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Four shophouses at Boat Quay have been put up for sale by expression of interest (EOI), marketing agent DTZ Debenham Tie Leung announced Wednesday (18 March).
The properties for sale include a single shophouse and a conitguous row of three shophouse units, all offered with on a 999-year lease tenure.
Located at 54 Boat Quay, the single three-storey shophouse comes with an attic has a site area of 1,360 sq ft and offers a gross floor area (GFA) of 4,321 sq ft. On the other hand, the three adjoining shophouses located at 70 to 72 Boat Quay have a combined site area of 4,058 sq ft and come with a combined GFA of 11,514 sq ft. The properties, zoned for commercial use, are located in the Boat Quay Conservation Area.
Swee Shou Fern, DTZ Senior Director for Investment Advisory Service said as shophouses along the area are rarely available, the sale of three adjoining shophouse units are an even rarer opportunity. “Bearing historical design and architecture, rich heritage and a unique charm, conservation shophouses are well sought after by investors as collectors’ items for their scarcity,” said
According to DTZ, 119 shophouses with a total worth of $683 million have changed hands in the past 12 months, reflecting the strong demand from investors for shophouses as an asset class. Some recent notable transactions include 75 Pagoda street which transacted at $20 million or $3,500 per sq ft on estimated built-up area, and 32, 34 and 34A Sultan Gate which transacted at $20.8 million, reflecting $2,600 per sq ft on estimated built-up area.
The EOI exercise for the shouphouses will close on Tuesday, 21 April.
Image: Boat Quay Singapore (CommercialGuru file photo)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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