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A 24,000 sq ft shophouse at 28 Ann Siang Road has been acquired by 8M Real Estate for $52 million, which works out to around $2,166.7 psf, reported the Straits Times.
The 999-year leasehold site, which spans over 7,000 sq ft, is currently occupied by The Club Hotel (pictured).The property investment firm revealed that the 20-room hotel will continue to operate on the premises.
With a permanent hotel licence, the property is a “great piece of real estate” considering its prime location within the Tanjong Pagar area, said 8M Real Estate.
The firm manages and owns a portfolio of commercial properties in Singapore’s conservation shophouse sector.
Among its properties are 21, Tanjong Pagar Road; 112-116, Amoy Street; 31, Hong Kong Street; 18 and 22, Gemmill Lane; 71, Neil Road and 37, Craig Road.
Meanwhile, the deal, which was broked by Isabel Redrup Agency, is set to be completed in July.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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