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Shophouse at 463 Balestier Road. Photo from One Global Group.

Freehold conservation shophouse up for auction on 20 September

It has a guide price of $4.288m.

A two-storey freehold conservation shophouse at 463 Balestier Road will be placed for auction on 20 September with a guide price of $4.288m, according to One Global Group.

In a statement, One Global Group said the shophouse, which spans a land size of 1,068 sq ft and has a built size of 2,036 sq ft, will be sold with existing tenancy and on an “as is where is basis.”

The property, which is a part of the Novena planning area, is currently leased to a beauty salon and is approved for commercial and residential uses. It is around 700 metres to 800 metres away from Toa Payoh MRT station and close to a number of bus stops.

READ MORE: 999-year-old pair of shophouses in Ann Siang Hill for sale at guide price $33.8m 

The group added that foreigners are not eligible to purchase the shophouse and additional buyer’s stamp tax duty will be applied due to the residential component.

Corporate Sales Manager Linda Lim said shophouses are attractive to investors who want to diversify their portfolio, adding that the development is nearby hotels and condominium developments.

“Potential owners looking to purchase this shophouse unit would be able to benefit from the existing leasing arrangements that are in place, and they can expect a steady stream of rental income. As the lease is up to two years for services at level 1 and the lease is up to 2023 in level 2, with option to be renewed yearly,” she said.

“There is also a potential to increase the property's GFA via addition of an attic. As the site has a gross plot ratio of 3.0 and the maximum allowed height is 6 storeys for developments in the area,” she added.

 

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