Two retail units at Balestier Point for sale at $3.68 mil
SRI will auction off two adjacent retail units located in Balestier point on the 22nd of March. The two retail units have a combined gross floor area 1,453 square feet and are valued at $3.68million. Both retail units are available for separate purchase at the auction. The same person owns both properties.
The larger unit measures 861 sq ft, and the price starts at $2.15 ($2,499 per sq ft), while the unit next door is 592 sq. ft. and costs $1.52 ($2,581 per sq ft). Both units are being sold vacant. Each unit has a large frontage that faces the main entrance to Balestier Point.
The auction team at SRI will offer both units for sale a second time. SRI sold both units at the same price on Feb 28. The properties were removed because there were no bidders.
Investors and owners of retail units can take advantage of the high rental and capital value that these retail units in a good location offer.
Mok estimates that the gross rental yields for retail units are between 3% and 4%. The average monthly asking rent in this area of Balestier is $6.50 to $9 per square foot. Mok believes that the units can be slightly more profitable due to their size and prominence.
We expect that the gross rental yield of these two units will be slightly higher than average in Balestier Point due to their size and large and prominent frontage.
Based on recent resale sales at the development, and in the surrounding commercial properties, the asking price of the two retail freehold units is very competitive. These units are a great entry-level investment property for those looking to buy at the current asking price.
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According to resale caveats the most recent retail transaction at Balestier Point took place in November 2022. A 183 sq ft second-floor unit was sold for $408,000. ($2,230 per sq ft).
SRI also markets another retail unit on the ground floor at Balestier Point. SRI will auction the larger 3,983 sq. ft. unit for $10 million ($2,511 per sq. ft.) on March 22.
Balestier Point, a mixed-use development of 18 floors on Balestier Road is located in District 12. The development was completed in the year 1986. It consists of 68 residential units on top of a two-storey podium with a basement. The building is located near several key commercial and hospitality structures along Balestier Road including Balestier Plaza, and Citadines Balestier.
This development is located near HealthCity Novena – a 17 ha integrated healthcare hub which includes Tan Tock Seng Hospital, Jalan Tan Tock Seng. The Ren Ci Hospital is located on Irrawaddy Road. Nearby are the National Centre for Infectious Diseases, Jalan Tan Tock Seng and the National Skin Centre, Mandalay Road.
