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Balestier Road mixed-use building up for sale with S$22m guide price
A FREEHOLD four-storey commercial and residential building at 320 Balestier Road has been launched for sale via expression of interest with a guide price of S$22 million, Showsuite Consultancy announced on Monday.
The guide price translates to an estimated blended rate of S$1,200 per square feet (psf) based on the existing gross floor area (GFA), said Karamjit Singh, chief executive officer of Showsuite Consultancy.
That works out to about S$1,750 psf on the commercial GFA and S$950 psf on the residential GFA, he added.
The rental yield potential is about 4 per cent per annum.
"Such investments are open to foreigners. In time to come, the building could be redeveloped, as it is not constrained by conservation guidelines," said Mr Singh.
Located at the junction of Balestier Road and Kim Keat Road, the 4,377 sq ft corner site is zoned for commercial and residential use.
The building has a total GFA of 18,310 sq ft. On the ground floor are two shop units approved for restaurant use. Meanwhile, the second-floor commercial space may be used for retail, offices or students' accommodation, while the third and fourth floors comprise six apartments with 22 en-suite rooms.
The building also has nine carpark lots in the basement.
Mr Singh said the property is "ideal for a trendy co-living operation", for the following reasons: it can potentially house around 45 rooms upon refurbishment, there are employment clusters such as the Novena medical hub close by, and students from the nearby Curtin Singapore and St Joseph's Institution will find the location convenient. Shaw Plaza is also just 100 metres away.
"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," Mr Singh added.
The building is owned by a company held under a single title, and the purchaser can have naming and signage rights.
Prospective buyers are invited to submit their offers by 2.30pm on Aug 17.