Ravi Chandran
JLL, announced on June 24 that it is pleased to present an exclusive opportunity to acquire 65 Club Street – a charming corner three-storey conservation shophouse with an attic, nestled on the elevated cul-de-sac of Club Street. JLL, being the exclusive marketing agent of building, said 65 Club Street is located directly opposite the Chinese Weekly Entertainment Club, a private millionaire’s club with a history going back to 1891.
The 999-year heritage building occupies a land area of 2,083 sf and has a total floor area of approximately 5,640 sf. Under the 2014 Master Plan, 65 Club Street is zoned “Commercial” and is located within the Telok Ayer Conservation Area. The asset is currently owner-occupied and will be sold with vacant possession.
65 Club Street is a beautifully-restored shophouse which previously underwent an approximately $1.2 million refurbishment.
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The interiors of 65 Club Street are tastefully designed with luxurious and impeccable finishes. Level 1 features a private entertainment area with a wine bar, dining area and a showroom while the upper floors are being used as office and art gallery space. Each floor has a column-free, regular and highly efficient layout with generous ceiling height. In the day, the shophouse is brightly-lit as light comes in through the full height French windows at the front and an airwell in the middle.
The offering is easily accessible and is within a short walk from Chinatown and Telok Ayer MRT station, and the upcoming Maxwell MRT station. Located within the Central Business District (CBD), the property is also easily accessible to other parts of Singapore via major expressways including the Marina Coastal Expressway (MCE), Ayer Rajah Expressway (AYE) and Central Expressway (CTE).
Having been an exclusive enclave for the affluent Straits Chinese community in the past, Club Street has today evolved to become one of Singapore’s trendiest F&B and lifestyle destinations that is popular amongst locals, expats and tourists. Notable establishments in the area include fancy boutique hotels and serviced apartments such as Ann Siang House and Scarlett Hotel; restaurants such as PS.Cafe, Merci Marcel, Little Creatures, Cugini, Les Buchons, Oxwell and Co and cocktail bars such as Operation Dagger, The Screening Room and Pandora’s Garden.
Mr Clemence Lee, Senior Director, Capital Markets, JLL said: “When the property was put up for sale previously, the vendor received a handful of offers but they fell short of the vendor’s expectation. The property was subsequently withdrawn from the market. 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 via a Public Tender Exercise to give buyers a chance to re-look at this outstanding opportunity.”
“With its prestigious Club Street address, superior 999-year tenure, exclusive elevated cul-de-sac location and luxurious interior finishes, 65 Club Street exudes both status and prestige. 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. Given the reduction in price, we are confident that the asset will receive strong interest during the marketing exercise.”
The latest comparable transaction in the area is 64 Club Street which was brokered by JLL at $21.8 million ($3,880 psf on GFA) in September 2018.
The indicative guide price for 65 Club Street is in the region of $23 million.
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The shophouse, 65 Club Street, will be marketed through a public tender exercise, which closes on Wednesday, 31st July 2019 at 3pm.
Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said that all these action in the commercial property market shows that despite the property curbs introduced by the Government last year, Singapore is still attractive for investors.
“Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder – with other cities in the world like London, New York, Shanghai and Sydney,” Mr Ho said.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.
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