Freehold Balestier Centre up for collective sale at S$180 million
Asking price translates to land rate of S$1,495 per square foot per plot ratio for the mixed-use site, with sizeable unused development potential
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[SINGAPORE] Owners at the freehold Balestier Centre have banded together for a collective sale of the mixed-use site, at a guide price of S$180 million.
The asking price translates to a land rate of about S$1,495 per square foot per plot ratio (psf ppr), according to Huttons Asia, the exclusive marketing agent for the sale.
Zoned for commercial and residential use, the 40,133 sq ft site at 560-568 Balestier Road has a gross plot ratio of 3.0. It houses ground-floor commercial units and 20 residential apartments on the second and third storeys, with a current built-up area of about 47,400 sq ft.
Based on the existing gross plot ratio of 3.0, the site can be built up to the maximum permissible gross floor area of about 120,400 sq ft without the developer incurring any land betterment charge, Huttons pointed out.
Lim Tong Kay, a development consultant at collective sale consultancy Land Potential, proposed that under current planning guidelines, a 14-storey mixed project could be built on the plot.
He envisioned a two-storey commercial podium fronting Balestier Road and a five-storey commercial podium to the rear, with an eight-storey residential tower above. Residential condominium facilities could be set out on a roof terrace at the sixth storey.
Owners stand to pocket gross proceeds of above S$3 million for residential units and S$10 million or more for commercial units from the en bloc sale, depending on the size and strata value of their properties.
The collective sale attempt has already garnered strong backing from its residents, securing consent from owners representing 86.66 per cent by share value and 86.73 per cent by strata area.
Huttons Asia CEO Mark Yip noted that the Balestier precinct is undergoing a meaningful rejuvenation, anchored by the revitalised Shaw Plaza, Zhongshan Mall and the expanding HealthCity Novena medical hub.
He added that a future development would stand to benefit significantly from this ongoing transformation.
The public tender for the Balestier Centre site will close on Jul 28.
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