Two retail units at Balestier Point for sale at $3.68 mil

SRI’s next auction, on March 22, will include two adjacent retail properties in Balestier Bay. Each unit has a gross area of 1,453 ft2 and is priced at $3.68m. The two retail spaces can be bought separately at the upcoming public auction. Both properties belong to the same owner.

The larger 861 sq.ft. unit has a price starting at $2.15m ($2,499/sq.ft.), and the adjacent 592 sq.ft. unit starts at $1.52m ($2,581/sq.ft.). Both units will have vacant possession. Each unit boasts a wide façade facing the main Balestier Point entry.

 

This is the second time SRI has sold both units. SRI sold the two units at auction on Feb. 28 for $3.68 million. No bidders were found, so the properties were withdrawn.

 

Investors and owner-occupiers can benefit from the rental and capital values of these two retail spaces at Balestier Point.

 

The average retail unit rents in this part Balestier are $6.50 per sq ft to $9.50 per sq ft. Gross rental yields, according to estimates, range between 3% to 4.2%. Mok thinks that these two units, with their large and prominent frontage and sizes, can yield slightly higher rents.

 

These two units should yield slightly more than the average Balestier Point rental due to their large, spacious frontage.

According to recent resale deals at the project and the nearby commercial properties, this asking price is reasonable. The units’ current price is an attractive entry point for buyers looking for an investment.

 

Based on resale cautions, the most recent retail sale at Balestier Point happened in November of 2022. The unit, measuring 183 sq. ft., was on the second level and sold for $408,000. ($2,230/sq.ft.).

SRI has also marketed another ground-floor retail property at Balestier Point. SRI auctions the larger 3,983 sf unit on March 22, for $10m ($2,511/sf).

Read also: The Chuan Park

Balestier Point comprises an 18-storey freehold mixed-use development at Balestier Road, in District 12. It was built in 1986. There are 68 apartments on top of two storeys and a cellar. This building is close to key commercial and hotel buildings on Balestier Road like Balestier Plaza as well as Citadines Balestier.

 

The development is situated near HealthCity Novena. A 17ha integrated healthcare centre that will include Tan Tock Seng Hospital located on Jalan Tan Tock Seng. Ren Ci Hospital and National Centre for Infectious Diseases are located nearby on Irrawaddy Road.


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