Commercial unit at Balestier Point on sale for $10 mil

The residential development also featured a great array of amenities and facilities to encourage exercising and outdoor activities. The location is perfect for those who enjoy the outdoors. With endless possibilities for walking, jogging and cycling, Lumina Grand EC residents can explore the nearby parks and nature reserves such as Bukit Batok Nature Park and Bukit Timah Nature Reserve. In addition, the development’s close proximity to various shopping centres, eateries and supermarkets is another great perk. With excellent connectivity to major roads and expressways, Lumina Grand Bukit Batok residents enjoy easy access to other parts of Singapore.

A freehold retail unit on the second floor of Balestier Point is up for sale via auction, set at $10 million – that’s a price of $2,042 psf. Occupying a 4,898 sq ft floor area, the unit will be put up for auction by SRI on Nov 23.

Located in District 12, Balestier Point is a freehold 18-storey mixed-use development situated along Balestier Road. The unit’s current owner had purchased it for $4.9 million ($1,000 psf) in April 2013 and has resided in it ever since.

According to EdgeProp Singapore’s LandLens tool, Balestier Point is conveniently located near the Novena MRT Station, Farrer Park MRT Station, and Boon Keng MRT Station. It is situated near the nearby healthcare facilities in Novena, the CBD district, and various eateries, cafes and restaurants in places such as Whampoa Makan Place, Balestier Market Food Court, and Pek Kio Market and Food Centre.

Looking at the data of caveats lodged in the last 12 months, rental yield of the unit is estimated at 3.6% (between $2.20 and $4.90 psf pm). This is higher than the nearby commercial units, which have rental yields of 3.2% at freehold Balestier Plaza and 1.9% at the leasehold Square 2.

The footfall at Balestier Point is likely driven in part by the residential enclave, which consists mostly of private housing units and a number of local eateries, cafes and restaurants.

Last year saw two similar sales at Balestier Point – a 183 sq ft unit sold for $408,000 ($2,230 psf) in November, and a 5,608 sq ft unit for $10.08 million ($1,926 psf) in September.

So now, the owner of this 4,898 sq ft retail unit is putting it up for sale via auction for $10 million ($2,042 psf). It will be the first time that the property has been put up for auction. SRI will be conducting the auction on Nov 23.