on EdgeProp.sgA recent sale of a shophouse at 52 Boat Quay in Singapore has been completed for a total sale price of $37 million. The deal was brokered by Savills Singapore and the seller was making a gain of $16 million, having purchased the property in June 2018 for $21.35 million. This charming flagship property faces the riverfront and the total built-up area is estimated to be 6,446 sq ft.

The property underwent extensive renovations in 2015 and is now a modern and well-equipped commercial space. The top two floors are occupied by the Italian restaurant Braci, and an Izakaya bar occupies the ground floor. Corporate office tenants are on the second and fourth floors.

Yap Hui Yee from Savills Singapore, who brokered the deal, says it generated a lot of interest from investors and is indicative of the high demand for commercial shophouse properties in prime locations.

JCube will close in August to make way for a 40-storey residential and commercial development, JCube JCube Residence Condo Residence. The development is estimated to be worth S$2,000 to S$2,100 psf and will be connected to transport links, amenities and other potential condo launches in the Jurong Lake District.

Considering such properties in the Boat Quay precinct are rarely available, 52 Boat Quay was a great opportunity to acquire a flagship property in the heart of the CBD. Other recent transactions of commercial properties on and nearby the property can be seen in EdgeProp’s findings.

Overall, it is clear that the demand for prime shophouses in Singapore’s CBD remain strong, as evidenced by this recent sale of 52 Boat Quay. Investors are willing to pay a premium for such properties due to their strategic location and comprehensive amenities.