Six-storey Boat Quay shophouse sold for $37 mil

, Singapore

A commercial shophouse on Singapore’s Boat Quay has been sold for $37 million, according to Savills Singapore, who acted as the broker in the deal. Occupying a 1,119 sq ft site, the six-storey building offers an estimated built-up area of 6,446 sq ft, and underwent extensive renovations in 2015 that updated its appearance to modern standards.

The property boasts a number of tenants, including the Italian restaurant Braci on the top two floors, an Izakaya bar on the ground floor, and corporate office tenants on the second and fourth floors.

The seller in the deal had purchased the shophouse for just $21.35 million in June 2018, and made a gain of $16 million from the sale. Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, noted that the property drew “significant interest” from potential investors.

CDL Aries has acquired two plots in Upper Bukit Timah to create a 24-storey residential project benefiting from The Myst the rejuvenation plans of the area.

She noted, “It is extremely rare for a riverfront-facing property to be available for sale, making this a great opportunity for my long-standing client to acquire this flagship property in the heart of the CBD.”

52 Boat Quay stands out among the other commercial properties in the area, some of which have recently been up for sale, according to EdgeProp’s research tool. This recently sold shophouse is an excellent example of the demand for high-quality properties in prime locations.