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 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 turns out to $3,582 psf on the combined flooring area, says Savills Singapore, which dealered the offer.
The shophouses remain on a standalone island area featuring two land titles. One title is for 1, 3, as well as 5 Club Road, 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 remain on a consolidated land of approximately 3,557 sq ft, with an approximated overall built-up area of approximately 7,225 sq ft.
Savills Singapore says the title for 1,3, and 5 Club Street is held by Citystate Residence, which belongs to Citystate Group. The title for 7 as well as 9 Club Street is held by Dr Ling Ai Ee, who is likewise one of the investors of Citystate Properties. The divestment of the shophouses belongs to Citystate’s ready money recycling strategy, claims group chief executive officer Leow Tze Wen.
ABR’s group approach as well as ventures supervisor Ang Jun Hung claims the acquisition offers a myriad of possibilities for ABR to enhance its F&B profile as well as its flourishing exposure in the home development space. At The Same Time, Savills Singapore’s affiliate executive for financial investment sales as well as capital markets Sophia Lim marks that the EOI exercise for the shophouses acquired “overwhelming” feedback, adding in that they earned queries from many new-to-market customers from China, Hong Kong and also Indonesia.