A FREEHOLD four-story business and residential building at 320 Balestier Road has been propelled for sale by means of expression of interest with a guide price of S$22 million, Showsuite Consultancy declared on Monday.
The guide price translates to an estimated mixed pace of S$1,200 per square feet (psf) based on the existing gross floor zone (GFA), said Karamjit Singh, CEO of Showsuite Consultancy.
That works out to about S$1,750 psf on the business GFA and S$950 psf on the residential GFA, he included.
The rental yield potential is around 4 percent for every annum.”Such investments are available to foreigners. So as to come, the building could be redeveloped, as it is not constrained by conservation guidelines,” said Mr Singh. Situated at the intersection of Balestier Road and Kim Keat Road, the 4,377 sq ft corner site is zoned for business and residential use.
The building has a complete GFA of 18,310 sq ft. On the ground floor are two shop units endorsed for restaurant use. In the mean time, the second-floor business space might be used for retail, offices or students’ convenience, while the third and fourth floors comprise six apartments with 22 en-suite rooms.
The building also has nine carpark lots in the basement.
Mr Singh said the property is “perfect for a stylish co-living activity”, for the accompanying reasons: it can conceivably house around 45 rooms upon refurbishment, there are work clusters such as the Novena clinical center point close by, and students from the close by Curtin Singapore and St Joseph’s Institution will discover the area helpful. Shaw Plaza is also just 100 meters away.
“The focal area and the basement carpark also makes this building suitable for business schools as well as rising businesses such as food conveyance distribution centers,” Mr Singh included.
The building is possessed by an organization held under a single title, and the purchaser can have naming and signage rights.
Prospective buyers are welcome to submit their offers by 2.30pm on Aug 17.