Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
ABR’s group tactic and ventures director Ang Jun Hung claims the purchase offers a myriad of possibilities for ABR to enhance its F&B portfolio as well as its increasing presence in the home development 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 obtained “overwhelming” reaction, adding in that they obtained enquiries from lots of new-to-market purchasers from China, Hong Kong and Indonesia.
The shophouses rest on a free standing island location including two 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 and 9 Club Avenue, which are two-storey shophouses. These shophouses remain on a consolidated land of about 3,557 sq ft, with a determined total built-up area of roughly 7,225 sq ft.
Five adjoining shophouses located at 1,3,5,7 as well as 9 Club Street 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 spot, claims Savills Singapore, which agented the offer.
Savills Singapore says the title for 1,3, and also 5 Club Street is held by Citystate Properties, which is part of Citystate Group. The title for 7 and 9 Club Road is held by Dr Ling Ai Ee, that is also one of the investors of Citystate Properties. The divestment of the shophouses is part of Citystate’s ready money recycling technique, claims group CEO Leow Tze Wen.
