Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses rest on a standalone island location containing 2 land titles. One title is for 1, 3, as well as 5 Club Road, which are three-storey shophouses with a loft. The various other title is for 7 and 9 Club Avenue, which are two-storey shophouses. These shophouses remain on a consolidated land of around 3,557 sq ft, with a determined total built-up area of about 7,225 sq ft.
Savills Singapore says the title for 1,3, and also 5 Club Street is held by Citystate Properties, which belongs to Citystate Group. The title for 7 as well as 9 Club Street is held by Dr Ling Ai Ee, who is also one of the investors of Citystate Properties. The divestment of the shophouses is part of Citystate’s convertible property recycling method, mentions group CEO Leow Tze Wen.
Five adjoining shophouses situated at 1,3,5,7 and also 9 Club Street in the CBD have already been marketed using an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The list price calculates to $3,582 psf on the blended floor area, mentions Savills Singapore, which brokered the deal.
ABR’s team method and procedures director Ang Jun Hung explains the attainment provides a myriad of chances for ABR to reinforce its F&B portfolio and also its developing existence in the real estate project space. Meanwhile, Savills Singapore’s affiliate executive for investment decision sales and capital markets Sophia Lim mentions that the EOI exercise for the shophouses received “overwhelming” feedback, adding that they got questionings from lots of new-to-market home buyers from China, Hong Kong and Indonesia.