Balestier shophouses, land up for sale

Two groups of properties here were put up for sale by tender on Wednesday.

The first comprises six shophouses in Balestier and an adjacent land parcel. The properties are owned by a single seller, said sole marketing agent Knight Frank.

The freehold shophouses, which are made up of one three-storey and five two-storey units, have a total land area of 12,038 sq ft and floor area of about 16,000 sq ft.

Next door, a 4,973 sq ft plot facing Tessensohn Road can be redeveloped up to a maximum permissible gross floor area of about 14,919 sq ft. It has a gross plot ratio of 3.0, and is zoned for residential and commercial use.

"The site is ideal for redevelopment into a mixed-use development with shops on the ground floor and residential apartments on the upper levels," said Knight Frank head of investment and capital transactions Ian Loh.

He added that the seller expects offers above $21 million for all the shophouses, while an offer above $12 million - or $800 per sq ft (psf) per plot ratio (ppr) - is expected for the land site, he added. Collectively, an offer above $33 million is expected for both properties.

Separately, another site along Jalan Haji Salam, off Upper East Coast Road, was put on the market.

The 13,514 sq ft freehold site has a pair of two-storey semi-detached houses. Knight Frank said the owners have agreed to sell both properties collectively for an offer above $15 million. This works out to about $1,110 psf ppr.

The tender for the Balestier properties will close on Dec 10 at 3pm, while bids for the the Upper East Coast Road properties must be submitted by 3pm on Dec 12.