Freehold commercial building along Hindoo Road up for sale

A freehold four-storey commercial building at 7 Hindoo Road has been put up for sale via expression of interest (EOI) with a guide price of $25 million, revealed marketing agent JLL.

This works out to $1,790 psf on the total gross floor area of 13,970 sq ft.

Located near Jalan Besar MRT station, the property sits on a 3,519 sq ft site zoned ‘commercial’ under the 2014 Master Plan. Its ground floor is currently leased to a retail shop, while its upper floors are occupied by offices.

Each floor in the building features a regular, column-free layout and could be accessed by lift. Subject to relevant authorities’ approval, potential uses for the property include showroom, food & beverage (F&B), entertainment and medical suites. JLL noted that the new owner also has potential naming and signage rights for the property.

The city-fringe property is also within walking distance from the Little India and Farrer Park MRT stations. In addition, it is a 10-minute drive to the central business district and is accessible via the Central Expressway, Pan Island Expressway and East Coast Parkway.

“With prices of shophouses and boutique buildings located in the CBD 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,” said JLL’s senior director Clemence Lee.

“Coupled with the improving office market fundamentals, we believe that 7 Hindoo Road offers a compelling investment opportunity to astute investors.”

Foreigners are allowed to purchase the building as it sits on land zoned for commercial use. No Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) are payable.

The EOI exercise for the property closes on 20 March.

Source: 13 February 2019, CommercialGuru