Freehold commercial building in Jalan Besar selling for $25 mil

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/ EdgeProp
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February 12, 2019 2:47 PM SGT
7 Hindoo Road (Credit: JLL)
A freehold, four-storey commercial building in Jalan Besar is up for sale at $25 million, or $1,790 psf on gross floor area.
The property, at 7 Hindoo Road, is near the Jalan Besar MRT Station and occupies a land area of 3,519 sq ft. It has a 15m wide frontage and a gross floor area (GFA) of 13,970 sq ft. It is currently leased to a retail shop on the ground floor and offices on the upper floors, which can be accessed by lift.
It is zoned for commercial use. The future owner has potential naming and signage rights for the property, according to JLL, which is marketing the property.
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A number of MRT stations -- Jalan Besar, Farrer Park and Little India -- are within a 10-minute walk from the property. Meanwhile, the CBD is a 10-minute drive away.
Foreigners are eligible to purchase the property. There will be no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed.
“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,” says Clemence Lee, senior director at JLL.
The expression of interest exercise for the property will close on March 20 at 3pm.