Holland Village Shophouses Sold to Tat Lee Bank Goh Family Unit for S$70 Million
Three adjoining freehold shophouses in Holland Village have been sold for S$70 million to Singapore-incorporated TL Developments, which is understood to be linked to the Goh family of Tat Lee Bank fame. The two-storey shophouses at 29B/29C, 31/31A and 33/33A Lorong Liput sit on a total land area of 7,543 sq ft, located opposite the Holland Piazza mall and a short walk from the Holland Village MRT station on the Circle Line.
Sale Price
Total Land Area
Tenure
Shophouses
The Property and Its Tenants
The fully let trio of shophouses bear the addresses 29B/29C, 31/31A and 33/33A Lorong Liput. Part of the Natureland massage and spa outlet in Lorong Liput is housed at No 29B/29C. Tai Cheong Bakery and Yee Cheong Yuen Noodle Restaurant occupy the lower level of No 31. The lower level of the neighbouring shophouse at No 33 is leased to a coffee shop. Pet Lovers Centre has leased the upper level space of 31 and 33 Lorong Liput.
Located opposite the Holland Piazza mall, the two-storey shophouses sit on a total land area of 7,543 sq ft. Under the URA’s latest Master Plan, the site is zoned for commercial use. The property is a short walk from the Holland Village MRT station on the Circle Line.
Above Guide Price With Strong Interest
The S$70 million fetched for the three shophouses is understood to be higher than the guide price of S$60 million indicated for an informal expression of interest exercise launched in April to find a buyer for the property. The exercise closed in May, drawing a “good response” with bidders comprising mainly family offices and ultra-high-net-worth individuals.
CBRE’s director of capital markets for Singapore, Joshua Giam, who acted for the sellers, said: “This is a very prominent asset on a freehold corner site with a sizeable land area. Moreover, this is not a conservation property, and it is in a good location.” Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, acted for the buyer. Both agents declined to identify the buyer and sellers.
The Business Times understands that the three Lorong Liput shophouses are being sold by members of a low-profile family.
The Buyer and Holland Village Context
The buyer is Singapore-incorporated TL Developments, which is understood to be linked to the Goh family of Tat Lee Bank fame. Tat Lee Bank was founded in 1973 by Goh Tjoei Kok. In 1998, it merged with Keppel Bank to form Keppel TatLee Bank. Keppel TatLee Bank was later acquired by OCBC Bank in 2001.
Earlier this year, private investor Cheong Sim Lam, of the Cheong family that controls Hong Fok Corporation, acquired the freehold Holland Piazza from Eng Tiong Realty for S$100 million. That price worked out to S$4,586 per sq ft based on a gross floor area of 21,806 sq ft.
Frequently Asked Questions
How much were the Holland Village shophouses sold for?
The three adjoining freehold shophouses at 29B/29C, 31/31A and 33/33A Lorong Liput were sold for S$70 million to TL Developments, linked to the Goh family of Tat Lee Bank. This was above the guide price of S$60 million set in an earlier expression of interest exercise.
Who bought the Holland Village shophouses?
The buyer is Singapore-incorporated TL Developments, understood to be linked to the Goh family of Tat Lee Bank fame. Tat Lee Bank was founded in 1973 by Goh Tjoei Kok, later merged with Keppel Bank, and was ultimately acquired by OCBC Bank in 2001.
Are the shophouses conservation properties?
No. CBRE’s Joshua Giam noted that the shophouses are not conservation properties. They are two-storey freehold shophouses on a corner site with a total land area of 7,543 sq ft, zoned for commercial use under the URA’s latest Master Plan.
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