Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
5 adjacent shophouses located at 1,3,5,7 and also 9 Club Avenue 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 mixed flooring spot, claims Savills Singapore, which serviced the deal.
The shophouses remain on a standalone island site consisting of 2 land titles. One title is for 1, 3, as well as 5 Club Street, which are three-storey shophouses with an attic room. The various other title is for 7 as well as 9 Club Avenue, which are two-storey shophouses. These shophouses rest on a consolidated land of around 3,557 sq ft, with an estimated complete built-up area of around 7,225 sq ft.
Savills Singapore mentions 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 also 9 Club Street is held by Dr Ling Ai Ee, who is in addition among the shareholders of Citystate Assets. The divestment of the shophouses belongs to Citystate’s ready money recycling approach, says group CEO Leow Tze Wen.
ABR’s team approach as well as ventures director Ang Jun Hung explains the acquisition presents a myriad of options for ABR to enhance its F&B profile and its increasing visibility in the real estate development sector. Meanwhile, Savills Singapore’s affiliate executive for investment decision sales and also funding markets Sophia Lim notes that the EOI exercise for the shophouses acquired “overwhelming” reaction, adding that they acquired enquiries from several new-to-market buyers from China, Hong Kong as well as Indonesia.