65 Club Street Shophouse SOLD to JL Family Office John Lim

65 Club Street Shophouse SOLD to JL Family Office Owned by John Lim

Jerry Tan Residential, the high-end boutique property agent recently sold 65 Club Street to JL Family Office for S$15.7 million.

JL Family Office has been set up by the co-founder of ARA Asset Management, John Lim.

Mr. Lim’s son Andy will head JL Family Office which will now be housed at the newly purchased shophouse.

65 Club Street, a conservation corner shophouse, has a 999-year lease agreement and stands on a raised cul-de-sac.

Currently the family office is situated at Balmoral Plaza.

The shophouse at 65 Club Street comprises of 3 storeys along with one mezzanine floor.

The shophouse measures 2,083 square feet and stands diagonally opposite the 76 Club Street Chinese Weekly Entertainment Club which is a private club for millionaires that has been in operations since the 1890s.

The sale came through a private treaty which was brokered by Savills Singapore.

Yap Hui Yee, the investment sales director of Savills Singapore said that even though the ongoing economic situation isn’t favourable, interest for shophouses and their prices continue to remain stable.

She said that it was mainly to a strong liquidity of buyers, their pent-up demand and the current low interest rate prevailing in the market.

Yap Hui Yee added that it has been seen that over the years there has been a trend of family offices investing in shophouses, both locally and abroad.

Investing in shophouses has been seen as a sure way of preserving capital mainly because even during economic turmoil, their prices remain fairly strong and continue to attract buyers.  

According to Savills, who after considering the absolute price value of 65 Club Street, said that this deal might be the major CBD shophouse transaction to have seen the sunlight this year.

If the gross floor area is estimated to be 5,400 square feet then the S$15.7 million breaks out as S$2,907 psf (per square foot), Savills Singapore said.

According to the Master Plan 2019 made by the Urban Redevelopment Authority, this property has been earmarked for commercial use. Additionally, it is also a part of the Telok Ayer Conversation Area.

About JTResi & 65 Street Club

In 2006, JTResi had purchased 65 Street Club for S$2.8 million. They further invested S$1.2 million in refurbishing the commercial property.

Today there is a private entertainment area in the first floor which also has a dining area, a wine bar and a showroom. The upper floors can be used as art gallery and office.

It can be expected that the current sale will be completed by November, 2020.

JTResi was incorporated in 2001 by Jason Tan and Jerry Tan. They had attempted to sell 65 Street Club in 2018 but hadn’t succeeded.

Though a tender for this property’s sale was floated in June, 2019 for an indicative price of S$23 million, nothing substantial came out of the exercise.

64 Club Street Shophouse SOLD at S$3,880 Psf

The adjacent property, 64 Club Street Shophouse holding a 999-year lease was also sold in August 2018 for S$21.8 million.

This amounted to S$3,880 per square foot, while the assessed built-up area consists of 5,618 square feet.

The shophouse property was sold to a company incorporated in Singapore and partly controlled by few members of Hongkong’s Chan family which also owns the Wincome Group.

It was sold by a Clifton Partners affiliated company.

There have been other similar sales along the Club Street in the last two years.

This includes No. 87 that was sold for S$17.2 million in early 2019. No 89 was sold last month for S$5.8 million.

44, 46, 47 & 49 Club Street Shophouse Up for Sale

There are other properties ready to be sold. Nearby properties No. 47 and 49 Club Street which are currently owned by Michael Ma, the IndoChine Group head.

The asking rate currently is S$50 million. These properties are marketed by ERA Realty’s Alvin Choo and List Sotheby’s International Realty’s Simon Monteiro.

Two other properties, namely, 44 and 46 Club Street, which are owned by Arcc Holdings’ Tony Chen is also listed for sale with a combined asking rate of S$24-25 million.

These properties are marketed by Cushman & Wakefield.

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