99-year leasehold commercial building on Mosque Street priced from $10 mil

A 99-year leasehold commercial building at 13 Mosque Street has been put up for sale at a guide price of about $10 million. The sale of the three-storey property will be conducted through an expression of interest exercise (EOI) by the marketing agent CBRE. The EOI closes on Aug 20.

The property is in the Kreta Ayer conservation Area of the Chinatown Heritage District. It is a two-minute walk to the Chinatown MRT Interchange, located on the North-East and Downtown Lines. Landmark areas in Chinatown are in proximity, such as Pagoda Street, Trengganu Street and South Bridge Road.

The commercial building sits on a 1,315 sq ft lot and has a total floor area of 3,083 sq ft. The property will be sold with vacant possession, as stated in a press release issued by CBRE on July 2. However, the space was previously used as Chic Capsule Otel, a boutique hotel featuring bed-sized pods.

As it is a commercial property, foreign buyers will be able to purchase the asset without incurring additional buyer’s stamp duty or seller’s stamp duty imposed.

“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,” says Clemence Lee, executive director of capital markets, Singapore at CBRE.

The property’s vacant status means that the next owner can immediately embark on a repositioning strategy. Value-enhancement possibilities include converting the ground-floor space to F&B use, subject to approval. The upper floors could be reconfigured as a co-living space or a backpacker’s hostel.
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Chinatown will see a handful of prominent co-living operators establish themselves in the coming months. Habyt is set to open a new co-living space along Smith Street, which is being revitalised into a new F&B and lifestyle pedestrian corridor. The launch of lyf Chinatown by The Ascott and Warees Investments next year will also add to the area’s lodging options.