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

5 adjoining shophouses found at 1,3,5,7 and also 9 Club Street in the CBD have been offered via 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 area, states Savills Singapore, which agented the agreement.

Savills Singapore says the title for 1,3, and also 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 also among the investors of Citystate Assets. The divestment of the shophouses belongs to Citystate’s ready money recycling method, says group chief executive officer Leow Tze Wen.

ABR’s team approach as well as ventures director Ang Jun Hung claims the purchase shows a myriad of possibilities for ABR to reinforce its F&B portfolio and also its flourishing existence in the home project sector. At The Same Time, Savills Singapore’s associate executive for investment sales and capital markets Sophia Lim marks that the EOI exercise for the shophouses acquired “overwhelming” reaction, adding that they received queries from several new-to-market home buyers from China, Hong Kong and also Indonesia.

The shophouses sit on a standalone island site consisting of two land titles. One title is for 1, 3, and also 5 Club Road, which are three-storey shophouses with an attic room. The various other title is for 7 and 9 Club Street, which are two-storey shophouses. These shophouses sit on a mixed land of roughly 3,557 sq ft, with an estimated total built-up area of approximately 7,225 sq ft.

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