A six-storey shophouse located at 52 Boat Quay in Singapore has been sold for an impressive $37 million. The building covers an area of 1,119 sq ft with an estimated total built-up area of about 6,446 sq ft.
Savills Singapore was the broker in the deal, which saw the seller make a gain of $16 million. The property underwent extensive renovations in 2015, making it a modern and well-equipped space for commercial use.
It is worth noting that the property consists of two floors occupied by an Italian restaurant, an Izakaya bar on the ground floor, and corporate office tenants on the second and fourth floors.
Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, says that the shophouse was in high demand amongst investors due to its location.
“It is extremely rare for a riverfront-facing property to be available for sale in the Boat Quay area, which is firmly established as one of the prime locations in the central business district (CBD),” adds Yap.
Recent transactions of commercial properties in and around 52 Boat Quay have only further today this point.
If you’re interested in renting a shophouse space or an office near Boat Quay, be sure to check out the latest listings in the area.