Two retail units at Balestier Point for sale at $3.68 mil
By Nicholas Lam
/ EdgeProp Singapore |
The two units at Balestier Point, which have a total gross floor area of 1,453 sq ft, will be put up for auction on March 22 (Photo: SRI)
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Two adjacent retail units in Balestier Point will be available at SRI’s next auction on March 22. Together, they have a total gross floor area of 1,453 sq ft and are priced at $3.68 million. The two retail units can be purchased separately at the upcoming auction. Both properties have the same owner.
The larger unit is 861 sq ft and is priced from $2.15 million ($2,499 psf), while the adjacent unit is 592 sq ft and priced from $1.52 million ($2,581 psf). Both units will be sold with vacant possession. Each features a wide frontage facing the main entrance of Balestier Point. The larger sized unit will be available for sale via private treaty, while the smaller unit will be offered in an auction.
This will be the second time SRI’s auction team has offered both units for sale. On Feb 28, SRI auctioned both units for the same combined price of $3.68 million. However, as there were no bidders, the properties were withdrawn.
According to Mok Sze Sze, managing partner of auctions at SRI, the sale of the two retail units at Balestier Point is an opportunity for investors and owner-occupiers to capitalise on the strong rental and capital values that these well-positioned retail units offer.
She says the average asking monthly rent for retail units in this part of Balestier ranges from $6.50 psf to $9 psf, and estimates gross rental yields to be between 3% and 4.2%. Given the sizes of the two units and their wide and prominent frontage, Mok reckons they can achieve slightly higher yields.
“Due to their manageable size and wide and prominent frontage, we expect the gross rental yield for these two units to be slightly higher than the average for Balestier Point,” says Mok.
She adds that the asking price for the two freehold retail units is competitive based on recent resale transactions at the development and surrounding commercial properties. “At the present asking price, these units make for a good entry price point for potential owners looking for an investment property.”
Based on resale caveats, the latest retail transaction at Balestier Point was in November 2022, involving a 183 sq ft unit on the second floor, which was sold for $408,000 ($2,230 psf).
SRI is also marketing another ground-floor retail unit at Balestier Point. The larger 3,983 sq ft unit will be offered in SRI’s March 22 auction for $10 million ($2,511 psf).
Balestier Point is an 18-storey, mixed-use freehold development on Balestier Road in District 12. It was completed in 1986 and comprises 68 residential units atop a two-storey commercial podium and a basement. It is near key commercial and hospitality buildings along Balestier Road, including Balestier Plaza and Citadines Balestier.
The development is close to HealthCity Novena, an upcoming 17ha integrated healthcare hub that includes Tan Tock Seng Hospital on Jalan Tan Tock Seng. Nearby medical facilities include Ren Ci Hospital on Irrawaddy Road, the National Centre for Infectious Diseases on Jalan Tan Tock Seng, and the National Skin Centre on Mandalay Road.
Check out the latest listings for Balestier Point properties
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