Wah Loon Engineering founder Alan Chong has recently snapped up one of the tallest conservation shophouses along Boat Quay for S$21.35 million.
Spanning six levels, the shophouse has an estimated built-up area of 6,300 sq ft, according to information on the website of Clifton Partners, a real estate investment firm. The property is being sold by an affiliate of the company.
Boasting views of the Singapore River from the upper levels, the shophouse is on a 1,119 sq ft site with 999-year leasehold tenure and is fully leased.
The top two levels – including some roof terrace space on the sixth floor – are occupied by Braci, a one Michelin-starred Italian restaurant.
A Korean restaurant is on the first level, a nail salon on the second floor while offices take up the third and fourth levels.
Based on the property’s current rental income, the transacted price is understood to reflect close to 3 per cent gross yield.
The Clifton Partners affiliate selling the property did a major renovation a couple of years ago including the installation of a new lift.
JB Lin, associate director of boutique property agency Corporate Visions, brokered the sale. The property is being bought by a company owned by Mr Chong and his wife.