52 Boat Quay (Picture: Savills Singapore)
SINGAPORE (EDGEPROP) - A six-storey Boat Quay shophouse has been sold for $37 million, with the seller making a gain of $16 million. Savills Singapore brokered the deal. It is located at 52 Boat Quay and occupies a 1,119 sq ft site, with an estimated total built-up area of about 6,446 sq ft. Savills says the shophouse underwent extensive renovations in 2015 and is now a modern and well-equipped commercial space. Based on caveats lodged, the seller purchased the property in June 2018 for $21.35 million.
The property’s top two floors are occupied by the Italian restaurant Braci, while an Izakaya bar occupies the ground floor. It also has corporate office tenants 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, says the property garnered “significant interest” from investors and is a testament to the demand for high-quality commercial shophouse properties in prime locations.
“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. This shophouse was an excellent opportunity for my long-standing client to acquire this charming flagship property in the heart of the CBD,” she adds.
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