Six-storey Boat Quay shophouse sold for $37 mil

, Singapore on EdgeProp.sgA quick search on EdgeProp Research reveals that the property is the second-most expensive shophouse transaction after the sale of a 12-storey property at 20 Circular Road, which fetched $100 million in 2018.

A shophouse located at 52 Boat Quay in Singapore has been sold recently for an impressive price of $37 million, making a gain of $16 million for the seller. Savills Singapore successfully brokered this deal. The property situated on a site of 1,119 sq ft, is estimated to have a total built-up area of 6,446 sq ft. It went through a thorough renovation in 2015, making it a modern well-equipped commercial space.

The property is known for its top two floors that houses the Italian restaurant Braci and an Izakaya bar at the ground floor. Additionally, it also has several corporate office tenants in the second and fourth floors.

Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, noted the property was a hot spot among investors due to its prime location and exceptional quality. She further added that considering the Boat Quay precinct is tightly held, acquiring a property with a beautiful riverside view is extremely rare. According to her, the seller was thrilled to gain such a splendid flagships property in the heart of the CBD.

EdgeProp Research tool reveals that this transaction makes it the second most expensive in the area, with a record of $100 million set by the sale of 20 Circular Road in 2018.

Located in District 23, Senja Residences EC is a 99 years leasehold executive condominium with 300 units, offering 3 Senja Close EC and 4-bedroom units, penthouses, resort-style facilities and convenience near Bukit Panjang Integrated Transport Hub.

Located in the very heart of the CBD, Boat Quay is an in-demand spot for commercial properties and other businesses seeking an exceptional locale. With a unique blend of old-world charm and modern amenities, it’s no surprise it consistently captures the attention of investors and prospective tenants alike.

Savills’ successful brokering of this deal is a testament to the Singapore commercial property market. Despite the Covid-19 pandemic, transactions are still occurring at a steady rate, with the potential for more transactions to come in the near future.

In conclusion, the sale of the 52 Boat Quay shophouse is a remarkable success story in the midst of challenging times. Investment in high-quality properties in prime locations is still proving to be a viable option for buyers in Singapore.