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SG Balestier, Upper East Coast sites up for sale

Property Here - Thursday, November 14, 2013

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A row of six shophouses as well as a redevelopment site in Balestier have been launched for sale by expression of interest (EOI), with the owner expecting offers of more than S$33 million for both properties collectively, revealed marketing agent Knight Frank.

The seller is also giving prospective buyers the option to purchase either one or both properties, said Ian Loh, Head of Investment and Capital Transactions at Knight Frank. 

Located at Balestier Road, the shophouses offer 58 metre frontage along the main road. With a land area of 12,038 sq ft and floor area of about 16,000 sq ft, the freehold properties include five units of two-storey shophouses and one unit of three-storey shophouse.

Next to the shophouses is the redevelopment site which has a land area of 4,973 sq ft. Zoned “residential with commercial at first storey”, the site has a gross plot ratio of 3.0 under the 2008 Master Plan and can be redeveloped up to a maximum permissible gross floor area of 14,919 sq ft.

The EOI exercise will close on 10 December.

As for the other redevelopment site along Jalan Haji Salam off Upper East Coast Road, it is being offered for sale by tender said Knight Frank.

The 13,514 sq ft site is zoned “residential – three-storey mixed landed” and can be redeveloped into strata landed or conventional landed residential units. 

The freehold site comprises a pair of two-storey semi-detached homes, whose owners expect offers above S$15 million for the two properties. They are also offering prospective buyers the option to acquire either one or both properties.  

The site’s tender closes on 12 December.