SINGAPORE (EDGEPROP) - A freehold retail unit on the second floor of Balestier Point has been put up for sale by the owner via auction for $10 million ($2,042 psf). The property occupies a 4,898 sq ft floor area, and will be put up for auction by SRI on Nov 23. It is located within Balestier Point, a freehold 18-storey mixed-use development along Balestier Road (District 12).

It will be the first time that the property has been put up for auction. The owner purchased the unit for $4.9 million ($1,000 psf) in April 2013 and has occupied it since.

Based on caveats lodged, the last sale of a retail unit at Balestier Point was in November last year, when a 183 sq ft unit changed hands for $408,000 ($2,230 psf). Besides this sale, Balestier Point saw only one other sale last year in September, which was that of a 5,608 sq ft unit that went for $10.08 million, or $1,926 psf.

Read also: Three-bedder at Marina Bay Residences up for auction at $4.08 mil

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According to EdgeProp Singapore’s LandLens tool, Balestier Point is near the Novena MRT Station, Farrer Park MRT Station, and Boon Keng MRT Station. It is located near the healthcare facilities in Novena, the CBD district, and F&B offerings at Whampoa Makan Place on Whampoa Drive, Balestier Market Food Court on Balestier Road, and Pek Kio Market and Food Centre on Cambridge Road.

Caveats lodged in the last 12 months show that rents at Balestier Point are between $2.20 and $4.90 psf per month (pm), translating to a 3.6% rental yield. This is higher than the rental yield of nearby commercial units.

Units at freehold Balestier Plaza typically have a rental yield of 3.2%, while rentals at 99-year leasehold Square 2 yield 1.9%. The footfall at Balestier Point is likely contributed by the residential enclave, which consists mostly of private housing units and several local eateries, cafes and restaurants.

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