Pair of freehold four-storey buildings with attic in Balestier on the market for $15.3 mil

SINGAPORE (EDGEPROP) - A pair of freehold adjoining four-storey buildings with attic — located at 16 and 18 Kim Keat Road in Balestier — are up for sale via expression of interest (EOI) at a guide price of $15.3 million, according to marketing agent Savills Singapore. The guide price works out to $1,438 psf, based on gross floor area.

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The property occupies a combined land area of around 3,449 sq ft and an estimated total floor area of 10,638 sq ft. The ground floor has commercial units that come with restaurant use approvals and are currently leased to F&B operators, while the upper floors are made up of residential units, which are also leased out. The buildings also come with an in-built mechanical car parking system for eight vehicles. (Find Singapore commercial properties with our commercial directory)

Associate director for investment sales and capital markets at Savills Singapore Sophia Lim says the property has value-add potential, noting that the future owner could reconfigure the space for co-living and student hostel purposes. All the residential units at the property are already equipped with independent air-conditioning units and ensuite toilets.

Lim adds that the property’s location is ideal for a co-living community given its proximity to tertiary and research institutions such as Lee Kong Chian School of Medicine and East Asia Institute of Management. It is also within a short driving distance to the healthcare hub at Novena.

The EOI exercise for the buildings will close on July 26 at 3pm.