Victory Point, consisting of a two-storey conservation shophouse having a loft and a six-storey back apartment block in Balestier, was established available for an equal cost of $14.7 million.
The purchase price for its mixed-use growth, held under one name, translates into approximately $1,390 per sq ft (psf) according to the projected gross floor area of 10,609 sq feet, exclusive advertising representative JLL said .
The shophouse in 271 Balestier Road homes a 24-hour convenience shop on the ground floor, together with the second storey and the loft for office usage.
Meanwhile, the back residential block nine flats, at two Ava Road, is completely rented to a master renter.
Mr Tan Hong Boon, JLL’s executive manager for capital markets,” stated Victory Point is an chance for investors to obtain a closely held advantage in a prominent corner plot with double-road frontages.
“Having a possibility of strong capital worth and leasing upsidedown, the freehold property might be held long duration for accretive return and following strata subdivision available,” he added.
JLL stated the land will attract investors like boutique property capital, local and overseas family offices, neighborhood investment companies and high-net-worth people.
Situated in the city fringe, Victory Point is near various beverage and food, hospitality and lifestyle supplies, JLL explained.
It’s also a brief drive from leading medical institutions like Thomson Medical Centre, Tan Tock Seng Hospital and Mount Elizabeth (Novena).
The tender for the land will close on Jan 13 second year at 3pm.