Freehold commercial building along Hindoo Road for sale at guide price of S$23.5m

A FREEHOLD commercial building located at 7 Hindoo Road is on sale for an indicative guide price of S$23.5 million, which translates to approximately S$1,682 per square foot (psf) area, the exclusive marketing agent of the property PropNex announced in a press release on Monday (25 Oct).

The sale, held via an expression of interest exercise, will be led by the real estate agency's senior associate division director Loyalle Chin, and will close at 3pm on Dec 21, 2021.

The four-storey building sits on a freehold land of approximately 3,519 sq ft, with a total floor area of approximately 13,970 sq ft.

PropNex highlighted that the building with a glass facade is fitted with a lift and has a column-free layout, which is "efficient" for space planning. The property also has a "generous" ceiling height on each floor, and is one of the taller buildings in the area, with upper floor tenants having views of the Central Business District, the release noted.

Buyers of the property can explore change-of-use options for the building, and will also have naming and signage rights - subject to the relevant authorities approval, the release pointed out.

Chin commented that the property presents an opportunity for investors and owner-occupiers to acquire a freehold building in a prime city fringe location that has "potential capital appreciation."

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"Commercial assets of this quantum have a strong rising demand, particularly in land-scarce Singapore and in an area with high foot traffic. 7 Hindoo Road is a compelling investment opportunity for buyers seeking an immediate income-yielding asset or an opportunity to explore change-of-use options to other commercial usage such as supermarkets, departmental stores, restaurants or student hostels, subject to authorities approval," said Chin.

The report said recent freehold property transactions in the area pointed to the possibility of potential capital appreciation. Residential project 1953 by Oxley Holdings was sold for between S$ 1,752 and S$ 1,956 psf; the retail space of Centrium Square was sold at S$4,967 psf of strata area; while Verdun House was recently launched for collective sale at a reserve price of S$55 million, which works out S$1,790 psf per plot ratio.

In addition, the Singapore Land Authority (SLA) and Urban Redevelopment Authority (URA) will be offering for lease a state property along 15-31 Hindoo Road under a programme to inject vibrancy into the precinct and enhance its character.

PropNex noted that foreigners and companies are eligible to purchase with no additional buyer's stamp duty and seller's stamp duty payable.

Read more:

• Lakepoint owners seeking S$640m in en bloc tender
• Brokers' take: UOBKH upgrades PropNex to 'buy' as share price declines