Balestier Centre launched for $180m collective sale

It will have no land betterment charge payable.

Balestier Centre has been launched for collective sale with a guide price of $180m, offering a rare freehold mixed-use redevelopment site with no land betterment charge payable.

The guide price works out to about $1,495 per square foot per plot ratio (psf ppr) for the property at 560-568 Balestier Road, exclusive marketing agent Huttons Asia said.

The site, which covers about 40,133 square feet (sq ft), is zoned for commercial and residential use under the Master Plan, and can be redeveloped to a maximum gross floor area of about 120,400 sq ft.

Huttons Asia said the site has already reached its maximum allowable plot ratio, so no land betterment charge is required.

The existing development comprises ground-floor commercial units and 20 residential apartments on the second and third floors, with a total built-up area of about 47,400 sq ft.

Huttons Asia said owners representing 86.66% of the share value and 86.73% of the strata area have agreed to the collective sale, exceeding the legal requirement.

Subject to approval by the Urban Redevelopment Authority, development consultant Land Potential said the site could be redeveloped into a 14-storey mixed-use project.

The preliminary plan includes commercial space on the lower floors, residential facilities on the sixth floor, and an eight-storey residential tower above.

Stephen Tan, senior group district director at Huttons Asia, said the guide price reflects a land rate of about $1,495 psf ppr for a freehold mixed-use site.

The property has an 81-metre frontage along Balestier Road and is about 4 km from Orchard Road and the Central Business District. It is also close to Novena, Toa Payoh, Caldecott, Boon Keng and Farrer Park MRT stations.

The public tender closes on 28 July at 3 p.m.