Mackenzie 138
Overview & Key Facts
Mackenzie 138 occupies a slender plot on Mackenzie Road in District 9 — a quiet residential street that runs between the Rochor Canal corridor and the foot of Monk’s Hill, just where the prestige of the Core Central Region meets the energy of the Little India Conservation Area. Developed by Macly Capital Pte Ltd, a boutique Singapore developer known for compact freehold projects in city-fringe and central locations, the development was completed in 2006 and holds 35 units across a single residential block.
The defining characteristic of Mackenzie 138 is not scale — it is location and tenure. A 35-unit freehold development a quarter-kilometre from an MRT interchange in the CCR is a genuinely rare combination. The majority of the unit mix skews toward studios and one-bedroom formats, reflecting the developer’s typical positioning for professionals, investors, and small households seeking a city-connected base with perpetual ownership rights.
Transaction volumes are naturally thin at this scale — only seven sales recorded in total — but the rental market tells a more active story, with 88 rental transactions reflecting strong and consistent tenant demand from students at the nearby arts institutions and young professionals drawn to the central location. At a gross yield of 4.59%, Mackenzie 138 is one of the better-performing freehold CCR assets in its size bracket.
Location & Connectivity
Mackenzie Road sits at the northern edge of the Rochor planning area, where the Conservation District character of Little India gives way to the gentler residential streets climbing toward Monk’s Hill and Newton. The immediate streetscape is quiet for a central location — low-rise shophouses on one flank, mature trees lining the canal reserve on the other. It feels more like a hidden pocket than a CCR address, which is part of the appeal for residents who want proximity to the city without the noise of Orchard Road or the construction pressure of River Valley.
The nearest MRT station is Little India on the Downtown Line and North-East Line interchange, at approximately 0.26 km — a genuine three-minute flat walk. This is not an estimate that fades when you actually try it; Mackenzie Road feeds directly to the station entrance without crossing major roads. Little India interchange gives direct access to both the Downtown Line (Bugis, Bayfront, Marina Bay in under 10 minutes) and the North-East Line (Dhoby Ghaut, Clarke Quay, HarbourFront). Dhoby Ghaut interchange — where the Circle Line joins the first two — is two stops, 0.92 km, or a pleasant 11-minute walk via the heritage conservation streets.
For drivers, the CBD is reachable in under 10 minutes via Rochor Road and Beach Road, and the CTE on-ramp at Clemenceau Avenue is three minutes away. Daily amenities are similarly accessible on foot: the Tekka Market and Food Centre at the heart of Little India is a five-minute walk, stocking a full wet market alongside some of the most lauded roti prata and fish head curry stalls in the city. Mustafa Centre — the 24-hour retail institution — is under 10 minutes on foot, making late-night grocery runs genuinely practical.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| LASALLE College of the Arts | tertiary | Within 1 km |
| ACS (Junior) | primary | Within 1 km |
| St. Margaret's Secondary School | secondary | Within 1 km |
| St. Margaret's Primary School | primary | Within 1 km |
| Nanyang Academy of Fine Arts | tertiary | ~1.1 km |
| Singapore Management University | tertiary | ~1.2 km |
| Farrer Park Primary School | primary | ~1.3 km |
| School of the Arts | jc | ~1.3 km |
Facilities
At 35 units, Mackenzie 138 does not attempt to replicate the resort-scale amenity offering of larger developments. What it provides is functional: a swimming pool, a gym, and the usual security infrastructure expected of a CCR freehold address. There are no tennis courts, badminton halls, or clubhouses — and for the target occupant profile of single professionals and investor-tenants, this is rarely a deal-breaker. The compact footprint means maintenance fees are directed toward upkeep rather than spread thin across fifty amenity clusters.
What the development does offer in lieu of facilities is immediate access to the neighbourhood’s own amenity layer: the Rochor Canal linear park for walking and cycling, the Farrer Park recreational cluster (including the historic Farrer Park Field and Singapore Cricket Club overflow facilities) a short distance north, and the dense hawker and retail ecosystem of Little India for daily F&B needs. Residents who might find a development gym inadequate can access the ActiveSG gym at Jalan Besar Stadium within a 12-minute walk — one of the better-equipped public gym facilities in Singapore at a fraction of private condominium monthly fees.
Unit Sizes & Layout
Unit configurations at Mackenzie 138 are weighted toward the compact end of the spectrum — studios and one-bedroom formats dominate, consistent with the developer’s positioning for the urban professional and investor market. The average transaction price of $996,270 at an average PSF of $1,666 implies typical sizes in the 550–650 sqft range for one-bedroom units. By the standards of the contemporary new-launch CCR market, these are not spacious — but they are priced accordingly, with a PSF gap of $800–$1,500 versus competing freehold and 99-year projects in the same district. That is a meaningful discount for buyers who prioritise location and tenure over unit size.
The development’s 2006 vintage means finishings will reflect the standards of that era rather than the smart-home, marble-heavy presentation of current CCR launches. Buyers and tenants consistently accept this trade-off in exchange for the location. The upper floors offer views over the low-rise heritage conservation streetscape of Little India and the green corridor of the Rochor Canal reserve — an outlook unlikely to be obstructed by future development given conservation area protections on both flanks.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 4 | $1,643 | $768,750 |
| 2 BR | 3 | $1,546 | $1,299,629 |
Pricing & Market Position
Based on 7 recorded transactions, sale prices range from $730,000 to $1,360,000, averaging $996,270 (~$1,666 psf).
Rents range from $2,000 to $4,500 per month across 88 rental transactions. Current rental yield sits at approximately 4.6%.
Price Appreciation
From 2022 to 2025, the average PSF has appreciated by 7.9% (from $1,544 to $1,666 psf).
Neighbourhood Comparison
The most relevant comparisons for Mackenzie 138 are not the splashy new launches that dominate the D9 headlines. RIVER GREEN ($3,135 psf, 99-year, 2024) and THE AVENIR ($3,190 psf, freehold, 376 units) are targeting entirely different buyer profiles with significantly larger unit mixes and full resort-style facilities. Against those benchmarks, Mackenzie 138 looks anachronistic in format but rational in yield: the $1,500+ psf gap buys nothing in tenure terms (both are freehold or near-new) but translates directly into a gross yield advantage of roughly 1.5–2 percentage points. KOPAR AT NEWTON ($2,512 psf, 99-year leasehold) is a closer lifestyle comparison — better facilities, larger units, Newton MRT adjacency — but at a 50% psf premium and with a ticking lease clock, it requires a more active re-sale thesis to justify.
For an investor running a purely income-driven model, the honest conclusion is that Mackenzie 138’s combination of freehold CCR tenure, sub-$1,700 psf entry, and a demonstrated 4.59% gross yield is genuinely difficult to replicate in the current market. The trade-off is unit modernity, facility depth, and the prestige positioning that drives faster capital appreciation in a rising market. Buyers who need all three should look at The Avenir or IRWELL HILL RESIDENCES. Buyers who prioritise sustainable income with tenure security should look seriously at Mackenzie 138’s secondary-market pricing before it is fully re-rated.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| MACKENZIE 138 | Freehold | 2006 | 35 | $1,666 |
| IRWELL HILL RESIDENCES | 99 yrs lease commencing from 2020 | 2021 | 540 | $2,726 |
| RIVER GREEN | 99 yrs lease commencing from 2024 | 2025 | 524 | $3,135 |
| RIVER MODERN | 99 years leasehold | — | — | $3,237 |
| THE AVENIR | Freehold | 2021 | 376 | $3,190 |
| KOPAR AT NEWTON | 99 yrs lease commencing from 2019 | 2021 | 378 | $2,512 |
ShiokNest Scores
Our proprietary scoring system evaluates MACKENZIE 138 across multiple dimensions.
What Residents Say
“Location is unbeatable for the price. Little India MRT is literally three minutes away and I can walk to Tekka Market for breakfast every morning. The unit is compact but for a single person working in the CBD it’s more than enough — and freehold in D9 at this psf is hard to find.”
— Owner review via PropertyGuru, 2025
“Great tenant pool — I’ve had consistent occupancy since purchase with minimal void periods. Students from LASALLE and NAFA, a few expat professionals. The yield makes more sense than anything new in the CCR right now. Downside is the gym is basic and parking is limited, but tenants don’t seem to mind.”
— Investor review via EdgeProp, 2024
“Nice quiet street for a central address. The building is older so finishings are dated, but management keeps it well maintained. Mustafa is a 10-minute walk which is either a pro or a con depending on your lifestyle. For me, being able to walk to two MRT lines is the main draw.”
— Resident review via 99.co, 2024
Strengths & Weaknesses
- Freehold tenure in D9 CCR — no lease decay risk
- Little India MRT interchange 0.26 km — genuine 3-minute walk to dual-line access
- Gross yield 4.59% — strong for a freehold CCR asset at this psf
- PSF $1,666 vs CCR new launches at $2,500–$3,200 — meaningful entry discount
- Proven rental demand — 88 rental transactions, consistent occupancy
- Anchor tenant pool: LASALLE (0.57 km) and NAFA (1.13 km) arts institutions
- Quiet residential street despite central D9 address
- Heritage conservation protections on both flanks limit future view obstruction
- Tekka Market and Mustafa Centre within 10-minute walk for daily needs
- CBD reachable in under 10 minutes by car via Rochor Road
- Boutique 35-unit scale — minimal facilities (pool + gym only, no tennis/clubhouse)
- Compact studio/1BR-heavy unit mix — not suitable for families
- Older 2006 vintage — dated finishings, renovation likely needed
- Limited parking at small-development scale
- Little India neighbourhood context may not appeal to all buyer profiles
- Thin sales liquidity — only 7 recorded transactions (re-sale timing risk)
- Basic gym; no function rooms, tennis, or resort amenities
- No park connector or in-compound retail at development level
Verdict
Mackenzie 138 is a specific kind of CCR asset: a boutique freehold development that competes on location purity rather than facility breadth. It will not appeal to families seeking a resort lifestyle, and its compact unit formats are not designed for households requiring more than one bedroom. For its intended market — investors seeking a freehold CCR yield play, and professionals wanting a city-adjacent base without the maintenance overhead of a large development — it is well-positioned. A gross yield of 4.59% from a freehold CCR asset at $1,666 psf is genuinely difficult to replicate among comparable-vintage competing products in the district.
The PSF trend line is encouraging without being spectacular: $1,544 → $1,615 → $1,560 → $1,666 psf across recent periods, reflecting steady if uneven capital appreciation. The discount to competing new launches — RIVER GREEN at $3,135, THE AVENIR at $3,190, KOPAR AT NEWTON at $2,512 — is substantial, and it reflects both the vintage and the unit-size gap. The more honest comparison is secondary-market freehold CCR boutiques of similar age, where Mackenzie 138 holds its own.
The holding thesis is straightforward: freehold tenure in D9 at sub-$1,700 psf, 260 metres from an MRT interchange, with a track record of sustained rental demand from institutional and professional tenant pools. For long-term holders, the perpetual lease is the single most durable advantage — it eliminates the decay-of-value concern that shadows 99-year assets in the same district as their leases contract below the 60-year financing threshold.