Victory Point, comprising a two-storey conservation shophouse with an attic and a six-storey rear apartment block, has been launched for sale at an indicative price of S$14.7 million.
The indicative price for the mixed-use development, held under a single title, translates to about S$1,390 per square foot (psf) based on the estimated gross floor area (GFA) of 10,609 square feet (sq ft), exclusive marketing agent JLL said on Monday.
The shophouse at 271 Balestier Road houses a 24-hour convenience store on the ground floor, with the second storey and the attic for office use.
Meanwhile, the rear residential block with nine apartments, at 2 Ava Road, is wholly leased to a master tenant. The building also houses nine mechanised carpark lots.
Situated in the Balestier Conservation Area, the site has a land area of 3,463 sq ft and is zoned for commercial and residential use under the Urban Redevelopment Authority’s Draft Master Plan 2019.
Tan Hong Boon, executive director, capital markets at JLL, said that Victory Point is an opportunity for investors to acquire a tightly-held asset at a prominent corner plot with double-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,” Mr Tan added.
JLL said the property will appeal to investors such as boutique real estate funds, local and foreign family offices, local investment companies and high net worth individuals.
Located at the city fringe, Victory Point is near a plethora of food and beverage, lifestyle and hospitality offerings. The locality offers a mix of unique architecture and landmarks of the old and new, from pre-war terrace houses, art-deco shophouses to modern buildings, JLL said.
It is also a few minutes’ walk from the upcoming refurbished Shaw Plaza, set to reopen in 2021, and a short drive from major medical institutions such as Thomson Medical Centre, Tan Tock Seng Hospital and Mount Elizabeth (Novena).
The tender for the property will close on Jan 13, 2020, at 3pm.