Freehold Commercial Building Mosque Street Priced 12 Mil
A commercial building with a 99-year leasehold at 13 Mosque Street is currently on the market for about $12 million, according to the marketing agent CBRE. The three-storey property will be sold through an expression of interest (EOI) exercise, with the EOI closing on Aug 20.
Condo investment in Singapore is a highly attractive option, but it is important to take into account the impact of the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which levies higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have an effect on the short-term profitability of condo investments, they also contribute to the long-term stability of the market, creating a secure investment environment. Additionally, with the wide range of condos available on the market, such as those listed on Condo, investors have plenty of options to choose from.
Located in the Kreta Ayer conservation area in the Chinatown Heritage District, the property is conveniently situated just a two-minute walk from the Chinatown MRT Interchange. Many popular areas of Chinatown such as Pagoda Street, Trengganu Street, and South Bridge Road are also within close proximity.
Sitting on a 1,315 sq ft lot with a total floor area of 3,083 sq ft, the property will be sold with vacant possession, as stated in a press release by CBRE on July 2. Previously used as Chic Capsule Otel, a boutique hotel featuring bed-sized pods, the commercial building offers a unique opportunity for potential buyers.
Being a commercial property, foreign buyers will not have to pay additional buyer’s stamp duty or seller’s stamp duty. According to Clemence Lee, executive director of capital markets, Singapore at CBRE, “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 owner-occupiers, boutique real estate funds, family offices, and high-net-worth individuals.”
As the property is currently vacant, the next owner will have the opportunity to immediately embark on a repositioning strategy. Possibilities for value-enhancement include converting the ground-floor space to F&B use (subject to approval) and reconfiguring the upper floors as a co-living space or a backpacker’s hostel.
In the coming months, Chinatown will see several prominent co-living operators establish themselves in the area. Habyt is set to open a new co-living space along Smith Street, which is being revitalized into a new F&B and lifestyle pedestrian corridor. Additionally, the launch of lyf Chinatown by The Ascott and Warees Investments next year will further add to the area’s lodging options. With the current trend towards co-living and the prime location of the property, it presents a valuable investment opportunity for potential buyers.