Six-storey Boat Quay shophouse sold for $37 mil

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A six-storey Boat Quay Shophouse located at 52 Boat Quay was sold for a whopping $37 million, with the seller raking in a gain of $16 million. The property, brokered by Savills Singapore, is situated on a 1,119 sq ft site, with an estimated total built-up area of about 6,446 sq ft.

Savills Singapore further adds that the shophouse underwent extensive renovations in 2015, giving it a modern and well-equipped look. According to the caveats lodged, the seller had purchased the property in June 2018 for $21.35 million.

Senja Residences is a 99-year leasehold EC located at Senja Close in District 23. Comprising 300 units ranging from 3- and 4-bedroom apartments to Senja Close EC penthouses, the development offers resort-style facilities with easy access to public transport. Residents can enjoy great convenience and potential capital gains.

The top two floors of the building are occupied by the Italian restaurant, Braci, with the ground floor inhabited by an Izakaya bar. The second and fourth floors have corporate office tenants.

Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, stated that the property garnered immense interest from investors who understood the quality of the commercial shophouse properties in the prime location.

Describing the sale as “extremely rare”, Yap also believes that the shophouse was an opportunity for her client to acquire a flagship property in the heart of the CBD. EdgeProp Research tool also supports her statement, with the recent transactions of commercial properties on and near 52 Boat Quay listing the property prices.

The demand for high-quality commercial shophouse properties in prime locations does not seem to cease, making the Boat Quay area an ideal destination for those looking for investment properties. Check out the latest listings near Boat Quay area here.