A shophouse at 52 Boat Quay has been sold for $37 million, resulting in profits of $16 million for the seller. Renovated in 2015, the property has a total built-up area of 6,446 sq ft. Occupying the top two floors is the Italian restaurant Braci, while the ground floor is an Izakaya bar and the second and fourth floors contain corporate office tenants. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, noted that there was considerable interest from investors and the transaction revealed a strong demand for high-quality commercial shophouses in prime locations. The rarity of a riverfront-facing property being available for sale made it and attractive opportunity for the buyer.
The highly sought-after shophouse at 52 Boat Quay in Singapore has been sold for $37 million, with the seller making a gain of $16 million. The property boasts a 1,119 sq ft site and 6,446 sq ft estimated total built-up area and underwent extensive renovation in 2015 to become a modern and well-equipped commercial space. This was an attractive opportunity for the buyer, as shophouses in the Boat Quay precinct are usually very tightly held and it is rare for a riverfront-facing property to be available for sale.
Savills Singapore, who brokered the deal, noted that there was considerable interest from investors for the property. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, highlighted the testament to the demand for high-quality shophouses in prime locations that this transaction revealed.
The Italian restaurant Braci is located on the top two floors of the shophouse, while the ground floor is occupied by an Izakaya bar and the second and fourth floors contain corporate office tenants. It had been purchased in June 2018 for $21.35 million by the seller.
The sale is just one of the many commercial property transactions that have occurred near the vicinity of 52 Boat Quay. EdgeProp LandLens provide a map and overview of the area. Additionally, the EdgeProp Research tool provides information of recent transactions of commercial properties around the vicinity.
This is a prime example of the lucrative opportunities in the commercial property market.
