Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale 16 & 18 Kim Keat Road – a pair of freehold adjoining four-storey buildings with attic, prominently located in the heart of the bustling Balestier precinct.
The Property occupies a combined land area of approx. 3,449 sq. ft. and an estimated total floor area of 10,638 sq ft. The commercial units on the ground floor come with rare restaurant use approvals and are leased to F&B operators, whilst the upper floors are residential units. The buildings also come with an in-built mechanical car parking system for 8 vehicles. The Property is currently leased which provides the incoming buyer immediate rental revenue.
The Property commands a prominent 15 metre road frontage along Kim Keat Road and is located near the junction towards Balestier Road, enjoying strong footfall and excellent visibility. Situated within the bustling Balestier, the precinct boasts a rich history and is a charming area by day and buzzing enclave by night. The area has reinvented itself to become a destination peppered with distinctive, well-preserved shophouses, quaint shops, eating places and lifestyle establishments. The vibrant mixed-use district also offers a diverse range of entertainment, cultural and lifestyle attractions with Zhongshan Mall, Balestier Plaza & Shaw Plaza minutes’ walk away.
Sophia Lim, Associate Director, Investment Sales & Capital Markets at Savills Singapore, said: “In the last 12 months, city fringe locations like Balestier have become popular amongst investors due to their rental upside and potential for capital gains. This is an opportunity for prospective buyers to own a pair of freehold buildings in the city fringe with value-add potential. The buyer enjoys the flexibility to reconfigure the space for potential co-living or student hostel purposes, as all the residential units within the Property comes equipped with independent air-conditioning units and en-suite toilets. The Property also comes with rare F&B approval on the ground floor.’’
Being near one of Singapore’s biggest healthcare medical hubs at Novena, the property will continue to benefit from the rejuvenation of the precinct with the completion of TTSH Integrated Care Hub in 2023 and the redevelopment of the former Communicable Disease Centre. The Master Plan have also indicated future plans to link Kim Keat Road to Tan Tock Seng Link which would further increase the connectivity and footfall for the Property.
‘’The excellent connectivity to CBD and proximity to the Novena healthcare hub have always attracted a strong demand pool from city dwellers and healthcare workers alike. It is also ideal for a co-living community with tertiary institutions, such as Lee Kong Chian School of Medicine, East Asia Institute of Management and other research facilities located in the vicinity. This presents an exceptional opportunity to acquire a freehold property in an exciting and fast-growing precinct that is still undergoing transformation’’, Ms Lim added.
The guide price for 16 & 18 Kim Keat Road is $15.3 million, which translates to approximately $1,438 per square foot of the gross floor area.
The sale will be conducted through an Expression of Interest exercise which closes on Tuesday, 26 July 2022, at 3pm.