SINGAPORE (EDGEPROP) - Five adjoining shophouses located 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 sale price works out to $3,582 psf on the blended floor area, says Savills Singapore, which brokered the deal.
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The shophouses sit on a standalone island site consisting of two land titles. One title is for 1, 3, and 5 Club Street, 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 sit on a combined land of approximately 3,557 sq ft, with an estimated total built-up area of approximately 7,225 sq ft.
Savills Singapore says the title for 1,3, and 5 Club Street is held by Citystate Properties, which is part of Citystate Group. The title for 7 and 9 Club Street is held by Dr Ling Ai Ee, who is also one of the shareholders of Citystate Properties. The divestment of the shophouses is part of Citystate’s active capital recycling strategy, says group CEO Leow Tze Wen.
ABR’s group strategy and operations director Ang Jun Hung says the acquisition presents a myriad of opportunities for ABR to strengthen its F&B portfolio and its growing presence in the property development space. Meanwhile, Savills Singapore’s associate director for investment sales and capital markets Sophia Lim notes that the EOI exercise for the shophouses received “overwhelming” response, adding that they received enquiries from many new-to-market buyers from China, Hong Kong and Indonesia.
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