A prime opportunity has emerged in the heart of Chinatown with the sale of a commercial building located at 13 Mosque Street. This 99-year leasehold property boasts a total floor area of 3,083 square feet and a lot size of 1,315 square feet, and is priced at approximately $10 million. Previously functioning as Chic Capsule Otel, a boutique hotel, the building is being offered with vacant possession, allowing potential buyers to immediately reposition the property according to their vision.
Strategically situated within the Kreta Ayer conservation area of the Chinatown Heritage District, the building’s location adds significant value. It is merely a two-minute walk from the Chinatown MRT Interchange, providing easy access for both residents and visitors. This prime location is likely to appeal to a variety of investors and entrepreneurs seeking to capitalize on the bustling atmosphere of Chinatown, which is known for its rich cultural heritage and vibrant community.
The property presents several potential value-enhancement opportunities for prospective buyers. One option is to convert the ground-floor space into a food and beverage establishment, leveraging the increasing demand for dining experiences in the area. Given the popularity of culinary offerings in Chinatown, such a conversion could attract both locals and tourists alike.
Additionally, the upper floors could be reconfigured into co-living spaces or backpacker hostels, catering to the growing trend of shared living arrangements among young professionals and travelers. This flexibility in usage allows for a range of business models, ensuring that the property can adapt to the evolving needs of the market.
The sale is being conducted through an expression of interest exercise by CBRE, with the closing date set for August 20. Notably, the absence of additional buyer’s or seller’s stamp duty for foreign buyers further enhances the property’s appeal, making it an attractive investment opportunity for international investors seeking to enter the Singapore real estate market. This unique aspect of the sale may lead to increased interest, as foreign investors often face various taxation hurdles in other regions.
As urban living trends shift and the demand for innovative accommodation options continues to rise, this commercial building at 13 Mosque Street stands at the forefront of a transformative phase in the Chinatown district. Investors and developers are encouraged to consider the myriad of possibilities this property offers, given its prime location, flexible zoning, and the potential for significant returns on investment.
With the right vision and execution, the building could become a centerpiece in the vibrant tapestry of Chinatown, contributing to the area’s continued growth and revitalization. The opportunity to acquire such a strategically located property is rare, making this sale an event that should not be overlooked by those looking to make their mark in the dynamic real estate landscape of Singapore.
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News Source: Edgeprop
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