Club Street heritage shophouse on the market again for $23m

The corner shophouse at 65 Club Street is currently owner-occupied by boutique luxury property consultancy Jerrytan Residential. Bought in 2006 for $2.8 million, the 999-year leasehold property has since undergone a $1.2 million refurbishment and has
The corner shophouse at 65 Club Street is currently owner-occupied by boutique luxury property consultancy Jerrytan Residential. Bought in 2006 for $2.8 million, the 999-year leasehold property has since undergone a $1.2 million refurbishment and has an indicative price of around $4,078 per sq ft for the total floor area of 5,640 sq ft.PHOTO: JLL

Three adjoining shophouses in Little India have also been launched for sale at $11 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The property was previously withdrawn from the market after a handful of offers fell short of the vendor's expectation, said Mr Clemence Lee, senior director of capital markets at JLL.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 (ABSD) 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 and Jason Tan. Mr Jerry Tan is 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 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, among others," Mr Lee said. The public tender exercise closes on July 31 at 3pm.

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

The properties, with individual land titles, sit on a combined land area of about 3,870 sq ft, and has an estimated total floor area of about 7,771 sq ft.

The indicative price of $11 million works out to be about $1,415 per sq ft of total floor area.

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 unit located at 27 Dalhousie Lane is a two-storey shophouse, while the other two units, at 29 and 31 Dalhousie Lane respectively, are part two-storey with a mezzanine level.

All three units are approved permanently for restaurant use on the first floor, and for office use on the upper floors, Cushman & Wakefield noted.

Upcoming developments in the vicinity include Tekka Place, a new hospitality and retail integrated development slated to open by the end of this year, and a future hotel development at Golden Wall Centre.

Foreigners are eligible to purchase the properties and there is no ABSD, the marketing agent added.

The shophouses will be sold with its existing tenancies, and the sale is conducted via an expression of interest exercise, which will close at 3pm on July 23.

Correction note: This article has been edited to reflect the correct founders of Jerrytan Residential.

A version of this article appeared in the print edition of The Straits Times on June 25, 2019, with the headline 'Club Street heritage shophouse on the market again for $23m'. Print Edition | Subscribe