Six-storey Boat Quay shophouse reaps S$16 million profit for seller
The sale, which has resulted in a nice return for the seller, comes amid a slowdown in shophouse deals
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WAH Loon Engineering founder Alan Chong is understood to have sold a landmark six-storey shophouse in Boat Quay for S$37 million, making a nice gain over the S$21.35 million he paid for the 999-year leasehold property in 2018.
The new owner of 52 Boat Quay is an indirect wholly-owned subsidiary of Tai Tak Estates, incorporated in Singapore in 1954.
Tai Tak, set up by the late banking tycoon Ho Sim Guan, invests in a number of businesses including plantations, listed and private equities, and property. Tai Tak owns other shophouses in Boat Quay and South Bridge Road areas.
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