Beautifully restored 999-year corner shophouse located along the prestigious Club Street up for sale
Description
SINGAPORE, 16 April 2018 – JLL, as the exclusive marketing agent, is proud to present an exclusive opportunity to acquire 64 Club Street – a beautifully restored two-storey conservation shophouse with a basement and an attic. Nestled in the exclusive cul-de-sac of Club Street, the property is permanently fully approved for restaurant use.
The corner property enjoys a 40-metre wide dual frontage that commands excellent visibility. It occupies a land area of approximately 2,250 sf and has a total gross floor area of approximately 5,618 sf. The property has two entrances – one on Club Street and another on Ann Siang Road. Situated on a corner plot, the property benefits from having windows spanning the entire side of the shophouse, enabling an abundance of natural light to stream in. Coupled with the presence of an airwell and a generous ceiling height, the property is brightly-lit in all corners. Under the 2014 Master Plan, the site is zoned "Commercial" and is located within the Telok Ayer Conservation Area. The asset is fully leased to Caffe B, a Japanese-Italian fusion restaurant which was previously housed at Marina Bay Sands. 64 Club Street is located next to the Chinese Weekly Entertainment Club, a private millionaire club with its history going back to 1891.
The property recently underwent an approximately $3 million asset refurbishment program that was completed in April 2016. The shophouse was acquired, cleaned out and completely redesigned. Key features of the refurbishment works include extensive structural works, a newly refurbished building façade, installation of a brand new lift, brand new M&E, lighting, air-conditioning system and full F&B provisions including a grease trap, exhaust system and dumbwaiter. The interiors are tastefully designed and completed with opulent solid teak wood and travertine marble finishes. The heritage property was beautifully restored and completely transformed to a modern and contemporary space.
64 Club Street was formerly the Pondok Peranakan Gelam Club, a community club and communal home for the Bawean Malay community since the 1930's. Due to its rich heritage, the property was the 44th historic property in Singapore to be conserved by the National Heritage Board. To celebrate the Property's rich heritage, a renowned sculpture studio based in Malaysia, Kuala Lumpur, was commissioned to curate a special three-dimensional steel-rod wall mural which spans the entire side façade of the shophouse. Being the first of its kind in Singapore, the distinctive art piece is expressed in an animated and candid style, that is both visually captivating and symbolically meaningful, capturing the essence of 64 Club Street's rich heritage. The iconic piece set against the backdrop of the beautifully-restored shophouse, forms a perfect juxtaposition of the old and the new, creating a charming trophy asset.
The offering is easily accessible and is within a short walk from Chinatown and Telok Ayer MRT stations, 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 Straits Chinese community in the past, Club Street has evolved to become one of Singapore's trendiest F&B and lifestyle destinations and is popular amongst locals, expats and tourists.
Mr. Clemence Lee, Associate Director, Capital Markets, JLL, said: "Coveted 999-year leasehold shophouses located in the exclusive Club Street area are highly sought after and seldom available for sale. Having been beautifully restored and fully let to an upscale restaurant, 64 Club Street presents a timely opportunity to parties who are looking to own a trophy 999-year income-producing asset which is located in a vibrant F&B and lifestyle destination."
"With the strong demand for prime conservation shophouses in the CBD district seen in Q1 2018, coupled with limited new listings coming into the market, we expect strong interest from investors, such as boutique real estate funds, local companies, family offices and high-net-worth individuals (HNWIs) for this true heritage gem."
The indicative guide price for 64 Club Street is in the region of $25 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 property will be marketed through a public tender exercise which closes on Friday, 1 June 2018, at 3PM.
Note to editors:
A high resolution photograph of 64 Club Street is available here.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won 23 awards at the International Property Awards Asia Pacific in 2017 and was named number one real estate investment advisory firm in Asia Pacific for the seventh consecutive year by Real Capital Analytics. www.ap.jll.com