Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjoining shophouses located at 1,3,5,7 and also 9 Club Avenue in the CBD have been reselled using an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The price works out to $3,582 psf on the divesified floor area, shares Savills Singapore, which agented the deal.
ABR’s group strategy and procedures supervisor Ang Jun Hung says the acquisition provides a myriad of opportunities for ABR to strengthen its F&B profile as well as its expanding existence in the building development sector. At The Same Time, Savills Singapore’s affiliate administrator for investment sales as well as funding markets Sophia Lim mentions that the EOI exercise for the shophouses obtained “overwhelming” response, adding in that they obtained enquiries from several new-to-market home buyers from China, Hong Kong and Indonesia.
Savills Singapore says the title for 1,3, and also 5 Club Street is held by Citystate Real estate, 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 also among the bondholders of Citystate Properties. The divestment of the shophouses belongs to Citystate’s ready money recycling approach, states group chief executive officer Leow Tze Wen.
The shophouses rest on a standalone island location including two land titles. One title is for 1, 3, as well as 5 Club Street, which are three-storey shophouses with an attic. The other title is for 7 and 9 Club Avenue, which are two-storey shophouses. These shophouses sit on a mixed land of around 3,557 sq ft, with an estimated complete built-up area of about 7,225 sq ft.