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Held under a single title, the mixed-use development within the Balestier Conservation Area is nestled on a 3,463 sq ft site that is zoned for commercial and residential use under the 2019 Draft Master Plan.
Victory Point, a freehold conservation shophouse with a six-storey rear apartment block, is up for sale with a guide price of $14.7 million or $1,390 per square foot (psf) on the estimated gross floor area of 10,609 square feet (sq ft), reported The Business Times citing marketing agent JLL.
A 24-hour convenience store occupies the ground floor of the two-storey shophouse at 271 Balestier Road, while its second storey and attic is occupied by offices.
The rear residential block at 2 Ava Road, on the other hand, houses nine apartments that are fully leased to a master tenant. The building also comes with nine mechanised carpark lots.
Held under a single title, the mixed-use development within the Balestier Conservation Area is nestled on a 3,463 sq ft site that is zoned for commercial and residential use under the 2019 Draft Master Plan.
It is located near various food and beverage, hospitality and lifestyle offerings as well as the refurbished Shaw Plaza, which is slated to reopen in 2021. It is also a short drive from several medical institutions like Thomson Medical Centre, Mount Elizabeth (Novena) and Tan Tock Seng Hospital.
JLL capital markets executive director Tan Hong Boon noted that Victory Point offers investors an opportunity to acquire a tightly-held asset with dual road frontages.
“With a potential for strong capital value and rental upside, the freehold property may be held long term for accretive yield and subsequent strata subdivision for sale,” he said.
JLL expects the property to appeal to investors such as high net worth individuals, boutique real estate funds, local investment companies as well as local and foreign family offices.
The tender for Victory Point closes on 13 January 2020.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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