Two freehold corner sites up for sale
A single-storey commercial property at 124/126 East Coast Road and a four-storey mixed-use development at 320 Balestier Road have been put up for sale by public tender.
Two freehold corner assets – a single-storey commercial property at 124/126 East Coast Road and a four-storey mixed-use development at 320 Balestier Road – have been put up for sale by public tender, revealed marketing agent CBRE.
“Interested buyers are welcome to consider either a bundle or a single asset purchase,” it said.
Nestled on a 2,872 sq ft site, the single-storey property at 124/126 East Coast Road has an existing built-up area of about 2,292 sq ft and has approval for F&B use. It is zoned commercial under the 2019 Draft Master Plan with a plot ratio of 3.0. Since it has a maximum allowable gross floor area of about 8,616 sq ft, the successful buyer can expand the property by tapping into the current unutilised gross floor area.
“Its strategic location at one of the busiest junctions in East Coast is a huge pull factor for investors who want to claim a stake in this bustling commercial and lifestyle destination that offers a plethora of entertainment, F&B and retail attractions,” said Yap Hui Yee, associate director of capital markets at CBRE.
“As the property is zoned full ‘Commercial’, there is flexibility for other uses such as F&B, lifestyle, retail, medical/healthcare, education or hostel, subject to authority’s approval. The other benefit is there will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on local or foreign buyers.”
Meanwhile, the mixed-use development at 320 Balestier Road is a four-storey corner building that sits on a 4,377 sq ft site. It has a built-up area of about 17,093 sq ft and is zoned ‘commercial and residential’ under the 2019 Draft Master Plan.
Currently, the ground floor is tenanted to a lighting shop with rare F&B approval, while the second level is operating as a student hostel. The third and fourth levels, on the other hand, are used as private residences.
“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. The current full occupancy rate providing immediate rental income will also appeal to investors,” said Yap.
“The successful buyer will also have the additional flexibility in the use of space in the near future since level 1 and 2 have already obtained approved use for ‘F&B’ and ‘Student Hostel’, respectively.”
The tender for the properties closes on 7 August.
Source: 3 Jul 2019, CommercialGuru