Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses rest on a standalone island area consisting of two 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 sit on a consolidated land of roughly 3,557 sq ft, with an estimated complete built-up area of approximately 7,225 sq ft.
Five adjacent shophouses found at 1,3,5,7 and also 9 Club Avenue in the CBD have already been reselled via 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 diversified floor location, claims Savills Singapore, which agented the offer.
ABR’s group tactic and also procedures director Ang Jun Hung explains the purchase presents a myriad of opportunities for ABR to reinforce its F&B portfolio and its growing presence in the building development sector. On The Other Hand, Savills Singapore’s affiliate director for investment sales and also financing markets Sophia Lim marks that the EOI exercise for the shophouses acquired “overwhelming” action, adding that they earned questionings from lots of new-to-market home buyers from China, Hong Kong and also Indonesia.
Savills Singapore states the title for 1,3, as well as 5 Club Street is held by Citystate Residence, which becomes part of Citystate Group. The title for 7 and 9 Club Road is held by Dr Ling Ai Ee, that is also one of the bondholders of Citystate Assets. The divestment of the shophouses becomes part of Citystate’s ready money recycling strategy, mentions group chief executive officer Leow Tze Wen.
