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

Savills Singapore claims the title for 1,3, and also 5 Club Street is held by Citystate Real estate, which becomes part of Citystate Group. The title for 7 as well as 9 Club Street is held by Dr Ling Ai Ee, that is likewise among the shareholders of Citystate Real estates. The divestment of the shophouses becomes part of Citystate’s ready money recycling strategy, claims group CEO Leow Tze Wen.

The Florence Residences condo

Five adjoining shophouses established at 1,3,5,7 and 9 Club Street in the CBD have been sold off using 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 combined floor area, says Savills Singapore, which brokered the bargain.

The shophouses rest 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. The other title is for 7 and also 9 Club Street, which are two-storey shophouses. These shophouses remain on a mixed land of about 3,557 sq ft, with an estimated total built-up area of around 7,225 sq ft.

ABR’s group method as well as ventures supervisor Ang Jun Hung claims the procurement shows a myriad of chances for ABR to enhance its F&B profile and its expanding presence in the residential property project sector. On The Other Hand, Savills Singapore’s associate administrator for financial investment sales and capital markets Sophia Lim mentions that the EOI exercise for the shophouses obtained “overwhelming” reaction, adding in that they obtained enquiries from lots of new-to-market purchasers from China, Hong Kong as well as Indonesia.

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