Six freehold Balestier Road shophouses for sale

Apr 20, 2022

SIX freehold shophouses on Balestier Road have just come on the market in a bulk sale via expression of interest (EOI). The guide price for the units bearing the odd numbers from 505 to 515 is S$40 million.

The two-storey shophouses are located across the road from Zhongshan Mall and Zhongshan Park, and sit on a combined land area of 11,976 square feet (sq ft), PropNex Realty told The Business Times. PropNex is jointly marketing the shophouses with Prop-Today Investments.

The units are zoned for commercial and residential use, with a gross plot ratio of 3.0 and fall within the Balestier Secondary Settlements. Under conservation guidelines, the buyer can build the units’ rear extension up to 6 storeys, within the maximum gross floor area of about 35,928 sq ft, subject to the authorities' approval, said PropNex.

The shophouses are fully tenanted and occupied by businesses including those in interior design, grocery and pet boarding, and are being sold on an as-is, where-is condition.

June Ong, PropNex’s senior associate marketing director, said: “Currently, we don’t have a lot of stock of shophouses in the market. It’s very hard to get 2 or 3 in the market together because there are just over 6,500 conserved shophouses in Singapore, mainly in districts 1 and 2 (Amoy Street and Tanjong Pagar), and the freehold ones there have guide prices of over S$10 million each.”

She says the buyer can build residential or co-living units behind the shophouses or explore the possibility of building serviced apartments.

The EOI exercise will close at 3 pm on Jun 1.

https://www.businesstimes.com.sg/rea...ouses-for-sale