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999-year leasehold six-storey shophouse in Boat Quay up for sale at $45 mil

By Hailey Yu

/ EdgeProp Singapore |

August 31, 2022 6:10 PM SGT

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SINGAPORE (EDGEPROP) - A 999-year leasehold six-storey shophouse in the Boat Quay conservation area was put up for sale on Aug 31 at a guide price of $45 million via expression of interest (EOI). Foreigners and companies are eligible to purchase the properties at no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) charge.

Savills has been appointed as the exclusive marketing agent.

“Boasting impressive views and frontage along the Singapore River, the shophouse is primed to receive strong interest from investors, family offices and high-net-worth individuals seeking wealth preservation,” says Yap Hui Yee, director of investment sales and capital market at Savills. “Shophouses in the CBD have seen strong growth in the past few years.”

Sitting on a land area of 1,119 sq ft, the shophouse has an estimated built-up area of 6,446 sq ft, according to Savills. It is one of the tallest conservation shophouses and was last refurbished in 2015, including a lift installation.

The ground floor is approved for permanent restaurant use, while the upper floors are approved for office use. It is currently fully leased. The top two floors, which include a roof terrace, are occupied by Braci, a Michelin-starred Italian restaurant. An izakaya is located on the first floor while the second to fourth floors are leased out as office space.

The most recent transaction in the area for a riverfront shophouse happened at 40 Boat Quay in January this year. A three-storey mezzanine shophouse was sold for $17.2 million, translating to $5,931 psf on built-up area.

The Boat Quay district is popular with tourists and the office crowd, and offers bustling F&B options both day and night. Raffles Place MRT Station (on the North-South and East-West Line) is a short walk away.

The EOI exercise will close on Oct 7, at 3pm.

Check out the latest listings near Boat Quay conservation area, Raffles Place MRT Station

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