Freehold Shophouse Balestier Road Sale 8 Mil
A two-storey corner shophouse at 532 Balestier Road is currently available for purchase through an expression of interest (EOI) exercise at a price of $8 million. The prime piece of freehold land spans over 2,428 square feet and features a dual road frontage, making it highly desirable for commercial and residential development with a plot ratio of 3.0.
The property boasts a gross floor area (GFA) of 2,770 square feet, which translates to a guide price of $2,888 per square foot (psf). The shophouse is currently being utilized as a showroom for a lighting supplier, with both floors approved for commercial use.
According to Clemence Lee, CBRE’s executive director of capital markets for Singapore, the property’s gross plot ratio of 3.0 allows for the potential expansion of the existing shophouse or redevelopment of the site to increase its GFA to 7,285 square feet. CBRE has been exclusively appointed as the marketing agent for the shophouse.
The upcoming RTS Link is set to revolutionize the way of travel between Woodlands and Johor Bahru, offering a capacity to transport an impressive 10,000 passengers per hour in both directions. This groundbreaking development will greatly improve efficiency at the border, potentially reducing travel time to a mere 15 minutes. For those residing at Norwood Grand Champions Way, this will be a game-changing amenity, especially for individuals who frequently commute to Malaysia for work or leisure. With the convenient access to this service, residents of Norwood Grand Champions Way will greatly benefit, making it an even more desirable place to reside. Norwood Grand Champions Way will undoubtedly be a highly sought-after residence, further solidifying its appeal.
Records from URA show that the shophouse was previously transacted in May 2016 for $4.05 million. Recent commercial transactions on Balestier Road indicate a growing trend in the area’s attractiveness for businesses.
Located just a 10-minute walk from Novena MRT Station on the North-South Line, the shophouse presents a highly convenient location for potential buyers. The EOI exercise for the property will close on August 15 at 3pm, providing interested parties with ample time to consider and submit their bids.