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Freehold city fringe commercial building up for sale with S$25m guide price
A FREEHOLD four-storey commercial building near Jalan Besar MRT is being put up for sale in an expression of interest exercise, exclusive marketing agent JLL said on Tuesday. The exercise closes at 3pm on March 20, 2019.
The property, 7 Hindoo Road, has a 15-metre wide frontage, a land area of 3,519 square feet and a gross floor area (GFA) of about 13,970 sq ft. The guide price is S$25 million or S$1,790 per square foot on the GFA. The incoming owner has potential naming and signage rights for the property.
Zoned for commercial use under the 2014 Master Plan, it is currently leased to a retail shop on the ground floor and offices on the upper floors, with the existing leases running on a month-to-month basis. Each floor has a regular, column-free layout "with generous ceiling height" and lift access, said JLL, adding that potential uses subject to the authorities' approval include food and beverage, showroom, medical suites and entertainment.
JLL noted that given the commercial zoning, foreigners are eligible to purchase the building. There is no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase of the property.
Said JLL senior director Clemence Lee: "With prices of shophouses and boutique buildings located in the CBD (central business district) reaching record levels, we're starting to notice that some investors are beginning to divert their attention to city-fringe properties instead as prices have yet to catch-up and rental yields are comparatively higher. Coupled with the improving office market fundamentals, we believe that 7 Hindoo Road offers a compelling investment opportunity to astute investors."