Showsuite Consultancy has launched an Expression of Interest exercise for a four-storey commercial and residential building at Balestier Road.
The freehold building, located at the junction of Balestier Road and Kim Keat Road, enjoys a prominent corner location commanding excellent visibility. The 4,377 sq ft site is zoned ‘Commercial and Residential’. It is not gazetted for conservation, unlike other heritage shophouses in the area.
The 18,310 sq ft building comprises two shop units on the ground floor approved for restaurant use. The second floor commercial space may be used for retail, offices or students’ accommodation, while the third and fourth floors comprise six apartments with a total of 22 ensuite rooms. The property is adequately served with 9 carpark lots in the basement.
“The property is ideal for a trendy co-living operation for a variety of reasons. It could potentially house around 45 rooms upon refurbishment, thanks to its corner plot configuation. The Balestier area has a charming heritage and is geographically central, with employment clusters such as the Novena medical hub located close by. Shaw Plaza is merely 100 meters away. Students from the nearby Curtin Singapore and St Joseph’s Institution would also find the building convenient,” says Mr Karamjit Singh, CEO of Showsuite Consultancy.
“The central location and the basement carpark also makes this building suitable for commercial schools as well as rising businesses such as food delivery distribution centres.”
“The building is owned by one company held under a single title, and offers the purchaser the naming and signage rights,” adds Mr Singh.
“The guide price for the property is $22 million, which translates to an estimated blended rate of $1,200 psf on the existing gross floor area (GFA). This works out to roughly $1,750 psf on the commercial GFA and $950 psf on the residential GFA,” says Mr Singh. “The rental yield potential is about 4% per annum”.
“The appeal of the property lies in its freehold tenure, affordable investment quantum, reasonable pricing, multitude of potentials, good rental yield potential, as well as its central location,” adds Mr Singh.
“Such investments are also open to foreigners. In time to come, the building could be redeveloped as it is not constrained by conservation guidelines”.
Prospective purchasers are invited to submit their offers by 2.30 pm on Monday, 17 August 2020.