JLL 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 site is zoned “Commercial” under the Chinatown Historic District (Kreta Ayer) Conservation Area. The property is currently occupied with a bathware showroom and restaurant-cum-bar on the ground floor and office tenants on the upper floors.

Mosque Street is a charming area lined with three to four-storey heritage shophouses built in the Transitional, Late and Art Deco styles. The street boasts traditional shops found next to fancy boutique hotels, stylish restaurants and cafés.

The shophouses are only 200 metres from the Chinatown MRT station and about 450 metres from Telok Ayer MRT station, and accessible via public transportation along New Bridge Road and Cross Street. Located within the CBD, the property is just 10 minutes’ walk to the Raffles Place district.

Chinatown is a cultural enclave and tourist destination which attracts high volume of locals and foreigners daily. Chinese cuisine, fantastic shopping and interesting cultural attractions can be found in the vicinity. During the Chinese New Year and Mid-Autumn Festivals, the streets become even livelier when the pedestrian walkways and roads are converted into street bazaars, and cultural performances 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.”

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.

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.

For more information about the shophouses and the Expression of Interest campaign details phone or email Clemence Lee from JLL via the contact details below.

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