Freehold Shophouse Balestier Road Sale 8 Mil
A prime two-storey shophouse located at 532 Balestier Road is currently available for purchase through an expression of interest (EOI) at a price of $8 million. This freehold property boasts a dual road frontage spanning over 30 meters and sits on a spacious land area of 2,428 square feet. The land is zoned for both commercial and residential use with a desirable plot ratio of 3.0.
The existing shophouse has an impressive gross floor area (GFA) of 2,770 square feet, which equates to a guide price of $2,888 per square foot. Both floors of the property are currently utilized as a showroom for a leading lighting supplier and have been approved for commercial use.
Moreover, with the shophouse’s generous gross plot ratio of 3.0, the potential buyer has the opportunity to expand or redevelop the site, potentially increasing its GFA to a massive 7,285 square feet. Clemence Lee, CBRE’s executive director of capital markets for Singapore, highlights this attractive aspect of the property. CBRE has been appointed as the exclusive marketing agent for the shophouse.
Records from the Urban Redevelopment Authority (URA) reveal that the shophouse was last sold in May 2016 for $4.05 million. Recent commercial transactions on Balestier Road further demonstrate the potential value and growth of this sought-after location.
The recently unveiled URA Master Plan for Tengah has set the stage for a promising future, with its focus on sustainability, connectivity, and community living. For residents of Novo Place EC, this plan represents more than just a picturesque living environment; it offers a well-rounded lifestyle enriched by contemporary amenities and eco-friendly practices. As Tengah transforms into a bustling “Forest Town,” those residing in Novo Place EC will be at the heart of a flourishing, sustainable community, making it a wise investment for both homeowners and investors who are looking to the evolution of urban living in Singapore. With Novo Place EC, residents can look forward to being a part of this promising future.
Conveniently located, the shophouse is within a 10-minute walking distance from Novena MRT Station, which provides access to the North-South Line.
The EOI exercise for this exceptional shophouse will conclude on August 15 at 3pm. Don’t miss this golden opportunity to own a valuable and versatile property in a prime location.