By Timothy Tay/ EdgeProp Singapore|February 5, 2020 4:53 PM SGT
SINGAPORE (EDGEPROP) – Eleven commercial units in Balestier Point are available for sale collectively or on an individual basis, announced marketing agent Savills Singapore. The entire portfolio of freehold units comes with an indicative price of $68 million, or $1.22 million for the smallest-sized unit, and will be sold through an Expression of Interest (EOI) exercise.The collection of commercial units range from 269 sq ft to 5,609 sq ft, collectively making up a strata area of 19,787 sq ft. This represents 31.72% of the entire share value within Balestier Point. Savills says: “Through this portfolio, the prospective purchaser will command a significant stake in the MCST [Management Corporation Strata Title].”Units are located on the first and second floors of the development, and selected units will come with approval for restaurant use.
The freehold units at Balestier Point can be purchased collectively, or on an individual basis (Picture: Savills Singapore)
“This is a rare opportunity for both investors and end-users to own freehold commercial units located within the established residential enclave of Balestier, which is surrounded by predominantly private housing units and home to a number of famous local eateries, as well as quaint restaurants, hidden cafés and bars,” says Yap Hui Yee, director of investment sales & capital markets at Savills Singapore. She adds: “The portfolio will appeal to investors looking to purchase units with immediate and stable rental income, as well as owner-occupiers seeking space for their own use… The prospective purchaser can expect to enjoy capital upside from the strata market rebound or collective sale potential of Balestier Point.”The 18-storey mixed-use development is close to the medical and healthcare hub at Novena. There are also several new projects and redevelopments in the area, including Citadines Balestier, Zhongshan Mall, the refurbished Shaw Plaza, and expanded Tan Tock Seng Integrated Care Hub. Foreigners and companies are eligible to purchase the property, and no additional buyer’s stamp duty or seller’s stamp duty is payable. The EOI exercise will close on March 17.
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