SINGAPORE – Bought back in 2006 for $2.8 million, a corner conservation shophouse in now hip and happening Club Street has been relaunched for sale by tender at an indicative price of $23 million.
65 Club Street is a heritage three-storey building with an attic. It has a 999-year lease tenure and occupies a land area of 2,083 sq ft and a total floor area of 5,640 sq ft, said the exclusive marketing agent JLL on Monday morning.
The indicative price works out to around $4,078 per sq ft of total floor area, according to The Business Times’ calculations.
Its neighbouring unit, 64 Club Street, was sold late last year for $21.8 million, brokered by JLL. The price for the 999-year leasehold shophouse works out to $3,880 per sq ft. The buyer was a Singapore-incorporated company controlled by members of Hong Kong’s Chan family.
The shophouse is nestled in the elevated cul-de-sac of Club Street, within the Telok Ayer Conservation Area. It is also directly opposite the Chinese Weekly Entertainment Club, a private millionaire’s club with a history dating back to 1891, JLL said.
The property was previously withdrawn from the market, after the handful of offers received had fallen short of the vendor’s expectation, said Clemence Lee, senior director of capital markets at JLL. The first sale attempt was in November 2018, Mr Lee told BT.
“With the limited number of quality shophouse offerings available in the market now, we feel that this is a good time to relaunch the property to give buyers a chance to relook at this outstanding opportunity,” Mr Lee said on Monday.
65 Club Street sits on land zoned for commercial use, which means foreigners are eligible to purchase it. There is also no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the purchase.
The shophouse is currently owner-occupied and will be sold with vacant possession.
It is owned by JerryTan Residential Pte Ltd (JTResi), JLL told BT on Monday. JTResi is a boutique luxury property consultancy founded by real estate magnates Jerry Tan and Jason Tan. Mr Jerry Tan was said to have purchased 65 Club Street in 2006 for $2.8 million, according to local media reports.
It has since undergone a $1.2 million refurbishment. The first storey features a private entertainment area with a wine bar, dining area and a showroom, while the upper floors are being used as an office and art gallery.
“It is a perfect trophy asset which will appeal to a wide range of owner occupiers including family offices, wealth management companies or boutique financial firms amongst others. We are confident that the asset will receive strong interest during the marketing exercise,” Mr Lee said.
The public tender exercise for the public tender closes on July 31 at 3pm.
Separately, three adjoining corner shophouses in Little India were also launched for sale on Monday with a reserve price of $11 million by Cushman & Wakefield. Their price works out to about $1,415 per sq ft of total floor area.