Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjacent shophouses established at 1,3,5,7 and also 9 Club Avenue in the CBD have already been offered through an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The sale price works out to $3,582 psf on the divesified floor spot, states Savills Singapore, which agented the bargain.
Savills Singapore claims the title for 1,3, and also 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 among the investors of Citystate Assets. The divestment of the shophouses becomes part of Citystate’s active capital recycling technique, claims group CEO Leow Tze Wen.
ABR’s team approach as well as ventures director Ang Jun Hung explains the procurement shows a myriad of options for ABR to strengthen its F&B profile and also its flourishing exposure in the property development sector. On The Other Hand, Savills Singapore’s associate administrator for financial investment sales as well as financing markets Sophia Lim mentions that the EOI exercise for the shophouses got “overwhelming” action, adding in that they got queries from several new-to-market buyers from China, Hong Kong and Indonesia.
The shophouses remain on a standalone island area featuring two land titles. One title is for 1, 3, as well as 5 Club Street, which are three-storey shophouses with an attic room. The various other title is for 7 and also 9 Club Avenue, which are two-storey shophouses. These shophouses remain on a consolidated land of approximately 3,557 sq ft, with an approximated complete built-up area of approximately 7,225 sq ft.