Artist’s impression of the future mixed-use development along Mohamed Sultan Road. Source: SRI
A privately held investment holding firm is selling an ongoing mixed-use development in prime District 9 at 21/23 Mohamed Sultan Road for approximately $30 million, reported the Straits Times.
The project consists of a commercial block and an adjacent eight-storey apartment building with 11 units and two penthouses, according to marketing agent Singapore Realtors Inc (SRI).
More: Oxley buys freehold mixed-use site for $14.5m
SRI managing director Tony Koe revealed that for the residential component, seven of the eight levels have been put up.
“Sites along Mohamed Sultan with approval for an eight-storey block are rarely available for sale and we expect this rare opportunity would be attractive to family offices, funds and astute high-net-worth individuals looking to diversify their portfolio into the residential/commercial segment.”
For the commercial building, its ground floor is currently being built, with temporary planning permission granted for restaurant use, while work on the planned basement has not yet started.
The commercial and residential components have a respective strata area of around about 4,600 sq ft and 8,700 sq ft. Both are located on a 5,146 sq ft land site with a gross plot ratio of 3.8 and zoned for residential with commercial on the first level.
The 999-year leasehold site’s tenure started in July 1841. It is situated within the River Valley conservation area near Liang Court and UE Square Shopping Mall as well as eateries in Robertson Walk.
The tender exercise will close on 30 August 2018.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com