Two retail units at Balestier Point for sale at $3.68 mil
SRI’s auction for the next two weeks will include two retail units adjacent to each other in Balestier. Both retail units are 1,453 square feet in total and priced at $3.68million. The two retail units may be purchased separately during the upcoming auction. Both properties share the same owner.
The larger apartment is 861 sf and starts at $2.15 million (2,499 psf), whereas unit adjacent is 592 sf and starts at $1.52 million (2,581 psf). Both units can be purchased with vacant possession. Both units have a spacious frontage facing Balestier Point’s main entrance.
The SRI auction team will sell both units a second consecutive time. SRI’s auction team sold both units in February for the same total price of $3.68M. There were no bidders and the properties had to be withdrawn.
The sale of these retail units is an excellent opportunity for both investors and owners to take advantage the strong rental value and capital value offered by these retail units.
The average rent per square foot for retail units is between $6.50 and $9.50. Estimated gross rental yields are between 3.2% and 4.2%. Mok says that due to the large size of both units and their prominent and wide frontage, they are likely to achieve slightly higher rental yields.
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We anticipate that due to these units’ manageable size, wide frontage and prominent location, the gross rental yield will be slightly above the average Balestier Point.
Recent resale activity at the commercial property in the area and within the development has led to a competitive asking price. At their current asking prices, these retail units represent a good investment for anyone looking to purchase a property.
Based on resale warnings, in November 20,22, a second-floor 183 sq.ft. unit sold for $408,000. ($2,230 psf).
SRI is marketing a second ground-floor unit at Balestier Point. SRI is auctioning off the larger 3,983sq ft unit at $10 million ($2,511psf) in its March 22 auction.
Balestier Point is a freehold, 18-storey development with a mix of uses on Balestier Road located in district 12. It was finished in 1986. It comprises 68 residences atop of a 2-storey commercial podium, with a basement. It is situated near the key commercial buildings and hospitality establishments along Balestier Road. These include Balestier Plazaand Citadines Balestier.
The development is in close proximity to HealthCity Novena. HealthCity Novena is a upcoming integrated healthcare hub with a Tan Tock Seng Hospital situated on Jalan Tan Tock Seng. Ren Ci Hospital (Irrawaddy Road), the National Centre for Infectious Diseases (Jalan Tan Tock Seng) and the National Skin Centre (Mandalay Road) are all nearby medical facilities.
