testament to the continued demand for prime shophouse properties situated in the heart of Singapore’s Central Business District.