Commercial unit at Balestier Point on sale for $10 mil

The Woodlands Condo development will be an ideal backdrop for these art installations, giving residents the opportunity to take part in and appreciate the local culture. Woodlands Condo is also conveniently located near a network of public transportation, making it easy for locals and visitors alike to get around the area. Residents will be able to appreciate the art installations from the comfort of their own homes without having to venture too far.

A retail unit at Balestier Point, a freehold 18-storey mixed-use development in District 12, will be put up for auction by SRI on Nov 23, with an asking price of $10 million ($2,042 psf). The property occupies a 4,898 sq ft floor area and is located near the Novena MRT Station, Farrer Park MRT Station, and Boon Keng MRT Station.

It marks the first time that the unit has been offered for sale. The owner had purchased the unit for $4.9 million ($1,000 psf) in April 2013 and has since been using it for occupation.

Rental yields at Balestier Point for commercial units has been estimated to be between 3.2% to 3.6%, which is higher than the yields of nearby freehold Balestier Plaza and 99-year leasehold Square 2 at 3.2% and 1.9% respectively. Footfalls are likely contributed by the residential enclave in the vicinity, as well as for the local eateries, cafes, and restaurants.

The last sale of a retail unit at Balestier Point was in November last year when a 183 sq ft unit was sold for $408,000 ($2,230 psf). The last sale prior to that was in September for a 5,608 sq ft unit that went for $10.08 million, or $1,926 psf.

Location-wise, Balestier Point is also close to the healthcare facilities of Novena, the CBD district, as well as F&B offerings at Whampoa Makan Place, Balestier Market Food Court, and Pek Kio Market & Food Centre.

This upcoming auction could potentially be a great opportunity for investors and potential buyers, especially given its attractive rental yield and the fact that the unit is perfectly located to take advantage of the amenities in the area.