Freehold commercial building in District 8 up for sale with S$23.5m guide price

A FREEHOLD commercial building at 7 Hindoo Road is up for sale via an expression of interest exercise, marketing agent JLL said on Monday.

The guide price in the region of S$23.5 million works out to about S$1,760 per square foot on the total gross floor area.

The four-storey building with attic is located in District 8, along with a 15-metre road frontage. It occupies a land area of 3,519 square feet (sq ft) and has a total gross floor area (GFA) of about 13,370 sq ft.

Under the Urban Redevelopment Authority's 2019 Master Plan, the site is zoned for commercial use. With the current zoning, foreigners are eligible to purchase the property with no additional buyer's stamp duty or seller's stamp duty payable, JLL said.

Each floor within the building comes with a regular, column-free layout with lift access. There is a single tenant on the ground floor renting on a monthly basis, while the upper floors are vacant, JLL said.

"With the flexibility of buying with vacant possession, the incoming owner can immediately value-add to the property through refurbishment works or explore alternative uses such as food & beverage, co-working, co-living, commercial school and showroom, among others," the marketing agent said, adding that these are subject to approval from the relevant authorities.

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The property is situated within a short walk from three MRT stations, namely Jalan Besar, Farrer Park and Little India. It is also within a 10-minute drive to other key areas, including the central business district, Orchard Road and Paya Lebar Central.

JLL Singapore director of capital markets Ong Zhen Hao noted that 7 Hindoo Road presents a "timely opportunity to acquire a medium-sized commercial building" located in the city-fringe.

"Recent trends have seen freehold prices rising despite uncertain economic conditions. This reaffirms investors' preference for freehold assets and their strong capital-appreciation potential," he said.

The expression of interest exercise for 7 Hindoo Road will close at 3pm on Feb 23.

The same property was previously launched for sale in February 2019, along with a S$25 million guide price.

Separately, The Business Times on Monday reported that JLL has appointed new country heads for Singapore and Thailand as it eyes regional growth. Chris Archibold has been promoted to Singapore country head, while Michael Glancy will succeed Suphin Mechuchep as country head for Thailand.