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

5 adjoining shophouses found at 1,3,5,7 as well as 9 Club Avenue in the CBD have been sold off by means of an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The list price works out to $3,582 psf on the blended flooring spot, mentions Savills Singapore, which brokered the bargain.

Leedon Green showflat location

Savills Singapore states the title for 1,3, as well as 5 Club Street is held by Citystate Residence, which becomes part of Citystate Group. The title for 7 as well as 9 Club Road is held by Dr Ling Ai Ee, who is likewise among the investors of Citystate Real estates. The divestment of the shophouses is part of Citystate’s active capital recycling method, states group CEO Leow Tze Wen.

ABR’s group approach and also procedures supervisor Ang Jun Hung claims the attainment provides a myriad of options for ABR to reinforce its F&B profile and its increasing exposure in the residential property development sector. On The Other Hand, Savills Singapore’s associate executive for investment decision sales and funding markets Sophia Lim mentions that the EOI exercise for the shophouses earned “overwhelming” feedback, adding that they obtained enquiries from lots of new-to-market home buyers from China, Hong Kong and Indonesia.

The shophouses rest on a standalone island location containing 2 land titles. One title is for 1, 3, as well as 5 Club Street, which are three-storey shophouses with a loft. The other title is for 7 and also 9 Club Street, which are two-storey shophouses. These shophouses sit on a mixed land of approximately 3,557 sq ft, with an approximated full built-up area of around 7,225 sq ft.