A freehold mixed-use site at 560-568 Balestier Road has been put up for collective sale at a guide price of $180 million, according to exclusive marketing agency Huttons Asia.
At a maximum permissible gross floor area (GFA) of about 120,400 sq ft, the guide price translates to a land rate of about $1,495 psf per plot ratio (ppr). With a gross plot ratio of 3.0, no land betterment charge is payable to redevelop the site to its maximum permissible GFA.
Occupying a “regular-shaped” site of about 40,133 sq ft, the site is zoned “Commercial and Residential” under Urban Redevelopment Authority’s (URA) Master Plan.
According to Lim Tong Kay, a development consultant at collective sale consultancy Land Potential, the site could be redeveloped into a 14-storey mixed-use development, subject to final approval, based on preliminary planning guidelines from URA.
The proposed scheme comprises a two-storey commercial podium fronting Balestier Road, a five-storey commercial podium at the rear, residential facilities on the sixth-storey roof terrace and an eight-storey residential tower above, adds Lim.
The site also enjoys an 81m frontage along Balestier Road — “a key arterial corridor in the city fringe”, notes Huttons Asia.
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Based on the proposed development scheme, the site has the potential to yield 100 residential units, 34 strata shop units and a two‑level basement carpark. By GFA, the strata shop units will occupy about 74,560 sq ft (62% of the total GFA), while the residential units will occupy approximately 43,200 sq ft (36%). Common areas will account for the remaining 2,640 sq ft (2%).
Stephen Tan, senior group district director at Huttons Asia, says the site presents a “rare freehold mixed-use redevelopment opportunity in the established city-fringe”. He adds that the absence of land betterment charge and a land rate of $1,495 psf ppr make this freehold site “highly attractive”.
On the future of the Balestier precinct, Mark Yip, CEO of Huttons Asia, says the area is undergoing a “meaningful rejuvenation”, pointing to the revamped Shaw Plaza with its 11-screen cineplex, Zhongshan Mall and the expanding HealthCity Novena medical Hub.
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“Future development here would benefit from this transformation, established amenities and excellent connectivity, making the site appealing to developers seeking a well-located freehold mixed-use plot of meaningful scale,” adds Yip.
Located about 4km from Orchard Road and the Central Business District (CBD), the District 12 development is well-connected by both public transport and highways, notes Huttons Asia.
It is served by Novena and Toa Payoh MRT Stations on the North-South Line, Caldecott interchange on the Circle and Thomson-East Coast lines, as well as Boon Keng and Farrer Park Stations on the North-East Line.
The site also enjoys direct access to the Central Expressway (CTE) and Pan-Island Expressway (PIE) and is surrounded by a wide range of lifestyle amenities, including Whampoa Hawker Centre and Tan Tock Seng Hospital, adds Huttons Asia.
The existing development, with a built-up area of about 47,400 sq ft, comprises ground-floor commercial units and 20 residential apartments on the second and third storeys.
At the close of the consent period, the collective sale committee secured the support of owners representing about 86.7% of both the share value and strata area, respectively, exceeding the 80% threshold required under the Land Titles (Strata) Act.
The collective sale is conducted via public tender, which will close at 3pm on July 28.
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