Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses rest on a standalone island site including two land titles. One title is for 1, 3, as well as 5 Club Street, which are three-storey shophouses with an attic room. The various other title is for 7 and 9 Club Street, which are two-storey shophouses. These shophouses sit on a consolidated land of approximately 3,557 sq ft, with a predicted overall built-up area of roughly 7,225 sq ft.
Five adjacent shophouses found at 1,3,5,7 and also 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 list price works out to $3,582 psf on the divesified floor place, claims Savills Singapore, which agented the deal.
ABR’s group approach and procedures supervisor Ang Jun Hung states the procurement provides a myriad of possibilities for ABR to strengthen its F&B portfolio and its expanding existence in the property project sector. Meanwhile, Savills Singapore’s associate executive for investment sales as well as capital markets Sophia Lim marks that the EOI exercise for the shophouses acquired “overwhelming” action, adding that they earned enquiries from numerous new-to-market customers from China, Hong Kong and also Indonesia.
Savills Singapore states the title for 1,3, and 5 Club Street is held by Citystate Residence, which is part of Citystate Group. The title for 7 as well as 9 Club Road is held by Dr Ling Ai Ee, who is in addition among the investors of Citystate Assets. The divestment of the shophouses becomes part of Citystate’s convertible property recycling approach, claims group chief executive officer Leow Tze Wen.