SINGAPORE (EDGEPROP) - A freehold commercial building located at 7 Hindoo Road, near Farrer Park, has been put up for sale at a guide price of $23.5 million. This translates to approximately $1,682 psf based on the total floor area.

Read also: Freehold commercial building near Jalan Besar MRT Station for sale at $23.5 mil

It was previously put up for sale at a guide price of $25 million in February 2020, and again in January of this year at a guide price of $23.5 million, both times without any success.

Loyalle Chin, senior associate division director at PropNex Realty, is the exclusive marketing agent for this sale. JLL was the marketing agency for the property for the previous two attempted sales.

The property sits on a freehold land of approximately 3,519 sq ft, with a total floor area of approximately 13,970 sq ft. The four-storey building is fitted with a lift and has a column-free layout.

The property is currently tenanted to retail shops on the ground floor, while the upper floors were previously used as offices and a construction safety training school. Buyers of the property can explore change-of-use options for the building, and will also have naming and signage rights, subject to the relevant authorities' approval.

Located near Serangoon Road and Jalan Besar, the property is close to the Farrer Park MRT Station on the North-East Line as well as the Jalan Besar MRT Station on the Downtown Line. It is a five-minute drive to the Bugis area.

Nearby commercial developments include Centrium Square, Mustafa Centre, One Farrer Hotel and Citadines Rochor at Tekka Place. (Find Singapore commercial properties with our commercial directory)

According to Chin, nearby freehold residential projects such as 1953 by Oxley Holdings have been sold for between $1,752 and $1,956 psf. Nearby, the retail space of Centrium Square was sold at S$4,967 psf strata area, while Verdun House was recently launched for collective sale at a reserve price of $55 million, which is $1,790 psf per plot ratio. (Browse newly launched condos in Singapore right now)

“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,” Chin says.

Foreigners and companies are eligible to purchase with no additional buyer’s stamp duty and seller’s stamp duty payable.

The expression of interest exercise will close at 3pm on Dec 21.

Check out the latest listings near Hindoo Road, Verdun House, Farrer Park MRT Station, Jalan Besar MRT Station