CBRE Singapore as the exclusive marketing agent, is pleased to offer a 999-year leasehold three-storey conservation shophouse located at 77 Boat Quay for sale.

The sale will be conducted through an Expression of Interest exercise which closes on 22 September 2021, Wednesday at 3pm.

Strategically located within the Central Business District, the shophouse enjoys excellent visibility and prominent frontage along the Singapore River. Sitting on a 1,530 square foot site, the shophouse has a total floor area of approximately 3,739 square feet and the rights to lease an additional 275 square feet of Outdoor Refreshment Area (ORA) located at the foot of the asset.

The property is currently fully leased to an F&B tenant on the ground floor, shop on level 2 and a beauty salon on level 3. Under the Master Plan 2019, the site is zoned “Commercial” within the Boat Quay Conservation Area.

77 Boat Quay has an indicative guide price of S$16 million that works out to about S$4,279 per square foot on the total floor area. As it is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer’s Stamp Duty (ABSD), or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

Mr Clemence Lee (利伟强), Senior Director, Capital Markets, Singapore at CBRE, says, “Due to its rich history, shophouses along Boat Quay have long been viewed as the most prestigious and treasured assets in Singapore. There are arguably only 57 individually owned waterfront shophouses in the entire Singapore and they are all located on Boat Quay. As such, shophouses on Boat Quay are rarely put up for sale and we believe that astute investors or owner-occupiers will recognize this and jump on this opportunity to own a unit along Boat Quay.”

Mr Lee continues, “The Singapore River has been the first precinct in Singapore to pilot the Business Improvement Programme (BID) that was launched in 2017. Through events such as the Singapore River Festival and Singapore River Signatures, this strategic partnership between the public and private sector aims to promote placemaking and to increase footfall to the Singapore River. These initiatives will reinforce Boat Quay as a distinguished waterfront destination and allow prospective buyers to enjoy strong rental and capital appreciation in the mid to long term. In addition, with CapitaSpring, a 51-storey integrated development in the vicinity that is expected to obtain TOP in 2H 2021, we foresee added vibrancy into the area with the development’s injection of approximately 647,000 square feet of Grade A office, retail shops and serviced apartments.”

Gazetted for conservation on 7 July 1989, shophouses along Boat Quay were conserved for its architectural history and to serve as a reminder of the areas’ past as the centre of trading activities. The area is known by locals and tourists as the go-to destination for bumboat rides, trendy bars and restaurants offering al-fresco riverside dining experience. Juxtaposed against the CBD backdrop, these F&B establishments lining Boat Quay also gets support from a strong CBD working population and are usually packed during lunch and dinner.

The shophouse is a short walk away from both Clarke Quay MRT station and Raffles Place MRT Interchange and is well served by the nearby Central Expressway (CTE), making it easily accessible to other parts of Singapore.

To request a copy of the Information Memorandum please contact the marketing agent Clemence Lee of CBRE via the contact details below.