Property investment firm 8M Real Estate is acquiring a shophouse at 28, Ann Siang Road for $52 million.
The sale price works out to about $2166.7 per sq ft based on a total gross floor area of 24,000 sq ft, the firm told The Straits Times on Wednesday (June 7).
Spanning over 7,000 sq ft, the 999-year leasehold site is occupied by 20-room The Club Hotel, which will continue to operate on the premises.
The deal, which is expected to be completed in July, was broked by Isabel Redrup Agency.
Responding to a Straits Times query, 8M Real Estate said the property has a permanent hotel licence and is a "great piece of real estate" given its prime location in the Tanjong Pagar area.
8M Real Estate owns and manages a portfolio of commercial properties within the conservation shophouse sector in Singapore.
The properties include 112-116, Amoy Street; 21, Tanjong Pagar Road; 18 and 22, Gemmill Lane; 31, Hong Kong Street; 37, Craig Road; and 71, Neil Road.