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

Five adjacent shophouses established at 1,3,5,7 as well as 9 Club Avenue in the CBD have already been marketed by means of 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 flooring area, states Savills Singapore, which brokered the agreement.

ABR’s group technique and also operations supervisor Ang Jun Hung claims the buy offers a myriad of chances for ABR to enhance its F&B portfolio and also its increasing existence in the property project space. Meanwhile, Savills Singapore’s associate supervisor for investment sales as well as capital markets Sophia Lim mentions that the EOI exercise for the shophouses earned “overwhelming” reaction, adding that they acquired queries from several new-to-market home buyers from China, Hong Kong and Indonesia.

The shophouses sit on a standalone island area featuring two land titles. One title is for 1, 3, and also 5 Club Street, which are three-storey shophouses with a loft. The various other title is for 7 and also 9 Club Avenue, which are two-storey shophouses. These shophouses rest on a mixed land of roughly 3,557 sq ft, with an approximated complete built-up area of about 7,225 sq ft.

Piccadilly Grand City Developments (CDL)

Savills Singapore claims the title for 1,3, and also 5 Club Street is held by Citystate Properties, which becomes part of Citystate Group. The title for 7 and also 9 Club Road is held by Dr Ling Ai Ee, who is in addition among the investors of Citystate Properties. The divestment of the shophouses becomes part of Citystate’s convertible property recycling strategy, states group CEO Leow Tze Wen.