Shophouse at Boat Quay with a 999-year leasehold and six stories is offered for sale for $45 million

August 31, 2022



On August 31, an expression of interest for the purchase of a 999-year leasehold six-story shophouse located in the Boat Quay conservation area was made available. The suggested purchase price was 45 million dollars (EOI). Both the extra buyer's stamp duty (ABSD) and the seller's stamp duty (SSD) won't be applied to the purchase price of the properties if they are made by a company or a foreign buyer.

Savills has been selected to take on the role of acting as the exclusive marketing agency.

"Boasting impressive views and frontage along the Singapore River, the shophouse is primed to receive strong interest from investors, family offices, and high-net-worth individuals seeking wealth preservation," says Yap Hui Yee, director of investment sales and capital market at Savills. "The shophouse is primed to receive strong interest from investors, family offices, and high-net-worth individuals seeking wealth preservation." "Shophouses in the Central Business District have witnessed significant expansion during the past few years,"

According to Savills, although the land area of the shophouse is just 1,119 square feet, the total built-up area of the property is estimated to be 6,446 square feet. It is one of the conservation shophouses that is the highest, and the most recent renovation, which included the installation of a lift, took place in 2015.

The lower level has been granted permission to operate as a restaurant permanently, while the above levels have been granted permission to operate as offices. At the moment, it is completely rented out. Braci is an Italian restaurant that has been awarded one Michelin star and occupies the top two levels of the building, as well as the roof deck. On the ground floor is a traditional Japanese drinking establishment known as an izakaya, while the second through fourth floors contain office space.

The most recent sale of a riverside shophouse in the neighborhood took place at number 40 Boat Quay in January of this year. A three-story shophouse with a mezzanine was sold for $17.2 million, which is equivalent to $5,931 per square foot (psf) on the built-up area.

The Boat Quay region is well known among visitors as well as the business crowd, and it has lively food and beverage options at all hours of the day and night. It won't take you long to get to the Raffles Place MRT Station, which serves both the North-South and East-West Lines.

The EOI exercise will come to an end on October 7 at three in the afternoon.