The single-storey property at East Coast Road has a freehold site of 2,872 sqft whilst the Balastier Road mixed property has 4,377 sqft.
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, have been put up for sale, an announcement by CBRE revealed.
The single-storey property at 124/126 East Coast Road sits on a freehold site of approximately 2,872 sqft. The property has an existing built-up area of approximately 2,292 sqft and has obtained approval for food and beverage (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 (GFA) of approximately 8,616 sqft, the successful buyer can consider expanding the property by tapping into the current unutilised gross floor area.
According to Yap Hui Yee, associate director of capital markets at CBRE, the site’s 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 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,” she said.
Meanwhile, the mixed-use development at 320 Balestier Road is a four-storey corner building that enjoys dual road frontages of approximately 40 m. It sits on a freehold land of approximately 4,377 sqft and has a built-up area of approximately 17,093 sqft. Under the 2019 Draft Master Plan, the property is zoned ‘commercial and residential’.
Whilst 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.
Yap highlighted that 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,” she said.
The sale will be by way of public tender which closes on 7 August at 3 p.m. Interested buyers are welcome to consider either a bundle or a single asset purchase.
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