Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings
ABR’s team tactic and also procedures supervisor Ang Jun Hung explains the procurement shows a myriad of opportunities for ABR to reinforce its F&B portfolio as well as its increasing existence in the real estate development space. At The Same Time, Savills Singapore’s affiliate supervisor for financial investment sales and also financing markets Sophia Lim mentions that the EOI exercise for the shophouses acquired “overwhelming” feedback, adding that they acquired enquiries from lots of new-to-market home buyers from China, Hong Kong as well as Indonesia.
Five adjoining shophouses established at 1,3,5,7 and 9 Club Street in the CBD have been sold via an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The list price calculates to $3,582 psf on the blended floor area, claims Savills Singapore, which brokered the offer.
The shophouses rest on a standalone island location containing two land titles. One title is for 1, 3, and also 5 Club Road, which are three-storey shophouses with an attic. The other title is for 7 and 9 Club Street, which are two-storey shophouses. These shophouses remain on a mixed land of around 3,557 sq ft, with an estimated overall built-up area of around 7,225 sq ft.
Savills Singapore says the title for 1,3, as well as 5 Club Street is held by Citystate Residence, which belongs to Citystate Group. The title for 7 and 9 Club Street is held by Dr Ling Ai Ee, who is in addition among the investors of Citystate Real estates. The divestment of the shophouses belongs to Citystate’s active capital recycling technique, mentions group CEO Leow Tze Wen.