65 Club Street shophouse for sale at $23 mil

By Amy Tan / EdgeProp Singapore | June 26, 2019 1:44 PM SGT
A three-storey corner shophouse with attic at 65 Club Street has been put up for sale with an indicative price of $23 million. The conservation shophouse is located directly opposite the Chinese Weekly Entertainment Club, a private millionaire’s club with a history dating to 1891.
The 999-year leasehold building occupies a land area of 2,083 sq ft and has a total floor area of approximately 5,640 sq ft. Located within the Telok Ayer Conservation Area, the site is zoned for commercial use under the 2014 Master Plan. JLL is the exclusive marketing agent of the property.
The shophouse is currently owner-occupied and will be sold with vacant possession. It previously underwent an approximately $1.2 million refurbishment. The first floor features a private entertainment area with a wine bar, dining area and a showroom, while the upper floors are being used as an office and art gallery space.
65 Club Street has an indicative price of $23 million (Credit: JLL)
The property is within walking distance to Chinatown and Telok Ayer MRT Stations, providing access to both the Downtown and North-East Lines. It is also within proximity to the upcoming Maxwell MRT Station on the Thomson-East Coast Line. Notable establishments nearby include boutique hotels and serviced apartments such as Ann Siang House and Scarlett Hotel, and restaurants such as PS Café, Little Creatures, and Oxwell and Co.
According to JLL, the property had been put up for sale previously. However, the offers fell short of the vendor’s expectations. The property was subsequently withdrawn from the market.
“With its prestigious Club Street address, superior 999-year tenure, exclusive elevated cul-de-sac location and luxurious interior finishes, 65 Club Street exudes both status and prestige,” says Clemence Lee, senior director, capital markets, JLL
As the shophouse sits on land zoned for commercial use, foreigners are eligible to purchase it. There is also no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the purchase of the property.
Lee believes the shophouse will appeal to a wide range of owner-occupiers including family offices, wealth management companies or boutique financial firms.
The shophouse will be marketed through a public tender exercise which closes on July 31 at 3pm.