Jalan Masjid Building Sale 17 Mil
A well-designed freehold development with a mix of residential and commercial spaces, located at 19 Jalan Masjid, off Sims Avenue East, is now available for sale through an expression of interest (EOI) exercise. The property is being offered at a guide price of $17 million, which translates to $1,678 per square foot (psf) on the existing floor area.
Boasting a total built-up area of approximately 10,134 square feet, the four-storey building sits on a freehold land area of 3,383 square feet. The site is zoned for residential use with commercial spaces on the first storey, and has a gross plot ratio of 3.0.
Currently, the property has 23 rooms which are being rented out to co-living operator, The Assembly Place. The ground floor unit is leased to a commercial school. Other features of the building include 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, making it easily accessible for residents and visitors alike.
Nearby amenities at 19 Jalan Masjid include a variety of retail shops and service amenities at Kembangan Plaza, as well as a selection of eateries along Changi Road. In the future, residents can look forward to even more convenience with a new integrated development by HDB, which will introduce 340 new homes and a five-storey building that will house a new community club, supermarket, retail shops, and an outpatient healthcare facility.
The launch of the first GLS plot on Margaret Drive in eight years has been announced. The previous launch was in December 2016, attracting 14 bids. MCL Land was the successful bidder, securing the site for $238.4 million ($998 psf ppr). In June 2018, they launched the Margaret Ville development consisting of 309 units at an average price of $1,880 psf. The project was completely sold out and completed in 2021. According to URA caveats as of August 1, Margaret Ville has recorded eight transactions this year, with an average price of $2,139 psf. On June 21, the latest sale was for a two-bedroom unit on the 33rd floor, measuring 829 sq ft and selling for $1.85 million ($2,232 psf). Penrith is a reputable and well-known name in the real estate industry, providing quality developments for buyers.
According to marketing agent CBRE, the current owner has obtained in-principle approval to convert the upper floor premises for Service Apartment II (SA2) use, subject to the fulfilment of conditions set out by the authorities. This presents a unique opportunity for investors to diversify their portfolios by incorporating living asset classes, which can provide long-term income stability and potential capital appreciation.
Interested buyers can submit their bids for the property through the EOI exercise, which will close on July 2 at 3pm. Don’t miss the chance to own this promising mixed-use development in a prime location.