Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjoining shophouses located at 1,3,5,7 and 9 Club Avenue in the CBD have been offered via an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The price calculates to $3,582 psf on the blended floor area, mentions Savills Singapore, which brokered the agreement.
Savills Singapore says the title for 1,3, as well as 5 Club Street is held by Citystate Residence, which is part of Citystate Group. The title for 7 and 9 Club Road is held by Dr Ling Ai Ee, who is additionally one of the bondholders of Citystate Properties. The divestment of the shophouses is part of Citystate’s convertible property recycling technique, claims group chief executive officer Leow Tze Wen.
ABR’s team approach and ventures director Ang Jun Hung claims the buy offers a myriad of chances for ABR to strengthen its F&B profile as well as its expanding presence in the property project sector. Meanwhile, Savills Singapore’s associate administrator for investment decision sales and funding markets Sophia Lim notes that the EOI exercise for the shophouses received “overwhelming” action, adding that they acquired enquiries from many new-to-market customers from China, Hong Kong and Indonesia.
The shophouses rest on a standalone island area including two land titles. One title is for 1, 3, and 5 Club Street, which are three-storey shophouses with an attic room. The various other title is for 7 and 9 Club Avenue, which are two-storey shophouses. These shophouses sit on a consolidated land of about 3,557 sq ft, with an estimated total built-up area of about 7,225 sq ft.