Changi road and Balestier properties open for bidding

A site at Changi and Still roads with a façade corner is for developmental endorsement to make it a commercial and residential venture, and a Balestier revamped shophouse with a six-storey rear annex block are up for bid amounting to around $40 million. The receiver and manager of Asia Pte Ltd, Foo Kon Tan Grant Thornton, has instructed such sales. The properties are supervised by DTZ.

The Changi Road property has a land area of 28,545 sq ft ($505/sq ft, potential gross floor area or GFA) and can be found near Eunos MRT Station. With legal documentation, it has been authorised to turn it into a five-storey commercial building incorporated with a neighbouring five-storey residential plan of 26 apartments, plus two basement levels. Thornton expects to earn more than $30 million for this property.

According to Shaun Poh, senior director for investment advisory services at DTZ, “A new investor could come in and get the project - both the apartments and strata commercial units - launch-ready for sale within a few months, assuming they stick to the existing approved plan.”

The expected price for Balestier Road property (3,639 sq ft, GFA of 10,883 sq ft) is beyond $10 million. The shophouse, which has two storeys, will be put on the market with free custody, whereas the rear annex is leased to a hostel operative until the end of the year with a monthly rent of $20,000.

In accordance to the Master Plan 2008, the property is districted for commercial and residential utilisation with plot ratio 3.0. Bidding for Changi and 331/333 Balestier road ends on July 22 and 23, respectively.