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
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.
The group’s latest acquisition, 52 Boat Quay, is the tallest conserv…
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