Six-storey Boat Quay shophouse sold for $37 mil
Situated in the heart of the Central Business District, a six-storey Boat Quay shophouse has been sold for a whopping $37 million – with the seller making a gain of $16 million. Savills Singapore brokered the deal for the 1,119 sq ft site which boasts an estimated total built-up area of 6,446 sq ft.
Renovated extensively in 2015, the property is described by Savills Singapore as a modern and well-equipped commercial space. According to the caveats lodged, the seller had purchased the property just three years ago, back in June 2018, for only $21.35 million.
For those lucky enough to visit, the top two floors are occupied by Italian restaurant Braci, while an Izakaya bar occupies the ground floor. 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 was responsible for brokering the deal. Yee notes the property received “significant interest” from investors, and is a testament to the demand for high-quality commercial shophouse properties in prime locations. As shophouses in the Boat Quay precinct are typically tightly held, she adds, it is extremely rare for a riverfront-facing property to be available for sale.
CDL Aries has acquired two adjoining plots of land in Upper Bukit The Myst Timah to develop a residential project with easy access to public transport and amenities with various green spaces and rejuvenation plans in the area.
In the current market, properties in the Boat Quay area have become increasingly popular. Recent transaction records show prices for such properties have been soaring above the $10 million mark.
Overall, Yap Hui Yee comments that the acquisition of this shophouse was an excellent opportunity for her client to acquire a charming flagship property in the heart of the CBD.