A corner shophouse has been launched again for sale with S$23 million being the indicative price. The shophouse at 65 Club Street holds conservation status and has been launched via a public tender.
The 3-storey heritage building has 999-year leasehold tenure with 2,083 sq ft land area. It has an attic and 5,640 sq ft floor area according to JLL who are the marketing agent for this sale.
As pet the indicative price the rate would translate into S$4,078 psf with respect to the floor area.
Located within Telok Ayer Conservation Area, the shop house sits on an elevated land at the dead end of Club Street.
It is located facing the Chinese Weekly Entertainment Club; a private club thronged by millionaire and has stood for more 125 years.
JLL’s Senior Director of Capital Markets, Mr Clemence Lee while announcing this sale informed that the vendor had previously withdrawn this property after receiving bids way below their expectation.
The property had gone into sale in the month of November last year. Mr Lee is optimistic about the prospects of this property and said that there weren’t many quality shophouses that are currently listed in the market.
This makes it an ideal time to launch the property back in the market and offer interested buyers something worthwhile to grab.
The adjacent unit 64 Club Street, another 999-year leasehold property was sold in 2018 for S$21.8 million in a deal also brokered by JLL.
A Singapore based company that is owned by the members of Chan family from Hong Kong had bought that paying price of S$3,880 psf.
The site of 65 Club Street is zoned commercial that allows foreign nationals to own it. Also, there are no ABSD (additional buyer’s stamp duty) and SSD (seller’s stamp duty) applicable on this commercial property.
At present the owner occupies the shophouse and it shall be presented as vacant possession to the buyer.
JLL informed that JTResi (Jerry Tan Residential Pte Ltd) is the current owner of shophouse.
A luxury property consultant, JTResi was co-founded by Jason Tan and Jerry Tan who have made their name in realty business.
According to reports in the local media Mr Jerry Tan has acquired 65 Club Street for a sum of S$2.8 million back in 2006.
The property has undergone considerable refurbishment since then in the tune of S$1.2 million. There is a wine bar and a private entertainment area in the first storey while the upper storeys of the shophouse feature an art gallery and an office.
Mr Lee believes that it would be a perfect asset to the buyer and the property should have its appeal over varied customer base that include wealth management firms, boutique financial companies and family offices.
He sounded confident about the shophouse receiving positive response in the market.
The tender for this shophouse shall close on July 31 at 3:00 PM.
In related development 3 corner shophouses located in the Little India area have also been launched by Cushman & Wakefield for S$11 million reserve price. Going by the price the rate would work out to be S$1,415 psf for the floor area.