.A charming, riverfront-facing property in the heart of Singapore’s CBD has been sold for a whopping price of $37 million, following strong interest from investors. Savills Singapore brokered the deal, which saw the seller gain massive profits of $16 million since their purchase in June 2018 for $21.35 million.

Situated at 52 Boat Quay, the six storey shophouse features a total built-up area of 6,446 sq ft and occupies a 1,119 sq ft site. After undergoing extensive renovations in 2015, the commercial space is now modern and well-equipped. Braci, an Italian restaurant, occupies the top two floors while the ground floor houses an Izakaya bar. The second and fourth floors have corporate office tenants.

Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, noted the overwhelming interest displyed by investors and highlighted the rarity of a riverfront-facing property available for sale in the tightly held Boat Quay precinct.

The deal is an indicator of the ongoing demand for high-quality commercial shophouses in prime locations.

This sale is a testament of the ever-growing demand for high-quality commercial shophouses in prime locations that Singapore has to offer. Savills Singapore noted the overwhelming interest displayed by investors, especially amid the rarity of a river-facing property made available of sale in Boat Quay precinct. According to Yap Hui Yee, the Executive Director of Investment Sales and Capital Markets at Savills Singapore, the purchase was an opportunity for her long-standing client to acquire the flagship property at the heart of the city.

Since the seller purchased the property in June 2018 for $21.35 million, they have experienced a significant increase in profits, realizing $16 million. The high-value property, featuring 6,446 sq ft of built-up area and occupying a 1,119 sq ft site on the six-storey Boat Quay shophouse, received much interest from investors.

The commercial space was renovated extensively in 2015, transforming it into a modern and well-equipped space that houses an Italian restaurant (Braci) on the top two floors, an Izakaya bar on the ground floor, and corporate office tenants on the second and fourth floors.

Recent transactions of commercial properties on and near 52 Boat Quay, in addition to this sale, further illustrate the ongoing demand for such properties. Beyond the impressive profitability, the purchase is an excellent opportunity for investors to own a piece of prime commercial shophouse property in the heart of the CBD.