The site is zoned for residential with commercial at first storey use under the 2019 Master Plan, with a gross plot ratio of 3.0. Photo: SRI
A pair of four-storey-plus-attic residential building at 16 and 18 Kim Keat Road has been put up for sale via expression of interest (EOI) with a guide price of $15.7 million, revealed exclusive marketing agent SRI Capital Market.
This works out to $1,495 per sq ft (psf) based on the combined existing gross floor area of about 10,495 sq ft.
The freehold buildings occupy a total land area of about 3,448 sq ft. The marketing agent noted that the site is zoned for residential with commercial at first storey use under the 2019 Master Plan, with a gross plot ratio of 3.0.
In fact, two units on the ground floor of the buildings are currently approved for restaurant use, while the second to the fourth floors feature a total of 17 rooms. The buildings also come with an in-built mechanical car parking system.
Situated outside the Balestier conservation area, the buildings enjoy main road frontage and are a three-minute walk to Whampoa Market, known for local dishes, as well as Shaw Plaza, which is currently undergoing refurbishment works.
Low Choon Sin, Managing Partner of SRI Capital Market, said the buildings are ideal and have the potential for co-living and student hostel use, subject to the approval of relevant authorities.
“With private tertiary educations such as Curtin Singapore and East Asia Institute of Management nearby, the students will find the location convenient,” he said.
And with the upcoming integrated medical hub HealthCity Novena nearby, Low said the area is “poised with a promising crowd catchment and strong demand pool of students and healthcare workers”.
“16 and 18 Kim Keat Road provide investors an opportunity to acquire the freehold property with prominent frontage and may be held on long term view to leverage on the constant rejuvenation of the Balestier and Novena area. In addition, the pair of buildings come with two separate land titles to allow more flexibility for future divestment,” shared Low.
SRI Capital Market noted a strong interest from property funds, high net worth investors and family office to acquire boutique buildings within the central area.
Recent transactions within proximity include the $11.36 million sale of Victory Point and $18.1 million sale of 320 Balestier Road in September last year.
The EOI exercise for the two buildings closes on 15 June.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
