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

Savills Singapore states the title for 1,3, as well as 5 Club Street is held by Citystate Properties, which belongs to Citystate Group. The title for 7 as well as 9 Club Street is held by Dr Ling Ai Ee, who is likewise among the investors of Citystate Properties. The divestment of the shophouses belongs to Citystate’s ready money recycling technique, mentions group CEO Leow Tze Wen.

The Arden condominium

ABR’s group strategy and ventures administrator Ang Jun Hung says the purchase shows a myriad of possibilities for ABR to reinforce its F&B profile and its growing exposure in the home development sector. At The Same Time, Savills Singapore’s associate executive for investment sales as well as funding markets Sophia Lim mentions that the EOI exercise for the shophouses got “overwhelming” reaction, adding in that they acquired queries from numerous new-to-market home buyers from China, Hong Kong and Indonesia.

Five adjacent shophouses established at 1,3,5,7 and 9 Club Avenue in the CBD have already been sold off 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 divesified floor place, mentions Savills Singapore, which dealered the offer.

The shophouses remain on a standalone island location featuring 2 land titles. One title is for 1, 3, as well as 5 Club Street, which are three-storey shophouses with an attic room. The other title is for 7 as well as 9 Club Street, which are two-storey shophouses. These shophouses rest on a mixed land of about 3,557 sq ft, with a determined total built-up area of roughly 7,225 sq ft.

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