SINGAPORE: Balestier Centre has been put up for collective sale with a guide price of S$180 million, presenting what its marketing agent describes as a rare opportunity to acquire a freehold mixed-use redevelopment site without the need to pay a land betterment charge.
According to Huttons Asia, which is the exclusive marketing agent for the sale, the guide price translates to approximately S$1,495 per square foot per plot ratio (psf ppr) for the property at 560-568 Balestier Road.
The freehold site occupies about 40,133 sq ft and is zoned for both commercial and residential use under the Urban Redevelopment Authority’s Master Plan. It can be redeveloped into a project with a maximum gross floor area of around 120,400 sq ft.
Huttons Asia said the property has already achieved its maximum allowable plot ratio, meaning that no land betterment charge is payable. This could make the site more attractive to developers by reducing redevelopment costs.
The existing Balestier Centre comprises commercial units on the ground floor and 20 residential apartments spread across the second and third storeys. Together, the current development has a total built-up area of about 47,400 sq ft.
The collective sale has secured the backing of owners representing 86.66% of the share value and 86.73% of the strata area, exceeding the statutory threshold required for a collective sale to proceed.
Subject to approval from the Urban Redevelopment Authority, development consultant Land Potential has proposed a preliminary redevelopment scheme for the site. The concept envisions a 14-storey mixed-use development featuring commercial space on the lower levels, residential facilities on the sixth floor and an eight-storey residential tower above.
Stephen Tan, senior group district director at Huttons Asia, said the guide price reflects a land rate of around S$1,495 psf ppr for a freehold mixed-use site.
The property also benefits from a prominent location, with an 81-metre frontage along Balestier Road. It is situated about 4km from both Orchard Road and the Central Business District, while also enjoying access to several MRT stations, including Novena, Toa Payoh, Caldecott, Boon Keng and Farrer Park.
The public tender for the collective sale will close on July 28 at 3 pm.
