, SingaporeAn exceptional opportunity to acquire a modern and well-equipped commercial space located in the heart of Singapore’s CBD emerged with the sale of a six-storey shophouse in Boat Quay. Brokered by Savills Singapore, the property sold for a total of $37 million, resulting in a $16 million gain for the seller.Occupying a 1,119 sq ft site with an estimated total built-up area of 6,446 sq ft, the shophouse underwent extensive renovations in 2015. Currently, the top two floors are occupied by the Italian restaurant Braci, while an Izakaya bar occupies the ground floor and corporate office tenants on the second and fourth floors.
The sale of this Boat Quay shophouse was proof of a consistent demand for high-quality commercial properties in prime locations. The rarity of a riverfront-facing property being available for sale made is a desirable opportunity for investors. Yap Hui Yee, Executive Director of Investment Sales and Capital Markets at Savills Singapore and the broker of the deal, affirmed that her long-standing client was keen to acquire the property as a flagship in the heart of the CBD.
The addition of this commercial space in the vicinity of Boat Quay only serves to strengthen the district’s status as a hub of convenience, corporate and cultural activity. Recent transactions of commercial properties on and near 52 Boat Quay demonstrate the consistent demand in this area.
The sale of this Boat Quay shophouse saw the seller make a $16 million gain and proves the resilience of the shophouse market in Singapore. Savills Singapore played a major role in this transaction, with Yap Hui Yee confirming the strong interest in the property and the excellent opportunity for her long-term client to acquire this charming flagship in the heart of Singapore’s Central Business District.