Mixed-use development in Balestier for sale at $14.7 mil

/ EdgeProp Singapore
November 26, 2019 6:14 PM SGT
Victory Point (Credit: JLL) - EDGEPROP SINGAPORE
Victory Point (Credit: JLL)
SINGAPORE (EDGEPROP) - A mixed-use development at 271 Balestier Road is up for sale at a guide price of $14.7 million ($1,390 psf).
Victory Point, held under a single title, is a two-storey conservation shophouse with an attic and a six-storey rear apartment block.
Under URA’s Draft Master Plan 2019, Victory Point is zoned for commercial and residential use, and is located within the Balestier Conservation Area.
It has a land area of about 3,463 sq ft, and an estimated gross floor area of 10,609 sq ft.
The conserved section of the property houses a 24-hour convenience store on the ground floor, with the second storey and the attic for office use. The rear residential block with nine apartments is wholly leased to a master tenant. Nine mechanised carpark lots are also housed in the building.
Victory Point is within vicinity to F&B offerings such as Whampoa Makan Place and Balestier Market Food Court.
“Victory Point presents an excellent opportunity for investors to acquire a tightly-held asset occupying a very prominent corner plot with double road frontages that comes with a value-add angle and a good potential exit strategy. The conserved portion is a natural choice retail and office space, while the rear annexed block boasts an extremely convenient residence with its proximity to public transport and ample amenities in the vicinity,” comments Tan Hong Boon, executive director of capital markets at JLL.
The tender for the property will close on Jan 13 at 3pm.
Read also: