Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings

5 adjoining shophouses found at 1,3,5,7 and also 9 Club Avenue in the CBD have been sold by means of 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 flooring location, mentions Savills Singapore, which brokered the deal.

Savills Singapore states 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 Street is held by Dr Ling Ai Ee, who is additionally one of the bondholders of Citystate Assets. The divestment of the shophouses belongs to Citystate’s ready money recycling strategy, mentions group CEO Leow Tze Wen.

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ABR’s team method and also procedures director Ang Jun Hung explains the acquisition offers a myriad of possibilities for ABR to enhance its F&B profile as well as its growing presence in the building project space. On The Other Hand, Savills Singapore’s affiliate director for investment sales as well as financing markets Sophia Lim notes that the EOI exercise for the shophouses received “overwhelming” reaction, adding in that they received questions from several new-to-market investors from China, Hong Kong as well as Indonesia.

The shophouses sit on a standalone island site featuring two 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 also 9 Club Street, which are two-storey shophouses. These shophouses remain on a mixed land of around 3,557 sq ft, with a predicted full built-up area of roughly 7,225 sq ft.

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