Two Freehold Commercial Assets at 453 Balestier Road & 268 River Valley Road For Sale Via Expression Of Interest

Singapore, 24 April 2025 – CBRE, as the exclusive marketing agent, is offering for sale two freehold commercial properties at 453 Balestier Road and 268 River Valley Road. The sale will be conducted via an Expression of Interest exercise which closes on Monday, 2 June 2025, at 12pm. The assets can be sold either as a portfolio or individually.

453 Balestier Road

This newly-expanded row of five two-storey conservation shophouses with recently-constructed six-storey rear extensions and attic offers a street frontage of 30 metres. The property sits on a combined land area of approximately 6,811 sq ft and has a gross floor area of approximately 20,089 sq ft. It features five F&B and retail shops on the ground floor and a total of 12 residential units offering ensuite rooms from levels 2 to 6, each equipped with its own bathroom and kitchenette.

The guide price is S$50 million, translating to approximately S$2,489 per square foot based on the gross floor area. The property can be sold to both locals and foreigners, subject to approvals from relevant authorities.

Balestier is characterised by its vibrant heritage shophouses and diverse offerings of specialised retail trades and eateries. In recent years, Balestier has undergone renewal with the redevelopment of older residential and industrial buildings, as well as an influx of new cafes and restaurants. The property is in close proximity to Health City Novena, an established medical district home to numerous reputable healthcare facilities such as Tan Tock Seng Hospital and Mount Elizabeth Novena Hospital.

Mr. Joshua Giam (严耀祥), Director of Capital Markets, Singapore at CBRE, says, “CBRE expects strong interest from high-net-worth individuals and family offices due to the preference for good quality freehold assets. Strategically located at the city fringe, 453 Balestier Road is within walking distance to Health City Novena and international schools in the area. This will ensure strong leasing demand from long-term medical tourists and students for the ensuite rooms in the property. Incoming buyers can expect a rental yield of more than 3% when fully let and potential for capital appreciation as the area continues to mature.”

The property is a stone’s throw away from several institutions such as Beacon International College and Tourism Management Institute of Singapore. It is approximately a 12-minute walk from Novena MRT station and well-connected to other key areas of Singapore, being a 15-minute drive from the Central Business District (CBD) and within close proximity to major expressways such as the Central Expressway (CTE) and Pan Island Expressway (PIE).

268 River Valley Road

This newly built 4-storey serviced apartment with an F&B approved shop on the ground floor sits on a land plot of approximately 3,130 sq ft and has a gross floor area of approximately 8,548 sq ft. The property started operations in August 2024 and offers 12 Serviced Apartment units offering a total of 23 rooms, some equipped with their own bathroom and kitchenette.

The guide price is S$25 million, translating to approximately S$2,924 per square foot based on the estimated gross floor area. The property can be sold to both locals and foreigners, subject to approvals from relevant authorities.

Located next to Clarke Quay, Singapore’s most popular tourist and entertainment destination, River Valley boasts several reputable educational institutions and shopping malls, making it an ideal destination for both tourists and locals. The lush green spaces surrounding the vicinity, such as Fort Canning Park, provide the perfect escape from the hustle and bustle of city life. Other prominent landmarks within the vicinity include UE Square, Canninghill Square, Robertson Walk, and CQ @ Clarke Quay.

Mr Giam commented, “Freehold serviced apartments in the city are tightly held and rarely available for sale. The property comes with a serviced apartment license allowing for a minimum stay of 7 days, catering to both long-term stays and short-term accommodation. Located within a 5-minute drive from both Orchard Road and Singapore’s Central Business District, there will be strong demand from both tourists and business travelers. CBRE expects strong interest in this property as it provides stable rental income with the potential for capital appreciation.”

The property is a 6-minute walk from Fort Canning MRT station and within a 15-minute walk from Great World MRT station. It is well-connected to other key areas of Singapore, being a 10-minute drive from the Central Business District (CBD) and within close proximity to major expressways such as the Central Expressway (CTE) and Ayer Rajah Expressway (AYE).