Rare six-storey conservation shophouse at Boat Quay selling for $28 mil
By Timothy Tay
/ EdgeProp Singapore |
The six-storey shophouse at 46 Boat Quay is one of the tallest in the Boat Quay conservation area.
SINGAPORE (EDGEPROP) A six-storey shophouse at 46 Boat Quay has recently been put up for sale with a guide price of $28 million. The property sits on a 1,441 sq ft plot which has a 999-year leasehold tenure.
The exclusive marketing agents are Hector Yim and Tony Chen Zuxian, marketing associate and associate marketing director at PropNex Realty respectively. The sale of the property will be conducted through an expression of interest exercise that closes on Nov 1.
The parts of the property that are for sale represent the second to sixth floors of the building and it is held by a single owner. This is because 46 Boat Quay is the only shophouse in the Boat Quay area which has separate strata titles for each floor.
The entire conservation shophouse was purchased by the seller about 30 years ago and he added the fifth floor in 1994 and then the sixth floor in 2003. After he obtained separate strata titles for each floor, the ground floor unit was sold to the neighbouring restaurant. This ground floor unit is not for sale.
The five floors that are being sold have a gross floor area of 6,387 sq ft and are priced from $4,383 psf. (Picture: Samuel Isaac Chua/The Edge Singapore)
The remaining five floors of the shophouse had been utilised by the owner for his Indian restaurant but the restaurant closed its doors about eight months ago. The property was subsequently put up for sale at the beginning of October.
The second floor is 1,371 sq ft and has been converted into an office for the owner’s use, while the entire 1,371 sq ft space on the third floor houses the kitchens that used to service the restaurant. The owner also obtained approval to convert the 1,371 sq ft fourth floor from commercial to residential use and studio apartment units were built.
The fifth floor is 1,340 sq ft and is where the main seating area of the restaurant used to be, a staircase leads up to the sixth floor which is 934 sq ft and features a sheltered roof terrace and outdoor dining.
The main dining area of the restaurant on the fifth floor. A pair of elevators also serve each floor of the building. (Picture: Samuel Isaac Chua/The Edge Singapore)
Thus, the total gross floor area for sale is 6,387 sq ft and based on the guide price, this translates to about $4,383 psf on the floor area.
As one of the tallest shophouse buildings in the Boat Quay area, 46 Boat Quay commands a panoramic view of that section of the Singapore River, which includes an impressive city skyline that features Parliament House, the Asian Civilisations Museum, The Arts House, and the Victoria Theatre and Concert Hall. It also has an equally impressive backdrop of the financial district.
“It is not common for shophouses in the Boat Quay area to feature a roof terrace, especially an open-air terrace that features such a panoramic view of the city skyline,” says Yim.
The panoramic view of the Singapore River from the roof terrrace of 46 Boat Quay. (Picture: Samuel Isaac Chua/The Edge Singapore)
According to the marketing agents, the owner might consider selling each floor separately but would prefer to sell all five floors together. “This also fits the profile and needs of our expected buyers who would utilise the space for their own use, or as an investment asset,” says Yim.
He says that the shophouse at 46 Boat Quay will likely attract a range of interested buyers and it is suitable for investors such as foreign investment funds as well as owner-occupiers such as family offices, service apartment operators, and co-working operators.
He adds that since the shophouse is zoned for commercial use the sale will not attract additional buyers stamp duty. (Find Singapore commercial properties with our commercial directory)
“This property will likely be a trophy asset in any investors property portfolio. Over the past 10 or so years, shophouses in the Boat Quay area have seen positive capital appreciation of about 5% each year. This makes it an attractive long-term asset,” says Yim.
Check out the latest listings near Boat Quay Conservation Area
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