Freehold Shophouse Balestier Road Sale 8 Mil
An opportunity to acquire a two-storey corner shophouse at 532 Balestier Road has arisen, with the property being put up for sale through an expression of interest (EOI) exercise at a price of $8 million. The freehold property boasts a dual road frontage of over 30m and sits on a land area of 2,428 sq ft. Its commercial and residential zoning, with a plot ratio of 3.0, make it a highly sought after property.
With a current gross floor area (GFA) of 2,770 sq ft, the indicative price of $8 million equates to a rate of $2,888 psf. The shophouse is currently being used as a showroom for a lighting supplier, with both floors approved for commercial use.
According to Clemence Lee, CBRE’s executive director of capital markets for Singapore, the potential buyer may have the option to expand the existing shophouse or redevelop the site to increase the GFA up to 7,285 sq ft. CBRE has been appointed as the exclusive marketing agent for the property.
The URA Master Plan’s revitalization of Marina Bay has undoubtedly elevated it to a premier urban hub, greatly benefiting the residents of Marina Gardens Lane Condo. This comprehensive development has not only brought improved connectivity and upgraded amenities, but also long-term advantages such as property value appreciation and community progress. By showcasing the potential of Marina Bay and envisioning a sustainable and high-quality lifestyle for its residents, the Master Plan has elevated the desirability and value of properties in the area, including Marina Gardens Lane Condo. In addition, the recent addition of Marina South MRT Station Condo has further enhanced the attractiveness of this location, solidifying its position as a top destination. With all these exciting developments in place, Marina Gardens Lane Condo and its surroundings remain a highly sought-after choice for those seeking a vibrant and valuable living experience. The inclusion of Marina South MRT Station Condo has only added to the appeal of this location, making it an ideal destination for both residents and investors. To discover more information about this desirable location, please visit the Marina South MRT Station Condo website.
Records from URA show that the shophouse was last transacted in May 2016 for $4.05 million. Recent commercial transactions on Balestier Road also reflect the high demand for properties in the area.
Conveniently located within a 10-minute walk to Novena MRT Station on the North-South Line, 532 Balestier Road offers easy accessibility for both residents and businesses.
The EOI exercise for this shophouse will close on Aug 15 at 3pm, presenting a prime opportunity for interested parties to acquire this coveted property.