11 shop units at Balestier Point up for sale at $68m
SINGAPORE (THE BUSINESS TIMES) - A portfolio of 11 Freehold commercial units at mixed-use development Balestier Point is up for sale at $68 million, exclusive marketing agent Savills Singapore said on Wednesday (Feb 5).
Unit sizes range from 269 to 5, 609 sq ft, making up a total strata area of about 19, 787 sq ft. The units can be bought individually or collectively, with the smallest unit priced at about $1.2 million.
They are located on the ground floor and second storey of Balestier Point, which has 18 storeys and a basement. The units have shop frontage, while ground floor units also have main road frontage.
The portfolio comprises a total of about 31.7 per cent of share value within Balestier Point, and the prospective buyer will command a significant stake in the management corporation strata title, said Savills.
Selected units have approval to be restaurants, while other potential uses - subject to approval from relevant authorities - include cafes, fitness centres and showrooms.
Foreigners and companies can buy the units, and additional buyer's stamp duty and seller's stamp duty are not applicable.
Ms Yap Hui Yee, director for investment sales and capital markets at Savills Singapore, called it a"rare opportunity for both investors and end-users to own Freehold commercial units in the established residential enclave of Balestier", which is surrounded by mainly private housing and food and beverage establishments.
Balestier Point is served by the Pan Island Expressway and Central Expressway, and it is a 10-minute drive away from the central business district at Raffles Place and Marina Bay.
The expression of interest exercise for the portfolio will close on March 17 at 3pm.