SINGAPORE (EDGEPROP) - A pair of four-storey buildings at 16 and 18 Kim Keat Road are on the market for $15.7 million. The freehold buildings are zoned “residential with commercial at first storey” and are offered for sale in an expression of interest (EOI) exercise. The sole marketing agent for the property is SRI Capital Market. (See: Freehold four-storey building at Kim Keat Road for sale at $9.5 mil)
The buildings sit on a 3,448 sq ft plot with a gross plot ratio of 3.0 under the 2019 Master Plan. They have a total gross floor area (GFA) of 10,495 sq ft, and the guide price translates to $1,495 psf on the existing GFA.
The buildings are in the Balestier conservation area and could be redeveloped into a six-storey development in the future. The pair come with two separate land titles which allows for more flexibility in terms of future divestment.
Currently, the ground floor of both buildings comprises two units that are approved for restaurant use, while the upper floors comprise 17 apartments. The property also features an in-built mechanical carpark system.
“The property is ideal and has potential for co-living and student hostel usage, subject to relevant authorities’ approval. With private tertiary educations such as Curtin Singapore and East Asia Institute of Management nearby, students will find the location convenient,” says Low Choon Sin, managing partner of SRI Capital Market.
The property is also well positioned to benefit from its proximity to the upcoming HealthCity Novena, an integrated health care complex in neighbouring Novena that is set to complete by 2030. This will create a crowd catchment and strong rental demand from students and healthcare workers, says Low.
He adds that the property has attracted “strong interest” from property funds, family offices, and high-net-worth investors seeking to acquire assets in the central area. Recent transactions in the area include Victory Point at 271 Balestier Road, which was sold for $11.36 million in September 2020, and 320 Balestier Road, which fetched $18.1 million in the same month.
The EOI exercise closes on June 15.
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