!
A commercial shophouse located at 52 Boat Quay in Singapore has recently been sold for $37 million, making the seller a gain of $16 million. This six-storey property sits on a 1,119 sq ft site and has an estimated total built-up area of 6,446 sq ft. Savills Singapore acted as the broker for this transaction.
The building underwent extensive renovations in 2015 and has since been converted into a modern and well-equipped commercial space. Upon closer inspection, the top two floors are occupied by the Italian restaurant Braci while the ground floor is home to an Izakaya bar. Additionally, corporate office tenants take up residence on the second and fourth floors.
Yap Hui Yee, the Executive Director of Investment Sales and Capital Markets at Savills Singapore who brokered the deal, commented on the high interest the property garnered from investors. She cited its rarity as a factor in its desirability, as “shophouses in the Boat Quay precinct are typically tightly held”. The house has a riverfront-facing aspect, making it an “excellent opportunity” for her long-term client to acquire a “charming flagship property in the heart of the CBD”.
Saville’s records show that the seller purchased the property just a year ago in June 2018 for $21.35 million. This sale highlights the demand for high-quality commercial shophouse properties in prime areas.
If you are considering a purchase of a similar property, be sure to check out the latest listings near Boat Quay!
High-end shophouses in Singapore’s Boat Quay precinct hold a unique appeal, as evidenced by the recent sale of this particular property located at 52 Boat Quay. Boasting a total built-up area of 6,446 sq ft and a strategic riverfront-facing location in the heart of the CBD, the building was sold for $37 million — a gain of $16 million for the seller.
Savills Singapore acted as the broker for the sale and Yap Hui Yee, the Executive Director of Investment Sales and Capital Markets at Savills Singapore, noted the significant interest the property garnered from investors. Said Yap, “This shophouse was an excellent opportunity for my long-standing client to acquire this charming flagship property in the heart of the CBD.”
It is clear that the property underwent extensive renovations and modernization in 2015, as the modern and well-equipped commercial space is now occupied by 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.
Saville’s records further show that the seller purchased the property just a year ago in June 2018 for $21.35 million. This sale, coupled with the high demand for such commercial shophouse properties, is a testament to the desirability of properties in prime locations.
Are you looking to acquire a similar property in a prime area? Make sure to check out the latest listings near Boat Quay around!