Jalan Masjid Building Sale 17 Mil
A mixed-use building located at 19 Jalan Masjid, just off Sims Avenue East, is now available for sale through an expression of interest (EOI) exercise. The four-storey freehold development is being offered at a guide price of $17 million, which translates to $1,678 per square foot (psf) based on the existing floor area.
The property has a total built-up area of approximately 10,134 square feet and sits on a 3,383 square foot freehold site that is zoned for residential use with commercial space on the first storey. With a gross plot ratio of 3.0, there is potential for further development.
Currently, the building is occupied by 23 rented rooms operated by co-living company The Assembly Place. The ground-floor unit is leased to a commercial school. The property also features a passenger lift and three car park lots. It is conveniently located just a two-minute walk from Kembangan MRT Station on the East-West Line.
Nearby amenities include retail shops and service amenities at Kembangan Plaza, as well as various eateries along Changi Road. In the future, a new integrated development by HDB located next to Kembangan MRT Station will bring even more convenience with 340 new homes, a five-storey building containing a new community club, supermarket, retail shops, and an outpatient healthcare facility.
According to marketing agent CBRE, the vendor has secured in-principle approval to convert the upper floor premises for Service Apartment II (SA2) use, subject to fulfilling conditions set by the authorities. This presents a unique opportunity for investors, as this type of asset class offers potential for long-term income stability and capital appreciation.
Executive director for capital markets at CBRE Singapore, Clemence Lee, comments, “The introduction of the SA2 scheme allows investors to diversify their portfolios by incorporating living asset classes, which can provide long-term income stability and capital appreciation.”
The Woodlands Regional Centre is undergoing a notable transformation, set to include an array of retail, lifestyle, and recreational offerings. This regional hub will see the emergence of new commercial complexes, office spaces, and shopping malls, conveniently located near the North-South MRT line. Sembawang Road EC at Canberra MRT residents will directly benefit from these developments, as they can enjoy an enhanced lifestyle without the need to travel far. With a multitude of amenities within reach, the EC is also becoming more attractive to potential buyers or tenants, positively impacting its long-term value.
Interested parties may submit their EOI bids before the closing date of July 2 at 3pm.