There has been a series of record transactions in the conservation shophouse space over the last year or so.
In a record sale the 31 Saik Keong Road was picked up by founder of Duck & Hippo Group, Mr. James Heng.
This S$14 million transaction set a new record for the rate paid clocking S$4,300 psf.
The rate here is based on the built-up area of the three-storey shophouse.
This freehold property though only has F&B approval for level one where Butcher Boy Restaurant is the current lease. The upper levels of the property currently house offices.
This is the latest addition to the glorious collection of conservation shophouses that Mr Heng already has.
This surpassed the earlier record set by 21 Boon Tat Street which incidentally he had acquired in September 2015 paying S$4,259 psf.
Cheek by Jowl a Michelin-starred restaurant holds the lease of the street level in this property while the attic and second level in the property is occupied by a bar Freehouse.
Market watchers have said this to be a new record breaker for conservation shophouses that fall within Districts 1 and 2.
The 21 Boon Tat Street property owned by Mr. Heng is considered to be a primer location.
District 1 locations that include Boon Tat Street, Amoy Street, Boat Quay and Club Street have been on investment radar for HNIs and foreign investors for quite some time.
They have also eyed District 2 areas that include parts of Chinatown, Kreta Ayer, Tras Street and Tanjong Pagar.
Mr Heng has been making all the news in the Singapore shophouse transactions over the last few years.
The latest acquisition is his sixth purchase of a conservation shophouse which started in 2017.
The other shophouses bought are located in Amoy Street, Teck Lim Road, Ann Siang Road and Liang Seah Street apart from 21 Boon Tat Street and 31 Saik Keong Road.