Commercial Bldg In District 8 Up For Grabs For S$23.5m
SINGAPORE – Marketing agent JLL announced yesterday that a commercial property along 7 Hindoo Road in District 8 has been launched for sale through an expression of interest (EOI), reported The Business Times on Monday afternoon (11 January, SGT).
The 4-storey freehold building is being offered at an indicative price of roughly S$23.5 million, which translates to around S$1,760 psf based on its gross floor area (GFA) of 13,370 sq ft. Apart from having an attic, the property stands on a 3,519 sq ft land parcel with a 15m road frontage.
Foreigners can acquire the property without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) when disposing it, as it’s zoned for commercial use under the 2019 Master Plan of the Urban Redevelopment Authority (URA), noted JLL.
The property consultancy also shared that the building has a regular, column-free configuration with elevator access. While there’s 1 tenant leasing the first level on a monthly basis, the upper floors are unoccupied, revealed the marketing agent.
“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,” said JLL. Still, the aforementioned uses are subject to obtaining approval from the pertinent government agencies.
Moreover, 7 Hindoo Road is just a short drive away from important places in Singapore, like Orchard Road, Paya Lebar Central, and the central business district (CBD). It is also located close to 3 MRT stations – Little India, Farrer Park, and Jalan Besar.
It’s a “timely opportunity to acquire a medium-sized commercial building” situated in the city-fringe, commented Ong Zhen Hao, Director of capital markets at JLL Singapore.
“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 added.
The EOI exercise for the commercial property, which was previously put up for sale in February 2019 with a higher guide price of S$25 million, ends on February 23 at 3pm.
