Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjacent shophouses found at 1,3,5,7 and 9 Club Street in the CBD have already been offered using an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The sale price calculates to $3,582 psf on the mixed floor area, claims Savills Singapore, which agented the deal.
Savills Singapore claims the title for 1,3, and 5 Club Street is held by Citystate Properties, which becomes part of Citystate Group. The title for 7 as well as 9 Club Street is held by Dr Ling Ai Ee, that is also among the bondholders of Citystate Properties. The divestment of the shophouses becomes part of Citystate’s ready money recycling strategy, claims group CEO Leow Tze Wen.
ABR’s team tactic and also operations supervisor Ang Jun Hung states the acquisition presents a myriad of options for ABR to reinforce its F&B portfolio and also its growing visibility in the property project sector. On The Other Hand, Savills Singapore’s affiliate administrator for investment decision sales and also funding markets Sophia Lim mentions that the EOI exercise for the shophouses obtained “overwhelming” action, adding that they obtained queries from numerous new-to-market home buyers from China, Hong Kong as well as Indonesia.
The shophouses remain on a standalone island site including two land titles. One title is for 1, 3, and also 5 Club Road, which are three-storey shophouses with an attic. The various other title is for 7 and 9 Club Street, which are two-storey shophouses. These shophouses sit on a combined land of roughly 3,557 sq ft, with a predicted total built-up area of roughly 7,225 sq ft.