Chern Seng Building, a commercial Office building close to Jalan Besar MRT station is put up for sale.
The Expression of Interest exercise for the freehold four-storey 7 Hindoo Road is all set to begin soon according to JLL which is the marketing agent for this property and the EOI shall close on 20th March, 2019 at 3:00 PM.
The commercial property has a large frontage of about 15 meters and covers total land area of 3,519 sq ft.
The total GFA stands at 13,970 sq ft, and it is being put up for sale at S$25 million guide price which translates to about S$1,790 psf based on the gross floor area.
As a part of the deal the new owner shall also have the right to naming the property as well as its signage.
As per the 2014 Master Plan this property has been zoned commercial and at present has retail store in its ground floor and offices on the other three floors.
The present leases are on a month-to-month basis. All the floors in the property have a column-free layout which is an advantage and the ceiling height is also generous according to a spokesperson from JLL.
The spokesperson added that upon receiving necessary approvals from the authorities the property can be put to use for medical suites, F&B outlets, showroom or even as an entertainment hub.
JLL also mentioned that foreigners can invest in this property as the building has been zoned for commercial use and ABSD (Additional Buyer’s Stamp Duty) and Seller’s Stamp Duty isn’t applicable for this property.
Senior Director at JLL Clemence Lee stated that many investors are targeting commercial properties in the city fringes given the constant rise in the prices of boutique buildings and shophouses that are located in the Central Business District.
He added that the prices on the city fringes are still affordable and also promise higher rental yields for the investor.
He concluded by saying that given the increase in demand for office space this property promises great returns for the investor.