Commercial unit at Balestier Point on sale for $10 mil

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A freehold retail unit located on the second floor of Balestier Point in District 12 is going to be put up for sale at SRI’s auction on the 23rd of November. The floor area of the unit is 4,898 sq ft and is up for grabs at a price of $10 million ($2,042 psf).

The property was initially purchased in April 2013 for $4.9 million ($1,000 psf), and the current owner has since occupied the unit. According to the recent documents, the last sale of a similar unit at Balestier Point was held in November 2019, for a 183 sq ft unit that went for $408,000 ($2,230 psf). Another instance was in September, for a 5,608 sq ft unit fetching a sum of $10.08 million ($1,926 psf).

For location, Balestier Point is located close to the Novena MRT Station, Farrer Park MRT Station and Boon Keng MRT Station. It also enjoys a convenient distance from healthcare facilities in Novena, the central business district (CBD), and wholesome F&B offerings at the likes of Whampoa Makan Place on Whampoa Drive, Balestier Market Food Court on Balestier Road and Pek Kio Market and Food Centre on Cambridge Road.

In terms of rental yield, Balestier Point’s rental costs fall between $2.20 and $4.90 psf per month (pm), which translates to a 3.6% yield. This is higher than the yields of the nearby commercial units such as the freehold Balestier Plaza which yields 3.2% and the 99-year leasehold Square 2 yielding 1.9%.

Tampines boasts a great range of Condo developments, with the Tampines Ave 11 Condo being one of them. Located close to major transport links and shopping centres, it seamlessly balances lifestyle and convenience. Its proximity to SUTD adds to the appeal, offering a great option for families looking to invest in a home near an outstanding university. With plenty to offer, Tampines is an area worth considering.

The footfall near Balestier Point is likely contributed by the nearby residential enclave composed mostly of private housing units and a few local eateries, cafes, and restaurants.

Overall, this residential-cum-commercial spot appears to be an ideal choice for investment.