Three Holland Village shophouses sold for S$70 million to Tat Lee Bank’s Goh family unit

[SINGAPORE] Three adjoining freehold shophouses in Holland Village are being sold for S$70 million.

The buyer is Singapore incorporated TL Developments, which is understood to be linked to the Goh family of Tat Lee Bank fame.

Located opposite the Holland Piazza mall, the two-storey shophouses are on a total land area of 7,543 square feet (sq ft).

Fully let, the trio of shophouses bear the addresses 29B/29C, 31/31A and 33/33A Lorong Liput.

Part of the Natureland massage and spa outlet in Lorong Liput is housed at No 29B/29C.

Tai Cheong Bakery and Yee Cheong Yuen Noodle Restaurant occupy the lower level of No 31. The lower level of the neighbouring shophouse at No 33 is leased to a coffee shop.

Pet Lovers Centre has leased the upper level space of 31 and 33 Lorong Liput.

Above guide price

Word on the street is that the S$70 million fetched for the three shophouses is higher than the guide price of S$60 million indicated for an informal expression of interest exercise launched in April to find a buyer for the property.

The exercise closed in May, drawing “good response” with the bidders comprising mainly family offices and ultra-high-net-worth individuals, said CBRE’s director of capital markets for Singapore, Joshua Giam, who acted for the sellers.

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“This is a very prominent asset on a freehold corner site with a sizeable land area,” he added. “Moreover, this is not a conservation property, and it is in a good location.”

The property is a short walk from the Holland Village MRT station on the Circle Line.

Under the Urban Redevelopment Authority’s latest Master Plan, the site is zoned for commercial use.

The Business Times understands that the three Lorong Liput shophouses are being sold by members of a low-profile family.

Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, acted for the buyer.

Both agents declined to identify the buyer and sellers.

Earlier this year, private investor Cheong Sim Lam, of the Cheong family that controls Hong Fok Corporation, acquired the freehold Holland Piazza from Eng Tiong Realty for S$100 million.

The price worked out to S$4,586 per square foot based on a gross floor area of 21,806 sq ft.

Tat Lee Bank was founded in 1973 by Goh Tjoei Kok. In 1998, it merged with Keppel Bank to form Keppel TatLee Bank.

Keppel TatLee Bank was later acquired by OCBC Bank in 2001.