Click on Two freehold corner assets for sale via public tender
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Author: Ravi Philemon
CBRE on June 1 announced the launch for sale of two freehold corner assets – a single-storey commercial property at 124/126 East Coast Road and a four-storey mixed-use development at 320 Balestier Road. The sale will be by way of public tender which closes on 7 August 2019, 3pm.
Interested buyers for two freehold corner assets are welcome to consider either a bundle or a single asset purchase.
The first of the two freehold corner assets is a single-storey property at 124/126 East Coast Road. Strategically located at the main road junction of East Coast Road and Joo Chiat Road – one of the busiest junctions in the East Coast precinct and directly opposite I12 Katong, the subject property is a corner single-storey commercial property that enjoys high visibility with dual road frontages of approximately 40 meters.
Sitting on a freehold site of approximately 2,872 square feet, the property has an existing built-up area of approximately 2,292 square feet and has obtained approval for F&B use. Under the 2019 Draft Master Plan, the property is zoned “Commercial” with a plot ratio of 3.0. With a maximum allowable gross floor area of approximately 8,616 square feet, the successful buyer can consider expanding the property by tapping into the current unutilised gross floor area.
Yap Hui Yee, Associate Director of Capital Markets at CBRE said, “The East Coast/Joo Chiat area is a juxtaposition of modern commercial buildings, private residential developments and buildings of historical charm. As such, it is often known as the ‘Little Singapore’, a melting pot of Peranakan, Eurasian, Malay, Indian and Chinese cultures. With government initiatives to inject vibrancy into the area and enhanced connectivity with the upcoming Thomson-East Coast MRT line, we have observed strong buyers’ interest in commercial properties located in the East, particularly those that hold potential for value-add
and plot ratio intensification.”
“Hence, this is a timely opportunity for buyers to acquire a freehold corner commercial property that has value-add potential to further boost both rental income and capital value. Its strategic location at one of the busiest junctions in East Coast is a huge pull factor for investors who want to claim a stake in this bustling commercial and lifestyle destination that offers a plethora of entertainment, F&B and retail attractions. As the property is zoned full ‘Commercial’, there is flexibility for other uses such as F&B, lifestyle, retail, medical/healthcare, education or hostel, subject to authority’s approval. The other benefit is there will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on local or foreign buyers,” added Ms Yap.
East Coast/Joo Chiat Road has always been regarded as a treasure trove for delectable cuisines, as well as a place for creative businesses such as art galleries and design studios, and upmarket retail outlets. The property enjoys a large and ready catchment from the nearby commercial and private residential developments, including I12 Katong, Katong Point, Parkway Parade, and Holiday Inn Express Singapore Katong. Accessibility to the property will be further enhanced with the upcoming Marine Parade MRT station on the Thomson East-Coast Line that is located a mere 250 meters away.
The other of the two freehold corner assets is a mixed-use development at 320 Balestier Road. Located at the junction of Balestier Road and Kim Keat Road, the property is a four-storey corner building that enjoys dual road frontages of approximately 40 meters.
The property sits on a freehold land of approximately 4,377 square feet and has a built-up area of approximately 17,093 square feet. Under the 2019 Draft Master Plan, the property is zoned ‘Commercial and Residential’. While levels 3 and 4 are currently used as private residences, the ground floor is currently tenanted to a lighting shop with rare F&B approval and level 2 is operating as a student hostel.
Ms Yap commented, “320 Balestier Road is a rare mixed-use development with a freehold tenure in a city fringe locality. Offering naming rights and the potential of some vacant space in the near term, we are optimistic that the property will appeal to owner-occupiers who are seeking premises near the city for their corporate headquarters. The current full occupancy rate providing immediate rental income will also appeal to investors. The successful buyer will also have the additional flexibility in the use of space in the near future since level 1 and 2 have already obtained approved use for ‘F&B’ and ‘Student Hostel’, respectively.”
Balestier is one of the few locations in Singapore that still retains an old-world charm, as ornately painted and carefully refurbished shophouses stand shoulder to shoulder with private residential developments and shopping malls. This unique area is home to a number of famous local eateries, as well as quaint restaurants, hidden cafés and bars.
The property is well-served by major arterial roads as well as expressways such as the Pan-Island Expressway (PIE), Central Expressway (CTE) and Balestier Road, providing seamless connectivity to other parts of Singapore. It is approximately 10 minutes’ drive to the Central Business District and the Orchard Road shopping belt.
CBRE is the exclusive marketing agent for the two freehold corner assets.
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