Two freehold commercial properties along Balestier Road and River Valley Road for sale at $75 mil

Two freehold commercial properties located along Balestier Road and River Valley Road have been put up for sale via an expression of interest (EOI). According to CBRE, the appointed marketing agent for the properties, they can be sold either as a portfolio or individually.

Located at 453 Balestier Road, the first property is an amalgamation of five two-storey conservation shophouses under a single strata title. It spans a land area of 6,811 sq ft and has a gross floor area of approximately 20,089 sq ft. It has a guide price of $50 million, translating to a price of $2,489 psf based on gross floor area. 

The property was recently enhanced with a six-storey rear extension, featuring five F&B and retail units on the ground floor and 12 residential apartments above. CBRE says the Balestier area has undergone renewal efforts in recent years, with the redevelopment of older residential and industrial buildings, as well as the addition of several F&B options. 

Joshua Giam, director of capital markets at CBRE Singapore, expects strong interest from high-net-worth individuals and family offices following the demand for quality freehold assets. He adds that the property is expected to enjoy strong leasing demand due to its proximity to Health City Novena and international schools such as Beacon International College. “Incoming buyers can expect a rental yield of more than 3% when fully let and potential for capital appreciation as the area continues to mature,” adds Giam. 

Located at 268 River Valley Road, the other property for sale is a four-storey serviced apartment complex with an F&B retail unit on the ground floor. It spans a floor area of 8,548 sq ft and has a guide price of $25 million, translating to $2,924 psf.

The property features 12 apartment units and comes with a serviced apartment license, adds Giam. The permit allows for a minimum stay of seven days, catering to both long-term stays and short-term accommodation.

The property is located near prominent landmarks including Fort Canning Park, UE Square, Canninghill Square, Robertson Walk and CQ @ Clarke Quay. 

“Freehold serviced apartments in the city are tightly held and rarely available for sale,” adds Giam. He expects the property to enjoy strong demand from both tourists and business travellers as it is located within a five-minute drive from both Orchard Road and the CBD. CBRE expects strong interest in this property as it provides stable rental income with the potential for capital appreciation, says Giam. 

Both properties can be sold to locals and foreigners, subject to approvals from the relevant authorities. 

The EOI exercise for both properties is expected to close on June 2.