Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses sit on a standalone island location containing two land titles. One title is for 1, 3, as well as 5 Club Road, which are three-storey shophouses with a loft. The other title is for 7 and also 9 Club Avenue, which are two-storey shophouses. These shophouses sit on a combined land of approximately 3,557 sq ft, with an approximated total built-up area of roughly 7,225 sq ft.
Savills Singapore claims the title for 1,3, and also 5 Club Street is held by Citystate Properties, which becomes part of Citystate Group. The title for 7 as well as 9 Club Road is held by Dr Ling Ai Ee, that is additionally among the investors of Citystate Properties. The divestment of the shophouses belongs to Citystate’s active capital recycling strategy, states group chief executive officer Leow Tze Wen.
ABR’s group method as well as ventures supervisor Ang Jun Hung states the buy presents a myriad of opportunities for ABR to strengthen its F&B profile as well as its growing presence in the residential property development space. Meanwhile, Savills Singapore’s affiliate supervisor for investment decision sales and also financing markets Sophia Lim notes that the EOI exercise for the shophouses earned “overwhelming” reaction, adding in that they acquired questionings from many new-to-market customers from China, Hong Kong and Indonesia.
Five adjacent shophouses established at 1,3,5,7 as well as 9 Club Avenue in the CBD have been marketed via an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The list price calculates to $3,582 psf on the blended flooring location, says Savills Singapore, which serviced the bargain.