Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
Five adjacent shophouses located at 1,3,5,7 and 9 Club Avenue in the CBD have been offered through an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The sale price turns out to $3,582 psf on the blended floor spot, mentions Savills Singapore, which agented the offer.
ABR’s group strategy and procedures director Ang Jun Hung states the acquisition shows a myriad of chances for ABR to strengthen its F&B portfolio and its growing exposure in the building project sector. Meanwhile, Savills Singapore’s affiliate administrator for financial investment sales and also financing markets Sophia Lim notes that the EOI exercise for the shophouses got “overwhelming” action, adding that they obtained enquiries from lots of new-to-market purchasers from China, Hong Kong and Indonesia.
The shophouses remain on a standalone island location containing 2 land titles. One title is for 1, 3, and 5 Club Road, which are three-storey shophouses with an attic room. The other title is for 7 as well as 9 Club Avenue, which are two-storey shophouses. These shophouses remain on a consolidated land of estimated 3,557 sq ft, with a determined full built-up area of roughly 7,225 sq ft.
Savills Singapore claims 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, that is in addition one of the investors of Citystate Real estates. The divestment of the shophouses becomes part of Citystate’s convertible property recycling method, states group chief executive officer Leow Tze Wen.