Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale via Expression of Interest (EOI), a portfolio of freehold commercial units at Balestier Point (“the Property”) – an 18-storey with basement mixed-use development located within the matured Balestier precinct, an estate rich in heritage value and undergoing rejuvenation to become an exciting area for business, leisure and entertainment.
The opportunity consists of a total of 11 commercial units, with sizes ranging from 269 sq ft to 5,609 sq ft, making up a total strata area of approximately 19,787 sq ft. The portfolio comprises a total of 31.72 per cent of share value within Balestier Point. Through this portfolio, the prospective purchaser will command significant stake in the MCST.
The units are located on both the ground floor and second storey of the development, and enjoy excellent shop frontage and high visibility, particularly for units located on the ground floor with main road frontage. Selected units will come with restaurant approvals.
Ms Yap Hui Yee, Director, Investment Sales & Capital Markets at Savills Singapore, said: “This is a rare opportunity for both investors and end-users to own freehold commercial units that are 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.
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. Subject to approval from relevant authorities, potential alternative uses – including cafés, educational, showroom, retail, fitness center, healthcare, medical, home & living and lifestyle business – can be explored. In the longer term, the prospective purchaser can expect to enjoy capital upside from the strata market rebound or collective sale potential of Balestier Point.”
The development is nestled within the established Balestier precinct and is within proximity to Novena, one of Singapore’s biggest healthcare and medical hubs. The area will continue to benefit from the transformation of the developments in the vicinity, such as Zhongshan Mall and the upcoming refurbished Shaw Theatres Balestier, and the expanded Tan Tock Seng Integrated Care Hub.
In addition, the Property is well served by major roads such as Pan Island Expressway (PIE) and Central Expressway (CTE), providing excellent connectivity to the rest of the island. The Central Business District at Raffles Place and Marina Bay is a short 10 minutes’ drive away.
“Buyers have the option to purchase units on an individual basis, or all 11 commercial units collectively. The indicative guide price is $68 million for the entire portfolio, or $1.22 million for the smallest unit, which will appeal greatly to a wide pool of buyers who have been on the lookout for prime shops to purchase. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty, so both foreigners and companies are eligible to purchase the property,” added Ms Yap.
The Expression of Interest (EOI) for the portfolio will close on Tuesday, 17th March 2020, at 3pm.