Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjacent shophouses situated at 1,3,5,7 as well as 9 Club Street in the CBD have already been marketed by means of 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 blended floor spot, says Savills Singapore, which brokered the agreement.
ABR’s team technique as well as operations director Ang Jun Hung explains the buy presents a myriad of opportunities for ABR to strengthen its F&B portfolio and its increasing exposure in the building development sector. Meanwhile, Savills Singapore’s associate director for financial investment sales and funding markets Sophia Lim notes that the EOI exercise for the shophouses received “overwhelming” reaction, adding that they obtained questionings from numerous new-to-market buyers from China, Hong Kong and Indonesia.
The shophouses sit on a standalone island site featuring 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 other title is for 7 and also 9 Club Avenue, which are two-storey shophouses. These shophouses sit on a consolidated land of roughly 3,557 sq ft, with a predicted total built-up area of roughly 7,225 sq ft.
Savills Singapore says the title for 1,3, and 5 Club Street is held by Citystate Real estate, 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 also among the shareholders of Citystate Assets. The divestment of the shophouses is part of Citystate’s active capital recycling technique, mentions group CEO Leow Tze Wen.