Two freehold properties have been put up for sale by public tender. The first is a single-storey property at East Coast Road which has a guide price of $20 million (or $8,726 psf on the floor area), and the other is a four-storey, mixed-use building at Balestier Road, which has a guide price of $26.8 million ($1,568 psf on the floor area).
The transaction can be a bundle or single-asset purchase. Both properties are solely marketed by CBRE.
The single-storey property, located at the junction of East Coast Road and Joo Chiat Road, is directly opposite 112 Katong mall. Sitting on a 2,872 sq ft site, the property at 124/126 East Coast Road has an existing built-up area of 2,292 sq ft and has obtained approval for F&B use. It enjoys dual road frontages of about 40 metres. The site is zoned for commercial use under the 2019 Draft Master Plan, and the site has a plot ratio of 3.0. This means the successful buyer has the option to expand the property to a maximum allowable gross floor area of about 8,616 sq ft.
“With government initiatives to inject vibrancy into the area and enhanced connectivity with the upcoming Thomson-East Coast MRT line, we have observed strong buyers’ interest in commercial properties located in the East, particularly those that hold potential for value-add and plot ratio intensification,” says Yap Hui Yee, associate director of capital markets at CBRE.
The mixed-use development sits at the junction of Balestier Road and Kim Keat Road. The four-storey building, at 320 Balestier Road, enjoys dual frontages of about 40 metres. It sits on a 4,377 sq ft plot, and has a built-up area of about 17,093 sq ft. The top two levels are private residences, the second level is a student hostel, and the ground floor houses a lighting shop. The ground-floor unit has been granted approval for F&B use.
“Offering naming rights and the potential of some vacant space in the near term, we are optimistic that the property will appeal to owner-occupiers who are seeking premises near the city for their corporate headquarters,” says Yap. Since the building is fully tenanted, this will also provide immediate rental income.
The public tender for the properties closes on Aug 7.