Freehold Shophouse Balestier Road Sale 8 Mil
A prime corner shophouse at 532 Balestier Road is currently available for sale through an expression of interest (EOI) exercise, with a guide price of $8 million. This freehold property boasts a dual road frontage of over 30m and sits on a land area of 2,428 sq ft. Zoned for both commercial and residential use, the plot has a ratio of 3.0, offering potential for various development opportunities.
The shophouse, which spans two levels, has an existing gross floor area (GFA) of 2,770 sq ft, making the guide price of $8 million equivalent to $2,888 psf. It is currently designated for commercial use and functions as a showroom for a lighting supplier. Clemence Lee, executive director of capital markets for Singapore at CBRE, the exclusive marketing agent for this property, highlights that based on its gross plot ratio of 3.0, the new owner can potentially expand the shophouse or redevelop the site to increase its GFA to a maximum of 7,285 sq ft.
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According to URA caveats, the shophouse was last transacted in May 2016 at $4.05 million. Recent commercial transactions along Balestier Road further indicate the potential of this property.
Boasting a convenient location, the shophouse is just a 10-minute walk from the Novena MRT Station on the North-South Line. Interested parties can submit their bids for the shophouse until 15 August 2020, 3pm, when the EOI exercise will close.