http://www.straitstimes.com/archive/...-sale-20140522

Portfolio of family-owned Balestier properties up for sale

Published on May 22, 2014 1:23 AM

By Rachael Boon


A PORTFOLIO of family-owned property in Balestier is on the market.

The sale lot comprises two adjoining shophouses and a redevelopment site in Tessensohn Road, and six adjoining shophouses in Balestier Road.

Mr Nicholas Wong, of marketing agent Knight Frank Singapore, said a price in excess of $32 million is expected for the whole portfolio.

If bought individually, the seller wants more than $7 million for the two Tessensohn Road shophouses, with a total land area of 2,962 sq ft, and over $16 million for the six in Balestier Road, with a total land area of 12,038 sq ft.

More than $9 million is expected for the redevelopment site, which has a land area of 4,973 sq ft - an equivalent land rate of about $600 per sq ft per plot ratio.

"The family are divesting their assets as they are winding up their company in view of waning interest from the younger generations in the family to carry on with the business," added Mr Wong, who is Knight Frank's executive director of investment and capital markets.

The family is in the timber and building materials business.

All the properties are about 500m from Farrer Park MRT station. City Square Mall, Mustafa Centre, the Civil Service Club in Tessensohn Road and the Singapore Khalsa Association are also nearby, as are the upcoming integrated health-care and hospitality complex Connexion and ARC 380, a 16-storey freehold development with more than 160 office and retail units.

The expression of interest closes on June 19 at 3pm.

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