Victory Point in Balestier up for sale again with lower guide price of S$13.5m

Mon, Aug 03, 2020

Vivienne Tay


Victory Point is situated along Balestier Road at the junction with Ava Road, within the Balestier Conservation Area.
PHOTO: JLL


https://www.businesstimes.com.sg/rea...price-of-s135m

MIXED-USE development Victory Point has been relaunched for sale via public tender at a guide price of S$13.5 million by joint marketing agents JLL and Brilliance Capital.

This translates to about S$1,270 per square foot (psf) based on an estimated gross floor area (GFA) of 10,609 square feet (sq ft), JLL said on Monday in a press statement.

Held under a single title, the freehold development comprises a two-storey conservation shophouse with attic and a six-storey rear apartment block.

It sits on a 3,463 sq ft site zoned for commercial and Residential use under the Urban Redevelopment Authority's Master Plan 2019. It is situated along Balestier Road at the junction with Ava Road, within the Balestier Conservation Area.

The property was first launched for sale in November 2019 at an indicative price of S$14.7 million, or about S$1,390 psf based on the estimated GFA.

The shophouse, located at 271 Balestier Road, houses a 24-hour convenience store on the ground floor, with the second storey and the attic level used as offices.

The rear residential block, located at 2 Ava Road, houses nine apartments and is leased to a master tenant.

There are also nine carpark lots within the building.

JLL senior director of capital markets Yong Choon Fah said Victory Point has "potential for strong capital value and rental upside" given its prime city fringe location and rare freehold tenure.

"The incoming investor can hold the property for stable long-term rental yield or consider the option of a subsequent strata subdivision sale as a potential exit strategy," she added.

Brilliance Capital executive director Sammi Lim said the property is unique as its two levels of commercial space are almost column-free, offering contiguous space which is "efficient and excellent for layout flexibility".

Ms Lim suggested the space will be ideal for showrooms for lifestyle products or service points such as medical clinics, pet shops, vet clinics, laundromats, gyms or fitness centres.

Moreover, the property will likely be attractive to co-living operators "as it fulfils the property and location attributes" that they seek, she added.

The tender for Victory Point closes on Sept 14 at 3pm.