Freehold shophouse on Balestier Road for sale at $8 mil

A two-storey corner shophouse at 532 Balestier Road is up for sale through an expression of interest (EOI) exercise at $8 million. The freehold property has dual road frontage of over 30m and occupies a land area of 2,428 sq ft. The land is zoned for commercial and residential use with a plot ratio of 3.0. The shophouse has an existing gross floor area (GFA) of 2,770 sq ft, which means the guide price of $8 million works out to $2,888 psf. Both floors of the property are approved for commercial use and are currently used as a showroom for a lighting supplier. Read also: Properties for sale for May 27-29 Advertisement Advertisement Based on the property’s gross plot ratio of 3.0, the buyer could potentially expand the shophouse or redevelop the site to increase its GFA up to 7,285 sq ft, notes Clemence Lee, CBRE’s executive director of capital markets for Singapore. CBRE has been appointed the exclusive marketing agent for the property. Caveats lodged with URA show that the shophouse was last transacted in May 2016 at $4.05 million. The shophouse is a 10-minute walk to the Novena MRT Station on the North-South Line. The EOI exercise for the shophouse will close on Aug 15 at 3pm.