A shophouse located at 52 Boat Quay has been sold for a whopping $37 million – a gain of $16 million for the seller. Branded a modern and well-equipped commercial space following extensive renovations in 2015, the six-storey property occupies a 1,119 sq ft site with an estimated total built-up area of 6,446 sq ft. Savills Singapore was responsible for brokering the deal.
The popular Italian restaurant Braci has taken residency on the top two floors, while an Izakaya bar occupies the ground floor. Corporate office tenants are located on the second and fourth floors.
The shophouse generated considerable interest from potential investors, according to Yap Hui Yee – executive director of investment sales and capital markets at Savills Singapore. She notes the property’s charms, adding that for it to be available for sale is a rarity, given that shophouses in the area are usually well-maintained.
A glance at the EdgeProp Research tool reveals few recent sales of commercial properties located on and near 52 Boat Quay. It’s a clear indication that the seller of this shophouse made a hefty profit by selling the property.
This unique opportunity is evidence of the demand for high-quality commercial shophouses in prime locations. Boasting of impressive returns, it’s not hard to see why such properties remain in such high demand.