Balestier portfolio on the market
A portfolio of properties in Balestier is being marketed for sale through Expressions of Interest, with offers expected of more than $32 million.
Knight Frank Singapore is handling the sale of the properties, which feature two rows of adjoining shop houses and a redevelopment land parcel. The properties are family-held assets which are offered for sale by Expression of Interest which will close at 3pm on June 19.
“The family is divesting their assets as they are winding up their company in view of waning interest from the younger generations in the family to carry on with the business,” said Nicholas Wong,
Executive Director of Investment and Capital Markets for Knight Frank.
“The family is offering prospective purchasers the option to purchase either one property or the whole portfolio of properties, although their preference is for a single buyer to purchase the whole portfolio of properties.
“The seller is expecting offers of above $32 million for the whole portfolio of properties. On an individual basis, the seller is expecting offers of above $7 million for the two adjoining shop houses located along Tessensohn Road (pictured), and above $16 million for the six adjoining shop houses along Balestier Road.
“For the redevelopment land, the seller is expecting offers of above $9 million, which translates to an equivalent land rate of approximately $600 per sq ft per plot ratio.”
Wong added that he expects strong interest in the properties in view of the attractive pricing, relatively affordable investment size and its strategic location close to the MRT station.
He added: “It is a rare opportunity for contiguous shop houses to be made available for sale, especially when the shop houses are situated with prominent street frontages and close to MRT stations.”
Source copied from: http://www.propertyguru.com.sg/property-management-news/2014/5/37845/balestier-portfolio-on-the-market