- Includes circa 6,446 sqft on a 1,119 sqft site
- Is the tallest of its kind along the Singapore River
- Tenants include Michelin starred Italian restaurant Braci
A heritage icon of Singapore has hit the market.
52 Boat Quay is located mid-way between a host of other Singaporean icons including Clarke Quay, Marina Bay Sands, Parliament, Chinatown, and many more.
By coincidence, the property was pictured in The Property Tribune’s article about Singapore earlier this month.
A heritage icon
The asset class has been particularly attractive, and not just aesthetically. In a previous The Property Tribune article, we explored some of Singapore’s properties, with a Savills report finding the shophouse segment took off during Q2 2022, making up the majority of retail sales for the quarter.
While retail investments were generally down, of the S$375.2 million of retail transactions for the quarter, S$237.1 million of those transactions came from the shophouse segment. Savills’ said the segment rose 9.2% QoQ, driven by the fact shophouses were not affected by property cooling measures, as well as being attractive due to scarcity.
For the quarter, a S$44 million sale of three adjoining freehold shop houses on Kreta Ayer Road was the largest shophouse deal, with two other coffee shops in Yishun and Tampines also fetching handsomely.
“The average price per square foot of such coffee shops greatly surpassed that of ground floor retail units of prime strata retail malls on Orchard Road.”
Savills’ Asia Pacific Q2 2022 Investment Quarterly
A good luck charm
The 52 Boat Quay property is a rare freehold being offered, the 999-year shophouse sits on a 1,119 square feet (103.956 sqm) site and has an estimated total built-up area of circa 6,446 square feet (598.85 sqm) across six floors.
The property was refurbished in 2015.
52 Boat Quay has a diverse mix of clients including Michelin-starred Italian restaurant, Braci, on the top two levels, an izakaya bar on the first level, and the second and fourth levels leased to corporates as office space.
Why is both charming and a charm? Not only is the six-storey CBD shophouse the tallest of all the conservation shophouses along the Singapore River, but it is also located along the winding part of the Singapore River, known as the “Belly of the Carp” due to its curved shape resembling that of a fish, deemed auspicious by the Chinese.
The property is also a dining hotspot, with constant foot traffic throughout the day and night. The area is known for its alfresco dining, impressive views of the Singapore River, and is very accessible – Raffles Place MRT is two minutes walk away.
“52 Boat Quay presents a rare opportunity for an investor to acquire a prized trophy asset boasting impressive views and frontage along the Singapore River. With the stellar growth of freehold CBD shophouses in the past 2 years, the shophouse is primed to receive strong interest from investors, family offices and high-net-worth individuals seeking wealth preservation for years to come,” said Savills Singapore’s Yap Hui Hee.
“Freehold shophouses in the Boat Quay precinct have always been tightly held and it is extremely rare for a riverfront-facing property to be available for sale. This is also an excellent opportunity for owner-occupiers such a family offices to acquire a charming flagship property with potential signage right in the heart of the Central Business District for their own operations.”
The guide price for 52 Boat Quay is S$45 million. The most recent transaction for a riverfront-facing shophouse was 40 Boat Quay in January 2022. The three-storey property transacted at S$17.2 million, translating to S$5,931 per square foot on floor area.
Savills, whom listed the property, is conducting the expressions of interest, noted that foreigners and companies are eligible to purchase the properties and no Additional Buyer Stamp Duty or Seller’s Stamp Duty will be imposed.
