Showsuite Consultancy is pleased to announce the sale of a four-storey commercial and residential building at 320 Balestier Road to Coliwoo Balestier Pte Ltd, an indirect wholly-owned subsidiary of LHN Limited, for $18,100,000.
The property was put up for sale through an Expression of Interest exercise conducted by Showsuite Consultancy which closed on 17 August 2020.
The freehold building, located at the junction of Balestier Road and Kim Keat Road, enjoys a prominent corner location commanding excellent visibility. The 4,377 sq ft site is zoned ‘Commercial and Residential’. It is not gazetted for conservation, unlike other heritage shophouses in the area.
The building comprises two shop units on the ground floor, of which is currently tenanted, and the units are also permitted for restaurant use. The second, third and fourth floors are currently vacant.
“The property generated good interest from investors, funds, end-users and co-living operators, with several offers received at the close of the Expression of Interest exercise,” says Mr Karamjit Singh, CEO of Showsuite Consultancy.
According to LHN Limited’s announcement yesterday, they intend to operate the property as a co-living space, expanding their Group’s portfolio of properties under the co-living business in Singapore.
“The property is especially attractive to co-living operators, thanks to its corner plot configuration and its proximity to employment clusters such as the Novena medial hub as well as educational institutions such as Curtin Singapore and St Joseph’s Institution,” says Mr Singh.
“The building, set amidst the bustling Balestier area rich in heritage and distinctive old world charm, will further add vibrancy and rejuvenation to the area after undergoing refurbishment by the new owner,” adds Mr Singh.