Island site with 5 Club Street shophouses sold for S$25.9m

A STANDALONE island site comprising 5 shophouses on Club Street has been sold via an expression of interest (EOI) exercise for S$25.9 million to mainboard-listed food services and property development company ABR Holdings.

The site consists of 2 land titles - numbers 1, 3 and 5 Club Street, which are 3 storeys high with an attic, and numbers 7 and 9 Club Street, which are 2 storeys high - said exclusive marketing agent Savills Singapore in a statement on Tuesday (Jun 14). 

The shophouses sit on a combined land of approximately 3,557 square feet (sq ft), with an estimated total built-up area of 7,225 sq ft. The sale price translates to S$3,582 per sq ft on the blended floor area. The row of 5 shophouses commands a prominent 50-metre wide triple road frontage along Cross Street, Club Street and Gemmill Lane.

While 1, 3 and 5 Club Street are owned by Citystate Properties, 7 and 9 Club Street are owned by Dr Ling Ai Ee, who is also one of the shareholders of Citystate Properties. 

The divestment of the shophouses is part of Citystate Group’s active capital recycling strategy, said Leow Tze Wen, its group chief executive.

Said Ang Jun Hung, ABR Holdings’ group strategy and operations director: “This standalone island of shophouses, which boasts a rich heritage, presents a myriad of opportunities for ABR to strengthen our food and beverage portfolio, alongside our growing presence in the property development space. We look forward to contributing to the area.’’ 

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According to Sophia Lim, associate director, investment sales and capital markets at Savills Singapore, response to the EOI was “overwhelming”, with enquiries from many new-to-market buyers from China, Hong Kong and Indonesia. She attributed this to the property’s rarity as an island site coupled with excellent locational attributes in the Central Business District.