Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
The shophouses rest 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 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 around 3,557 sq ft, with an approximated overall built-up area of around 7,225 sq ft.
Savills Singapore says the title for 1,3, and also 5 Club Street is held by Citystate Real estate, which belongs to Citystate Group. The title for 7 and also 9 Club Street is held by Dr Ling Ai Ee, who is likewise among the bondholders of Citystate Real estates. The divestment of the shophouses belongs to Citystate’s convertible property recycling strategy, claims group chief executive officer Leow Tze Wen.
ABR’s team approach and procedures supervisor Ang Jun Hung states the acquisition presents a myriad of possibilities for ABR to strengthen its F&B portfolio and also its growing visibility in the home project space. Meanwhile, Savills Singapore’s associate director for investment decision sales as well as financing markets Sophia Lim marks that the EOI exercise for the shophouses received “overwhelming” action, adding that they received queries from numerous new-to-market customers from China, Hong Kong and Indonesia.
Five adjoining shophouses established at 1,3,5,7 and also 9 Club Street in the CBD have been sold through an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The price turns out to $3,582 psf on the blended flooring spot, states Savills Singapore, which dealered the bargain.