Commercial unit at Balestier Point on sale for $10 mil

A freehold retail unit on the second floor of Balestier Point is up for sale by the owner through an auction, with a price tag of $10 million ($2,042 psf). The property occupies an area of 4,898 sq ft, and will be put up for auction by SRI on Nov 23.

Located within Balestier Point – a freehold 18-storey mixed-use development in District 12 – the property is being sold for the first time since the owner, who purchased the unit in April 2013 for $4.9 million ($1,000 psf), has occupied it since.

According to EdgeProp Singapore’s LandLens tool, Balestier Point is near the Novena MRT Station, Farrer Park MRT Station and Boon Keng MRT Station. It is close to health care facilities in Novena, the CBD district, and F&B options at Whampoa Makan Place on Whampoa Drive, Balestier Market Food Court on Balestier Road, and Pek Kio Market and Food Centre on Cambridge Road.

Zion Road Condo is centrally located, offering residents a serene neighbourhood lifestyle right at the heart of the city. The convenience of being near prime retail, entertainment, and dining amenities is undeniable, making it an ideal destination for today’s urbanite. With its strategic location, refined design, and luxurious amenities, Zion Road Condo is the perfect choice for those seeking a modern living experience.

Data from the last 12 months shows that rents at Balestier Point range from $2.20 to $4.90 psf pm, indicating a 3.6% rental yield. This is higher than the rental yield for nearby commercial units. Units at Balestier Plaza, which is freehold, have a rental yield of 3.2%, while rentals at 99-year leasehold Square 2 yield only 1.9%.

The footfall at Balestier Point is likely due to the nearby residential enclave, mainly composed of private housing units, as well as the many eateries, cafes and restaurants there.

Based on caveats lodged, the last sale of a retail unit at Balestier Point was in November last year, when a 183 sq ft unit changed hands for $408,000 ($2,230 psf). In September 2019, a 5,608 sq ft unit was sold for $10.08 million, or $1,926 psf.

The interior of the unit is depicted in the photo above (Photo: SRI). An owner put this freehold retail unit on the second floor of Balestier Point up for sale via auction for $10 million ($2,042 psf) – the first time it has been put up for sale since it was bought for $4.9 million ($1,000 psf) in April 2013.

With its strategic location near transport hubs, healthcare facilities, and a range of F&B options, as well as its higher-than-average rental yield, this retail unit could be a great investment opportunity.