Two retail units at Balestier Point for sale at $3.68 mil
SRI’s March 22 auction will feature two adjacent retail spaces in BalestierPoint. They have a gross floor space of 1,453 sq. ft. and are priced at 3,68 million dollars. At the auction, both retail units will be available separately. Both properties are owned by the same individual.
The larger unit, 861 square feet, is priced at $2.15million ($2,499/sq ft), whereas the adjacent unit, 592 square feet and priced at $1.52million ($2,581/sq ft). Both units will be offered with vacant possession. Each unit features a wide facade facing the main Balestier Point entrance.
It will be the second auction in which SRI’s team offers both units to sale. SRI had auctioned off both units on February 28 for $3.68m. As there were not any bidders for the properties, they were withdrawn.
The sale of two retail units located at Balestier Point offers investors and owner-occupiers the opportunity to benefit from the high capital and rental values offered by these well-located retail units.
Mok believes that given the size of these two units and their prominent and wide frontage, they can achieve slightly higher yields. Mok estimates that they could achieve slightly higher returns due to the size of the units and the wide and prominent facade.
The two units are expected to yield a gross rental income slightly higher than Balestier Point’s average due to the large size of the unit and the prominent frontage.
Recent resale prices at the property and nearby commercial properties indicate that the price of these two retail units in freehold is fair. The current asking price of these units is a great starting point for investors looking for investment properties.
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According to the resale restrictions, the last retail transaction in Balestier Point occurred in November 2022. It involved a 183 square foot unit on the 2nd floor that was sold at $408,000 ($2,230/sqf).
SRI will also market another retail space on the ground floor of Balestier Point. SRI’s auction on March 22 will offer the larger unit of 3,983 square feet for $10,000,000 ($2,511 sq ft).
Balestier Point in District 12 is a 18-storey mixed-use, freehold development located on Balestier Road. It was completed by 1986, and has 68 units of residential space atop two-storeys of commercial podium and basement. Nearby are important commercial and hospitality building along Balestier Road such as Balestier Plaza or Citadines Balestier.
The project is near HealthCity Novena. It’s a new integrated healthcare hub of 17ha that includes Tan Tock Seng Hospital at Jalan Tan Tock Seng. Ren Ci Hospital, located on Irrawaddy Road and the National Centre for Infectious Diseases at Jalan Tan Tock Seng are nearby medical facilities.
