A property located in the heart of the Central Business District (CBD) of Singapore has been sold for a record $37 million. Savills Singapore, who handled the deal, said the sale was a testament to how highly sought-after prime commercial shophouse properties are in the area.
The property, located at 52 Boat Quay, is a well-equipped six-storey shophouse. It has an estimated total built-up area of 6,446 sq ft, and sits on a 1,119 sq ft site. Based on records, the seller acquired the property back in 2018 for $21.35 million, meaning they have made a gain of $16 million.
The top two floors are occupied by an Italian restaurant while the ground floor is taken up by an Izakaya bar. The second and fourth floors house corporate office tenants.
Savills Singapore’s executive director of investment sales and capital markets, Yap Hui Yee, highlights that the shophouse was subject to extensive renovations in 2015. According to Yap, the shophouse had “significant interest” from investors.
As shophouses within the Boat Quay vicinity are tightly held, the riverfront-facing property was a fantastic chance for her long-standing client to make the purchase.
It is evident from the transaction that the demand for high-quality shophouse properties in the area is still high. Properties nearby 52 Boat Quay have also transacted at an increasingly high rate in recent years.