Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses remain on a standalone island area featuring 2 land titles. One title is for 1, 3, and 5 Club Road, which are three-storey shophouses with an attic. The other title is for 7 and 9 Club Street, which are two-storey shophouses. These shophouses rest on a mixed land of about 3,557 sq ft, with an estimated total built-up area of roughly 7,225 sq ft.
Savills Singapore claims 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 Road is held by Dr Ling Ai Ee, that is additionally one of the bondholders of Citystate Properties. The divestment of the shophouses belongs to Citystate’s active capital recycling method, states group chief executive officer Leow Tze Wen.
ABR’s group method and ventures supervisor Ang Jun Hung states the attainment provides a myriad of possibilities for ABR to enhance its F&B portfolio as well as its developing exposure in the residential property development sector. Meanwhile, Savills Singapore’s associate executive for financial investment sales and also financing markets Sophia Lim notes that the EOI exercise for the shophouses received “overwhelming” reaction, adding in that they got enquiries from several new-to-market customers from China, Hong Kong and also Indonesia.
Five adjacent shophouses situated at 1,3,5,7 and also 9 Club Street in the CBD have already been sold using 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 divesified floor place, mentions Savills Singapore, which agented the agreement.