Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
ABR’s team strategy and also procedures director Ang Jun Hung claims the attainment provides a myriad of opportunities for ABR to reinforce its F&B profile and its flourishing existence in the real estate project sector. At The Same Time, Savills Singapore’s associate supervisor for financial investment sales and funding markets Sophia Lim mentions that the EOI exercise for the shophouses got “overwhelming” response, adding that they earned enquiries from many new-to-market buyers from China, Hong Kong and also Indonesia.
Five adjoining shophouses established at 1,3,5,7 and also 9 Club Avenue in the CBD have already been reselled via an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The sale price calculates to $3,582 psf on the mixed flooring location, shares Savills Singapore, which serviced the agreement.
The shophouses sit on a standalone island location featuring 2 land titles. One title is for 1, 3, and also 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 sit on a combined land of about 3,557 sq ft, with an estimated complete built-up area of roughly 7,225 sq ft.
Savills Singapore states 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 9 Club Street is held by Dr Ling Ai Ee, who is also among the investors of Citystate Assets. The divestment of the shophouses is part of Citystate’s convertible property recycling method, says group chief executive officer Leow Tze Wen.