Five adjoining freehold shophouses on Owen Road hit market at $33 mil
Found at 96 Owen Road, the adjoining two-storey shophouses with four-storey rear extensions have a guide rate of $33 million, or $1,962 psf on their existing complete gross floor area of around 16,823 sq ft.
” 96 Owen Road presents a rare chance to obtain a freehold accommodation asset consisting of five adjacent shophouses inside the city fringe,” said Sophia Lim, Cushman & Wakefield Singapore’s supervisor of capital markets. “The real estate’s SA2 approval, coupled with its scale about typical shophouse investments, offers investors with instant exposure to Singapore’s growing living sector.”
The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also near retail services at City Square Mall and Mustafa Centre, and health care establishments at Farrer Park Hospital and Connexion.
The shophouses are fully occupied, said Cushman & Wakefield and CBRE, which are jointly marketing the properties. They feature five commercial units on the ground floor, while the upper floors, that are approved for Serviced Condominium II (SA2) usage, promotion lodging handled by The Assembly Place.
The EOI is going to close at 3pm on Oct 27.
Giam indicated that the shophouses are near to the Dorset Road Government Land Sale site that are going to present brand-new homes and more rejuvenate the area.
The shophouses occupy a 6,021 sq ft site zoned “Residential with commercial at first floor”. It has a plot ratio of 3.0.
The site was awarded previously October to a consortium consisting of UOL Team, Singapore Land Group and Kheng Leong Co. The partners are anticipated to launch the 428-unit Dorset Gardens condo in the first half of 2027.
“The intro of brand-new personal real estate is most likely to enhance the location’s residential profile, draw in a wider group of residents and support the ongoing uplift in property values and commercial activity,” said Giam.
Joshua Giam, executive of capital industry at CBRE Singapore, said that the ground-floor units could be rearranged for F&B use, based on approvals from the appropriate authorities.
A row of five property shophouses in Farrer Park is being offered for sale with an expression of interest (EOI) exercise.
