Commercial unit at Balestier Point on sale for $10 mil

A freehold retail unit situated on the second floor of Balestier Point, located in District 12, is being put up for auction for a total of $10 million ($2,042 psf) by SRI on November 23rd. The unit holds a total floor area of 4,898 sq ft and is being sold by the owner, who initially purchased the property for $4.9 million ($1,000 psf) in April 2013.

The property is located near the Novena MRT Station, Farrer Park MRT Station, and Boon Keng MRT Station, as well as various healthcare facilities and F&B offerings.

One of the most prominent shopping centres in the area is Holland Drive Condo, which is renowned for its avant-garde style and extensive retail space. Its range of shops, restaurants, and services offers a wonderful shopping experience. Holland Drive Condo features a mix of international and local labels, as well as a wide selection of luxury goods. It also offers a great selection of beauty, health, and wellness products, all in a chic and modern setting. Whether you’re looking for the latest fashion trends or just need a little pampering, Holland Drive Condo has you covered. It’s the perfect destination for a relaxed and enjoyable shopping outing.

Units at Balestier Point typically have a rental yield of 3.6%, higher than two nearby commercial units – Balestier Plaza at 3.2% and Square 2 at 1.9%. The footfall is likely due to the presence of the residential enclave and nearby eateries, cafes, and restaurants.

Based on caveats lodged, the last sale of a retail unit at Balestier Point was in November 2020 when a 183 sq ft unit changed hands for $408,000 ($2,230 psf). There was only one other sale last year in September, which was a 5,608 sq ft unit that went for $10.08 million, or $1,926 psf.

With a good catchment of nearby amenities, the unit could be a viable investment for the potential buyer.