A 1,593 sq ft strata office unit at Havelock II, located at 2 Havelock Road, will be up for auction at SRI’s upcoming property auction on Sept 25. This corner unit on the seventh floor boasts a regular layout and is fitted with meeting rooms, a washroom and a general work area. It also receives ample natural light and has its own independent air-conditioning system, according to Mok Sze Sze, managing partner of auctions at SRI. The property comes with an accessory lot spanning 11 sq ft, bringing the total strata area to 1,604 sq ft. With a guide price of $2.63 million, the unit translates to $1,651 psf.
The unit was previously purchased from the developer in September 2014 for about $3.35 million, or $2,115 psf, according to URA caveats. Currently tenanted to a business service provider, the unit will be sold with its existing tenancy which expires in May 2025. The current rental yield is estimated to be around 3.3% based on its guide price, but Mok believes it has the potential to generate a gross rental yield close to 6% based on recent asking rents for office space at Havelock II. This is due to the steady increase in monthly rental rates for office space on Havelock Road since the beginning of 2024.
As a commercial unit, this property is not subject to additional buyer’s stamp duty (ABSD) and foreigners are eligible to bid. According to Mok, the unit has received significant interest from both investors and owner-occupiers. So far this year, there have been four office resale transactions recorded at Havelock II with an average price of $1,794 psf. The most expensive unit, in terms of psf price, was a 721 sq ft, fourth-floor unit that was sold for $1.5 million or $2,080 psf on Aug 29. On the other hand, the unit with the lowest psf price this year was a 334 sq ft, fourth-floor unit that was sold for $525,000 or $1,573 psf on July 26.
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Havelock II is a seven-storey mixed development with a 99-year lease from 1983. Its office component contains 94 strata office units starting from 312 sq ft while the retail podium houses 151 retail and F&B units starting from 140 sq ft. The basement carpark has around 101 lots to accommodate vehicles. The building was previously known as 2HR before it was purchased by Guthrie GTS in 2013 for $282.88 million. After a $40 million upgrade, it was rebranded as Havelock II in 2016.
The property is within 400m of Clarke Quay MRT Station and Chinatown Interchange, providing connectivity to the North East and Downtown Lines. It is also close to institutional buildings such as the Ministry of Manpower and the Family Justice Courts, as well as the recently rebranded Park Regis by Prince Singapore hotel. Other nearby amenities include Hong Lim Market and Food Centre and People’s Park Centre.