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News Release

Singapore

Freehold conservation shophouses in the heart of Singapore’s Chinatown re-launched for sale

Price reduced from $23 million to $22 million ($2,820 per sq ft)


Singapore, 4 October 2017 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 22 and 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 properties sit on a combined land area of approximately 2,688 sq ft and have 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 occupied with a bath ware 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 boasts 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 Hotel Mono, 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.


The subject properties are 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, Associate Director, Capital Markets, JLL says: “During our launch of 22 & 23 Mosque Street in September 2016, we received a handful of offers but the offers fell short of the owner’s expectations. The properties were subsequently redrawn from the market. We’ve been studying the market closely since and have noticed an increase in sales activity for freehold and 999-year leasehold shophouses located in the CBD over the last six months. As such, we feel that it is now a good time to put the property out on the market again to give buyers another chance to re-look at this exceptional opportunity. Given the reduction in price, the property’s freehold tenure, its prime CBD location and close proximity to two MRT stations, we expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs). Owner occupiers who are looking to own their own boutique building will also find this an interesting proposition.”


Demand for freehold and 999-year leasehold shophouses in the CBD has remained strong. Based on URA Realis data over the past 6 months, there were a total of 20 caveats lodged for freehold and 999-year leasehold shophouses, out of which 18, or about 90% of the total transactions, were freehold or 999-year leasehold shophouses. Prominent transactions include 52 Amoy Street, which sold for $7.1 million ($3,950 psf) in July 2017, 47 to 65 Keong Siak Road, which sold for $76 million ($2,800 psf) in June 2017, and 12/14/16 Teck Lim Road, which sold for $31.0 million ($2,770 psf) in July 2017, 89 Amoy Street, which sold for $21.0 million ($2,900 psf) in June 2017, 39 Pagoda Street, which sold for $12.2 million ($3,700 psf) in May 2017, and 34 Keong Saik Road, which sold for $8.13 million ($3,100 psf) in May 2017.


The indicative guide price for 22 & 23 Mosque Street is in the region of $22 million, which translates to about $2,820 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 exercise which closes on Thursday, 2 November 2017, at 3pm.


Note to editors:

  1. For a high-resolution photograph of the property, please click here.​