Muis Sells Four Properties on 199-year Leases

MUIS Sells 4 Properties

Four properties owned by The Islamic Religious Council of Singapore (Muis) have been put up for sale by public tender last week. However, they are all being sold on a unique leasehold of 199-years.

Such carved out leases are long-term investment strategies which are calculated based on the future needs of the organisation.

Two of the four properties are intermediate terrace houses located along Duku Road with an approximate land area of 2,000 sq ft.

According to information on Muis's website, the terrace houses were willed by Shaikh Ahmad Bin Bakar Bin Abdullah Jabbar in July 1947 and net proceeds from the property will be used to pay for expenses of Masjid Mydin, the mosque located at the corner of Jalan Lapang and Jalan Sayang.

Expenses include salaries of the clergyman, repair works, electrical bills and the maintenance and education of orphans of Muslim worshippers at the mosque.

The other two properties up for sale are inter-terrace conserved shophouses located at Rowell Road and Upper Weld Road.

Both shophouses have an approximate land area of 1,100 sq ft and an approximate built up area of 2,100 sq ft. The properties have been zoned for commercial use within the Little India conservation area.

The Rowell Road shophouse was purchased on behalf of the Omar Alkaff mosque in Yemen and net profits will be used for the general purposes and upkeep of the mosque in Tarim, Yemen.

The Upper Weld Road shophouse is part of a collective trust willed by Shaik Abdullah Bin Said Bin Omar Makarim in 1954 and includes two other properties in the Serangoon Road area.

Proceeds from the sale of the shophouse at 50 Upper Weld Road will be used to fund mosques and Islamic schools in Singapore which are in need of assistance as well as provided to the less fortunate in Mecca and Medina.

Source: Business Times –4 December 2012