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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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Kalpana Rashiwala

Kalpana Rashiwala

Published Wed, Mar 22, 2023 · 05:51 AM
    • The six-storey property at 52 Boat Quay is the tallest conservation shophouse along the Singapore River.
    • The six-storey property at 52 Boat Quay is the tallest conservation shophouse along the Singapore River. PHOTO: SAVILLS

    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.

    Commercial & IndustrialshophousesSingapore propertyInterest ratesSpotlight

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