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

5 adjoining shophouses situated at 1,3,5,7 and also 9 Club Street in the CBD have already been offered using an expression of interest (EOI) exercise for $25.9 million to Singapore-listed ABR Holdings. The price turns out to $3,582 psf on the mixed floor area, states Savills Singapore, which dealered the offer.

The shophouses sit on a standalone island area containing 2 land titles. One title is for 1, 3, and 5 Club Road, which are three-storey shophouses with an attic room. The various other title is for 7 as well as 9 Club Street, which are two-storey shophouses. These shophouses remain on a consolidated land of approximately 3,557 sq ft, with a predicted total built-up area of about 7,225 sq ft.

Midtown Modern condo price

Savills Singapore says the title for 1,3, and 5 Club Street is held by Citystate Residence, which belongs to Citystate Group. The title for 7 as well as 9 Club Street is held by Dr Ling Ai Ee, who is in addition among the shareholders of Citystate Real estates. The divestment of the shophouses belongs to Citystate’s convertible property recycling strategy, says group CEO Leow Tze Wen.

ABR’s group technique and ventures supervisor Ang Jun Hung claims the attainment offers a myriad of chances for ABR to enhance its F&B portfolio and its increasing exposure in the property development space. At The Same Time, Savills Singapore’s affiliate director for investment sales and also funding markets Sophia Lim marks that the EOI exercise for the shophouses obtained “overwhelming” reaction, adding in that they acquired queries from numerous new-to-market buyers from China, Hong Kong and also Indonesia.

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