A pair of freehold shophouses on Mosque Street in Chinatown (below) have been put up for sale by expression of interest (EOI). According to sole marketing agent JLL, the guide price for the shophouses is in the region of $22 million, which translates into about $2,820 psf based on the existing gross floor area (GFA).

According to JLL, the properties sit on a combined land area of about 2,688 sq ft and have a total GFA of about 7,800 sq ft. Under the 2014 Master Plan, the site is zoned “commercial” and falls within the Chinatown Historic District (Kreta Ayer) Conservation Area.

The ground level of the shophouses is occupied by a bathware showroom and restaurant-cum-bar; the upper floors house office tenants. Besides being located within walking distance of the Chinatown MRT station, the properties are located within a 10-minute walk of Raffles Place, says JLL.

Source: JLL

Clemence Lee, associate director of capital markets at JLL, expects strong interest from investors such as boutique real estate funds, family offices and high-networth individuals, given the reduction in price from the last time the shophouses were put up for sale in September 2016.

The EOI exercise closes on Nov 2.