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News Release

Singapore

A Pair of Charming Freehold Conservation Shophouses Nestled within the Heart of Singapore’s Chinatown Historic District Up for Sale

Indicative price in the region of $23 million


​​​​​​SINGAPORE, 29 September 2016 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 22 & 23 Mosque Street, a pair of beautifully restored three-storey freehold shophouses with mezzanine levels nestled within the heart of Singapore's historic Chinatown district.

The subject property sits on a combined land area of approximately 2,688 sq ft and has a total gross floor area (GFA) of approximately 7,800 sq ft. Under the 2014 Master Plan, the site is zoned "Commercial" under the Chinatown Historic District (Kreta Ayer) Conservation Area. The property is currently fully occupied – with a furniture showroom and restaurant cum bar on the ground floor and office tenants on the upper floors.

The offering is located about 200-metres from the Chinatown MRT station and about 450-metres from Telok Ayer MRT station. It is readily accessible via public transportation along New Bridge Road and Cross Street. Located within the Central Business District (CBD), the property is within 5 to 10 minutes' walk to the Raffles Place district. It is easily accessible to other parts of Singapore via the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE).

Bounded by New Bridge Road, Cross Street and South Bridge Road, Mosque Street is a charming area lined with three- to four-storey heritage shophouses built in the Transitional, Late and Art Deco styles. The area, named after the Jamae Mosque located along the street, received conservation status on 7 July 1989. Today, the street boast an eclectic mix of old and new, whereby traditional shops can be found next to fancy boutique hotels, stylish restaurants and cafés. Notable establishments in the area include boutique hotels and serviced apartments such as Porcelain Hotel, The South Bridge Hotel and Empire Lofts; restaurants such as Vita ​Italiana Restaurant, Togi Korean Restaurant, Momma Kong's Crab Shack and Chong Qing Grilled Fish and stylish cafes such as The Company of Cats

The subject property is located within the heart of the bustling Chinatown district, a popular cultural enclave and tourist destination which boasts a rich history and attracts high volume of locals and foreigners into the area daily. An array of distinctly Chinese cultural elements such as authentic Chinese cuisine, fantastic shopping and interesting cultural attractions can be found in the vicinity. Popular establishments in the vicinity include Chinatown Point, People's Park Centre, Yue Hwa Emporium, Chinatown Street Market, Chinatown Complex, Buddha Tooth Relic Temple, Thian Hock Keng Temple and Sri Mariamman Temple. During the Chinese New Year and Mid-Autumn Festivals, the streets become even livelier when the pedestrian walkways and roads in the area are converted into street bazaars and cultural performances and activities can be found around the thoroughfare. 

Mr Clemence Lee, Senior Manager, Capital Markets, JLL said: "Prime freehold and 999-year leasehold shophouses located in central areas are highly sought after due to their inherent investment value and wealth preservation purposes. This is evident in JLL's successful sale of three freehold/ 999-year shophouses over a short span of 2 months; namely 11 & 13 Bukit Pasoh Road which sold for $25.0 million ($2,940 psf), 60 Boat Quay which sold for $7.33 million ($3,138 psf) and 18 Circular Road which sold for $7.2 million ($2,872 psf). Given 22 & 23 Mosque Street's similar 999-year tenure and locational attributes, we expect this trend to continue moving forward and anticipate strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs)."

​​​"Furthermore, with the property located directly opposite the chic Club Street area, we are starting to notice a trend of new upscale restaurants and trendy cafes opening up in the Mosque Street area. The new owner can expect to enjoy strong capital and rental upside from the gradual evolution of the entire street." he added.

Shophouses in the Chinatown district, with its distinctive facade and rich historical significance, are seldom made available for sale. Based on URA Realis data since January 2015, there were a total of 175 caveats lodged for shophouses. Only 8 or about 4.5 per cent of the total transactions were in the Chinatown district.

Prominent transactions include 205 & 207 New Bridge Road which sold for $20.5 million ($3,535 psf) and 75 Pagoda Street which sold for $20.0 million ($3,500 psf).

The indicative guide price for 22 & 23 Mosque Street is in the region of $23 million, which translates to about $2,950 psf on the existing GFA.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property.

The sale will be conducted through an Expression of Interest (EOI) exercise which closes on Wednesday, 9 November 2016 at 3pm. ​