Shophouse in Club Street selling at $23m, Latest Business News - The New Paper

Shophouse in Club Street selling at $23m

This article is more than 12 months old

The heritage three-storey building was bought back in 2006 for $2.8 million

Bought back in 2006 for $2.8 million, a corner conservation shophouse in Club Street has been relaunched for sale by tender at an indicative price of $23 million.

The heritage three-storey building with an attic is at 65 Club Street.

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 yesterday.

The indicative price works out to around $4,078 per sq ft of total floor area.

The shophouse is nestled in the elevated cul-de-sac of Club Street, within the Telok Ayer conservation area, opposite the Chinese Weekly Entertainment Club, a private millionaire's club with a history dating back to 1891.

The property was previously withdrawn from the market, after a handful of offers fell short of the vendor's expectation, said Mr Clemence Lee, senior director of capital markets at JLL. The first sale attempt was last November, he added.

"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 look again at this outstanding opportunity," Mr Lee said yesterday.

The property 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 - a boutique luxury property consultancy founded by real estate magnates Jerry Tan, Jason Tan and Eckardt Caius - and other shareholders. Mr Jerry Tan was said to have purchased the unit in 2006 for $2.8 million, according to local media reports.

It has since undergone a $1.2 million refurbishment. The public tender exercise closes on July 31 at 3pm.

Separately, three adjoining corner shophouses in Little India were also launched for sale yesterday with a reserve price of $11 million by Cushman & Wakefield.

The shophouses are situated at the intersection of Dalhousie Lane and Madras Street, within the heritage district of Little India conservation area and zoned for commercial use under the Master Plan 2014.

The properties also sit on a site with a 99-year leasehold tenure from November 1993, leaving a balance lease of about 73 years. - THE STRAITS TIMES