reporter2
25-06-19, 19:27
https://www.businesstimes.com.sg/real-estate/club-st-corner-heritage-shophouse-up-for-sale-again-at-s23-million
Club St corner heritage shophouse up for sale again at S$23 million
The three-storey building with 999-year lease tenure occupies a land area of 2,083 sq ft
Tue, Jun 25, 2019
Fiona Lam
A CORNER conservation shophouse at 65 Club Street has been relaunched for sale at an indicative guide price of S$23 million via a public tender exercise.
The heritage three-storey building with an attic has a 999-year lease tenure and occupies a land area of 2,083 square feet (sq ft) and a total floor area of 5,640 sq ft, said the exclusive marketing agent JLL on Monday.
The indicative price works out to around S$4,078 per sq ft of total floor area, according to The Business Times' calculations.
The shophouse is in the elevated cul-de-sac of Club Street, within the Telok Ayer Conservation Area. It is 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The property was previously withdrawn from the market, after the handful of offers received in its first sale attempt in November 2018 fell short of the vendor's expectation, said Clemence Lee, senior director of capital markets at JLL.
"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.
Its neighbouring unit, 64 Club Street, was sold late last year for S$21.8 million, brokered by JLL. The price for the 999-year leasehold shophouse works out to S$3,880 per sq ft. The buyer was a Singapore-incorporated company controlled by members of Hong Kong's Chan family.
The shophouse at 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 or seller's stamp duty 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 S$2.8 million, according to local media reports.
It has since undergone a S$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 space.
"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 closes on July 31 at 3pm.
Separately, three adjoining corner shophouses in the Little India heritage area were also launched for sale on Monday by Cushman & Wakefield with a reserve price of S$11 million.
The price works out to about S$1,415 per sq ft of total floor area. The three properties, with individual land titles, sit on a combined land area of about 3,870 sq ft, with a total floor area of about 7,771 sq ft. They are located on a site with a 99-year leasehold tenure from November 1993, leaving a balance lease of about 73 years.
The Little India shophouses will be sold with their existing tenancies, via an expression of interest exercise, which closes on July 23.
Club St corner heritage shophouse up for sale again at S$23 million
The three-storey building with 999-year lease tenure occupies a land area of 2,083 sq ft
Tue, Jun 25, 2019
Fiona Lam
A CORNER conservation shophouse at 65 Club Street has been relaunched for sale at an indicative guide price of S$23 million via a public tender exercise.
The heritage three-storey building with an attic has a 999-year lease tenure and occupies a land area of 2,083 square feet (sq ft) and a total floor area of 5,640 sq ft, said the exclusive marketing agent JLL on Monday.
The indicative price works out to around S$4,078 per sq ft of total floor area, according to The Business Times' calculations.
The shophouse is in the elevated cul-de-sac of Club Street, within the Telok Ayer Conservation Area. It is 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 in its first sale attempt in November 2018 fell short of the vendor's expectation, said Clemence Lee, senior director of capital markets at JLL.
"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.
Its neighbouring unit, 64 Club Street, was sold late last year for S$21.8 million, brokered by JLL. The price for the 999-year leasehold shophouse works out to S$3,880 per sq ft. The buyer was a Singapore-incorporated company controlled by members of Hong Kong's Chan family.
The shophouse at 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 or seller's stamp duty 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 S$2.8 million, according to local media reports.
It has since undergone a S$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 space.
"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 closes on July 31 at 3pm.
Separately, three adjoining corner shophouses in the Little India heritage area were also launched for sale on Monday by Cushman & Wakefield with a reserve price of S$11 million.
The price works out to about S$1,415 per sq ft of total floor area. The three properties, with individual land titles, sit on a combined land area of about 3,870 sq ft, with a total floor area of about 7,771 sq ft. They are located on a site with a 99-year leasehold tenure from November 1993, leaving a balance lease of about 73 years.
The Little India shophouses will be sold with their existing tenancies, via an expression of interest exercise, which closes on July 23.