Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjoining shophouses established at 1,3,5,7 and 9 Club Avenue in the CBD have already been reselled using an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The sale price works out to $3,582 psf on the mixed flooring place, shares Savills Singapore, which agented the bargain.
ABR’s team strategy as well as operations director Ang Jun Hung states the acquisition presents a myriad of options for ABR to enhance its F&B portfolio and also its flourishing existence in the real estate development sector. On The Other Hand, Savills Singapore’s affiliate executive for investment decision sales and financing markets Sophia Lim notes that the EOI exercise for the shophouses received “overwhelming” feedback, adding in that they obtained enquiries from numerous new-to-market purchasers from China, Hong Kong as well as Indonesia.
The shophouses remain on a standalone island site containing 2 land titles. One title is for 1, 3, and also 5 Club Road, which are three-storey shophouses with an attic room. The other title is for 7 and 9 Club Street, which are two-storey shophouses. These shophouses remain on a combined land of about 3,557 sq ft, with a predicted overall built-up area of roughly 7,225 sq ft.
Savills Singapore says the title for 1,3, as well as 5 Club Street is held by Citystate Properties, which becomes part of Citystate Group. The title for 7 as well as 9 Club Road is held by Dr Ling Ai Ee, who is additionally among the shareholders of Citystate Assets. The divestment of the shophouses becomes part of Citystate’s convertible property recycling method, states group chief executive officer Leow Tze Wen.