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One of the tallest heritage shophouses in Boat Quay has been purchased by Wah Loon Engineering’s founder Alan Chong and his wife from an affiliate of property investment firm Clifton Partners for $21.35 million, reported the Business Times.
The 999-year leasehold property spans six storeys, with its upper floors overlooking the Singapore River. Situated on a 1,119 sq ft site, it has a built-up area of about 6,300 sq ft and is fully leased.
The top two floors, including some roof terrace space on the sixth level, currently house a Michelin-star Italian restaurant known as Braci. The third and fourth floors are occupied by offices, while the second and first levels are rented out to a nail salon and a Korean restaurant respectively.
The selling price is estimated to translate to a gross yield of three percent based on the current rental income of the shophouse, which underwent major renovation several years ago, including the installation of a new elevator.
The transaction was brokered by JB Lin, an associate director of Corporate Visions, a boutique real estate agency.
It is believed that Chong has been seeking property investments for some time, after Wah Loon Engineering’s management and Dymon Asia Private Equity Fund sold an 80 percent stake in Wah Loon Engineering for around $250 million in April.
Chong’s daughter also bought a new freehold bungalow in Jervois Hill for $41.2 million earlier this month.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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