Commercial unit at Balestier Point on sale for $10 mil

A freehold retail unit on the second floor of Balestier Point, with a 4,898 sq ft floor area, is up for sale by the owner via auction for $10 million ($2,042 psf). The property, located in District 12 along Balestier Road, will be put up for auction by Singapore Real Estate (SRI) on November 23.It is the first time the owner has put the property up for auction. The unit was purchased by the current owner for $4.9 million ($1,000 psf) in April 2013, and has been occupied since.In the past 12 months, the last retail unit at Balestier Point to have changed hands—in the form of a 183 sq ft unit—was in November, fetching $408,000 ($2,230 psf). In September of last year, a 5,608 sq ft unit sold for $10.08 million, or about $1,926 psf.

Situated close to Novena MRT Station, Farrer Park MRT Station and Boon Keng MRT Station, Balestier Point is adjacent to healthcare facilities in Novena, the Central Business District, and various F&B offerings in the area, including the Whampoa Makan Place on Whampoa Drive, Balestier Market Food Court on Balestier Road, and Pek Kio Market and Food Centre on Cambridge Road. According to EdgeProp Singapore’s LandLens tool, the unit’s current owner bought the property for $4.9 million ($1,000 psf) in April 2013.

Caveats lodged within the past year indicate that rents at Balestier Point range from $2.20 to $4.90 psf per month (pm), which translates to a 3.6% rental yield. In comparison, freehold Balestier Plaza typically has a rental yield of 3.2%, while the rental yield for units at the 99-year leasehold Square 2 stands at 1.9%.

The footfall at Balestier Point is likely supported by the residential enclave, mostly consisting of private housing units and various local eateries, cafes and restaurants.

In related news, five amalgamated strata-titled office units are for sale at $7.8 million, while a one-bedder loft at freehold Fulcrum condo is up for auction for $1.69 million. A freehold semi-detached in Upper Thomson is also on sale for $7.2 million.

Balestier Point, a freehold 18-storey mixed-use development near Novena MRT Station, Farrer Park MRT Station, and Boon Keng MRT Station, is now offering a 4,898 sq ft floor area retail unit for sale by the owner via auction for $10 million ($2,042 psf). Located in District 12 along Balestier Road, it is the first time the property has been put up for auction.

With its proximity to healthcare facilities in Novena, the CBD district, and various F&B options, such as the Whampoa Makan Place on Whampoa Drive, Balestier Market Food Court on Balestier Road, and Pek Kio Market and Food Centre on Cambridge Road, the retail unit at Balestier Point has a rental yield of 3.6%, as shown by the caveats lodged in the past year. This is higher than the rental yields of nearby commercial units.

This footfall is likely contributed by the local residential enclave, which consists mostly of private housing units and a selection of eateries, cafes and restaurants. According to EdgeProp Singapore’s LandLens tool, the unit’s current owner purchased the property for $4.9 million ($1,000 psf) in April 2013 and has occupied it since.

The development features a lush landscape and modern amenities such as a gym, pool, playground, tennis court, and even an indoor cinema. Residents are also given access to a wide range of shops, restaurants, entertainment venues, and other amenities nearby. With its excellent location, Tengah Town EC offers its residences the perfect opportunity to experience all that Singapore has to offer. With its luxurious resort-style living and incredible convenience, this development is the perfect place for any family to call home!

The last sale of a retail unit at Balestier Point took place in November last year, when a 183 sq ft unit changed hands for $408,000 ($2,230 psf). A 5,608 sq ft unit was also sold in September 2020 for $10.08 million, or $1,926 psf. This freehold unit will be put up for auction by Singapore Real Estate (SRI) on November 23.

In other recent news, five amalgamated strata-titled office units are up for sale at $7.8 million, while a one-bedder loft at freehold Fulcrum condo is on auction for $1.69 million. Meanwhile, a freehold semi-detached in Upper Thomson is also available for sale at $7.2 million.