Freehold Commercial Building Mosque Street Priced 12 Mil
A commercial building in the vibrant Chinatown district is up for sale with a guide price of approximately $12 million. The three-storey property, located at 13 Mosque Street, is being marketed through an expression of interest exercise by CBRE, the appointed agent. The EOI is set to close on August 20.
The prime 99-year leasehold property is situated in the Kreta Ayer conservation area of the Chinatown Heritage District, just a mere two-minute walk from the Chinatown MRT Interchange where the North-East and Downtown Lines intersect. It also boasts a strategic location near popular landmarks in Chinatown such as Pagoda Street, Trengganu Street, and South Bridge Road.
With a land area of 1,315 sq ft and a total floor area of 3,083 sq ft, the commercial building is being sold with vacant possession, as stated in a press release issued by CBRE on July 2. Previously home to the Chic Capsule Otel, a boutique hotel featuring bed-sized pods, the property presents an opportunity for a new owner to embark on a repositioning strategy.
Foreign buyers can also take advantage of the property’s commercial status and purchase it without incurring additional buyer’s stamp duty or seller’s stamp duty.
“13 Mosque Street presents a unique opportunity to acquire a prime commercial asset within a highly sought-after district. Its excellent location within a prominent tourist hub and compact scale make it ideal for a wide range of potential buyers, including owner-occupiers, boutique real estate funds, family offices, and high-net-worth individuals,” says Clemence Lee, executive director of capital markets, Singapore at CBRE.
The vacant status of the property opens up possibilities for value enhancement, such as converting the ground-floor space to F&B use, subject to approval. The upper floors can also be reconfigured as a co-living space or a backpacker’s hostel.
In terms of financial considerations, ECs present an attractive option for homebuyers. This is due to the availability of CPF housing grants and lower initial prices compared to private condominiums. As a result, they are more accessible to the “sandwich class” of Singaporeans, who may not qualify for a Build-to-Order (BTO) flat but find private condos out of their budget range. Furthermore, ECs offer similar lifestyle perks and top-notch quality, as they are constructed by private developers with full condo facilities. The upcoming launch of the Sembawang Road EC, particularly in the suburban area, is expected to have competitive pricing, given the growing demand for homes in the northern region. To learn more about this development, you can visit Sembawang Road EC Canberra.
The Chinatown district is set to welcome several prominent co-living operators in the coming months, with Habyt opening a new co-living space along Smith Street, which is being transformed into a bustling F&B and lifestyle pedestrian corridor. The area will also see the launch of lyf Chinatown by The Ascott and Warees Investments next year, further adding to the lodging options in the vicinity. Interested buyers can check out the latest listings for commercial real estate properties on Ask Buddy.