Freehold Commercial Bldg In 7 Hindoo Road Put Up For Sale For $23.5mil
SINGAPORE – A freehold commercial building along 7 Hindoo Road has been launched for sale via an expression of interest (EOI) exercise at an indicative price of S$23.5 million. Based on its overall floor area of 13,970 sq ft, this works out to around S$1,682 psf, reported The Edge on Monday afternoon (25 October, SGT).
The 4-storey commercial property stands on a 3,519 sq ft site. At present, the building is leased to retail shops on the ground level, whereas the upper levels were previously used as office space and a school for construction safety training. The new owner of the asset can explore changing the usage of the building, in addition to having signage and naming, subject to the approval of the pertinent government agencies.
Located close to Farrer Park as well as Jalan Besar and Serangoon Road, the commercial property is also near the Jalan Besar MRT Station on the Downtown Line and the the Farrer Park MRT Station on the North-East Line.
Previously, the freehold commercial building was launched for sale at a higher indicative price of S$25 million in February 2020, and again in January 2021 at a guide price of S$23.5 million. However, it failed to attract any buyers at both times.
PropNex Realty’s Senior Associate Division Director, Loyalle Chin, is the exclusive marketing agent for the latest sale, while Jones Lang LaSalle (JLL) handled the prior 2 attempted sales.
“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 usages such as supermarkets, departmental stores, restaurants or student hostels, subject to the authorities’ approval,” he said.
For price comparison, Chin noted that units at freehold residential developments in the vicinity like Oxley’s 1953 have been sold for S$1,752 to S$1,956 psf. Retail space at the nearby Centrium Square was transacted for S$4,967 psf, while the while Verdun House was recently put up for en bloc sale at a reserve price of S$55 million (S$1,790 psf ppr).
The EOI exercise for the commercial building in 7 Hindoo Road shall close on 21 December 2021 at 3pm.