Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjacent shophouses located at 1,3,5,7 and 9 Club Avenue in the CBD have already been marketed via an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The price calculates to $3,582 psf on the combined flooring spot, mentions Savills Singapore, which brokered the offer.
The shophouses remain on a standalone island site containing two land titles. One title is for 1, 3, and also 5 Club Street, which are three-storey shophouses with an attic room. The other title is for 7 and also 9 Club Street, which are two-storey shophouses. These shophouses sit on a mixed land of around 3,557 sq ft, with an estimated overall built-up area of roughly 7,225 sq ft.
ABR’s team strategy and also procedures supervisor Ang Jun Hung claims the attainment presents a myriad of possibilities for ABR to strengthen its F&B portfolio and also its flourishing exposure in the home development sector. Meanwhile, Savills Singapore’s associate director for financial investment sales as well as financing markets Sophia Lim notes that the EOI exercise for the shophouses acquired “overwhelming” reaction, adding in that they obtained queries from several new-to-market home buyers from China, Hong Kong and also Indonesia.
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 and 9 Club Road is held by Dr Ling Ai Ee, who is likewise one of the shareholders of Citystate Real estates. The divestment of the shophouses is part of Citystate’s ready money recycling technique, claims group CEO Leow Tze Wen.