Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses rest on a standalone island area consisting of two land titles. One title is for 1, 3, and also 5 Club Street, which are three-storey shophouses with an attic room. The other title is for 7 and also 9 Club Street, which are two-storey shophouses. These shophouses rest on a mixed land of roughly 3,557 sq ft, with an estimated full built-up area of roughly 7,225 sq ft.
Savills Singapore says the title for 1,3, and also 5 Club Street is managed by Citystate Real estate, which is a part of Citystate Group. The title for 7 and 9 Club Road is held by Dr Ling Ai Ee, that is also among the stockholders of Citystate Assets. The divestment of the shophouses is part of Citystate’s convertible property recycling approach, states group CEO Leow Tze Wen.
Five adjacent shophouses situated at 1,3,5,7 as well as 9 Club Avenue in the CBD have been reselled through an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The list price works out to $3,582 psf on the blended flooring location, claims Savills Singapore, which agented the deal.
ABR’s group tactic as well as procedures director Ang Jun Hung explains the buy offers a myriad of chances for ABR to strengthen its F&B profile and its expanding existence in the property project space. Meanwhile, Savills Singapore’s associate director for investment decision sales as well as capital markets Sophia Lim notes that the EOI exercise for the shophouses got “overwhelming” response, adding in that they got enquiries from numerous new-to-market purchasers from China, Hong Kong as well as Indonesia.