Office Unit Havelock Ii Market 26 Mil

The 1,593 sq ft office unit at Havelock II, located at 2 Havelock Road, will be up for auction at SRI’s upcoming property auction on Sept 25. It is currently owned by an individual seller and has a guide price of $2.63 million, which works out to be $1,651 psf based on the strata area. The unit also includes an accessory lot of 11 sq ft.The unit for sale is situated on the seventh floor and is a corner unit, providing ample natural light and an independent air-conditioning system. It has a regular layout and is fitted with meeting rooms, a washroom, and a general work area. According to Mok Sze Sze, managing partner of auctions at SRI, the unit is currently tenanted to a business service provider and will be sold with the existing tenancy that expires in May 2025. The current rental yield is about 3.3%, based on the guide price.However, Mok believes that the unit has the potential to generate a gross rental yield of close to 6% based on recent asking rents for office space at Havelock II. The median monthly rental rate for office space along Havelock Road has been on a steady increase since the start of the year, according to URA data. The median monthly rental rate was $5.88 psf in 1Q2024, increased to $7.00 psf in 2Q2024, and rose further to $7.64 psf in 3Q2024 as of Sept 17.Based on the current median monthly rental rate, the unit could potentially generate a gross rental yield of around 5.5% per annum. The photos of the corner unit reflect the bare unit before the current tenants outfitted the property.The property, being a commercial unit, is not subjected to additional buyer’s stamp duty (ABSD) and is open to bids from foreigners. According to Mok, there has been significant interest from both investors and owner-occupiers. So far this year, four office resale transactions have been recorded at Havelock II at an average price of $1,794 psf.The most expensive unit, in terms of psf price, was a fourth-floor unit with a size of 721 sq ft, which was sold on Aug 29 for $1.5 million or $2,080 psf. The least expensive unit was a 334 sq ft, fourth-floor unit sold on July 26 for $525,000 or $1,573 psf.Havelock II is a seven-storey mixed development with a 99-year lease from 1983. It has a four-storey office tower atop a three-storey retail podium, consisting of 94 strata office units starting from 312 sq ft and 151 retail and F&B units starting from 140 sq ft in the retail podium. The basement carpark accommodates about 101 lots.Havelock II was previously known as 2HR before it was acquired by Guthrie GTS in 2013 for $282.88 million. In 2016, the building was rebranded to its current name after undergoing a $40 million upgrade. It sits within 400m of Clarke Quay MRT Station and Chinatown Interchange, providing connectivity to the North East and Downtown Lines. Amenities in the area include institutional buildings, such as the Ministry of Manpower and the Family Justice Courts, the recently rebranded Park Regis by Prince Singapore hotel, Hong Lim Market and Food Centre, and People’s Park Centre.

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Enriching the living experience of its residents, Novo Place EC’s strategic location near various shopping and dining facilities offers unparalleled convenience and access to a wide array of amenities. From cutting-edge malls for shopping to diverse local eateries for dining, and even opportunities to enjoy nature, Novo Place EC is the ideal destination for a well-rounded lifestyle that caters to all ages and preferences. It is more than just a place to call home; it is a dynamic community to be a part of. Adding to its appeal, Novo Place EC is developed by Hoi Hup, further solidifying its reputation as a highly desirable living destination.