$38 mil price tag on Mohamed Sultan Rd commercial, serviced apartment buildings
Their immediate rental income, SA1 approval and scarce freehold River Valley location may attract investors seeking turnkey assets with limited near-term capital expenditure.
Two fully tenanted freehold mixed-use buildings at 22 and 23 Mohamed Sultan Road are offered at about $38 million, or $2,621 psf.
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A freehold mixed-use development with approval for Serviced Apartment (SA1) use has been put on the market with a guide price of about $38 million, or around $2,621 psf on the existing floor area of 14,497 sq ft.
Located at 22 and 23 Mohamed Sultan Road, the assets comprise a serviced apartment block and a commercial building, sitting on separate land parcels with a combined land area of about 4,221 sq ft.
Both are fully tenanted and able to provide stable and immediate rental income to incoming investors, according to exclusive marketing agent CBRE in a Sept 23 media release.
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“The assets are well-maintained and in excellent condition, offering a turnkey investment with minimal near-term capital expenditure required,” said Clemence Lee, CBRE executive director of capital markets, Singapore.
Co-living operator Cove is currently managing apartments, lofts and rooms with shared amenities at both properties.
The rear block, at 22 Mohamed Sultan Road, is an eight-storey development approved for SA1 use, housing serviced apartment units on levels two to eight.
It occupies a 3,075 sq ft site zoned for residential use with a gross plot ratio of 3.8 based on the URA Master Plan 2025.
The front block, at 23 Mohamed Sultan Road, is a four-storey building with a basement. It has a shop in the basement, restaurant on the ground floor, and serviced apartments from levels two to four.
That block sits on a land plot spanning 1,146 sq ft, zoned for commercial use.
Online checks show that Bad Habits, which serves New York-style pizzas by the slice, occupies the ground floor of the front block.
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Lee noted that such freehold, income-producing mixed-use assets in River Valley are tightly held, while the Singapore River-Robertson Quay district is also undergoing renewal.
The properties are a seven-minute walk to Fort Canning MRT Station and an eight-minute drive to Raffles Place in the CBD and the Orchard Road shopping district.
The sale will be conducted via an expression of interest exercise, which closes at 3pm on Oct 28.
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