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 been reselled through 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 mixed floor area, claims Savills Singapore, which brokered the bargain.
The shophouses sit on a free-standing island location including two land titles. One title is for 1, 3, and also 5 Club Street, which are three-storey shophouses with an attic. The various other title is for 7 and also 9 Club Avenue, which are two-storey shophouses. These shophouses sit on a combnied land of roughly 3,557 sq ft, with an approximated complete built-up area of approximately 7,225 sq ft.
ABR’s team technique as well as procedures supervisor Ang Jun Hung states the procurement offers a myriad of opportunities for ABR to reinforce its F&B portfolio and its developing exposure in the home development space. At The Same Time, Savills Singapore’s associate director for investment sales as well as capital markets Sophia Lim notes that the EOI exercise for the shophouses got “overwhelming” reaction, adding in that they got questionings from many new-to-market home buyers from China, Hong Kong and also Indonesia.
Savills Singapore says the title for 1,3, and also 5 Club Street is held by Citystate Residence, which is part of Citystate Group. The title for 7 as well as 9 Club Road is held by Dr Ling Ai Ee, that is additionally one of the stockholders of Citystate Assets. The divestment of the shophouses becomes part of Citystate’s convertible property recycling method, claims group chief executive officer Leow Tze Wen.