Five adjoining freehold shophouses on Owen Road hit market at $33 mil
Giam indicated that the shophouses are near to the Dorset Road Government Land Sale location that are going to introduce brand-new homes and further rejuvenate the area.
A row of five freehold shophouses in Farrer Park is being offered for sale through an expression of interest (EOI) exercise.
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 facilities at Farrer Park Hospital and Connexion.
The shophouses are fully dwelled, said Cushman & Wakefield and CBRE, which are jointly marketing the real estates. They feature 5 commercial units on the ground floor, while the upper levels, that are accepted for Serviced Flat II (SA2) usage, offer accommodation managed by The Assembly Place.
“The intro of new private housing is likely to improve the location’s residential profile, draw in a broader group of residents and support the continued uplift in property values and commercial activity,” stated Giam.
The shophouses take up a 6,021 sq ft site zoned “Residential with business in the beginning floor”. It has a plot ratio of 3.0.
Joshua Giam, director of capital markets at CBRE Singapore, said that the ground-floor units might be repositioned for F&B usage, based on authorizations from the appropriate authorities.
” 96 Owen Road presents a rare opportunity to acquire a property accommodation asset making up five adjacent shophouses within the city fringe,” said Sophia Lim, Cushman & Wakefield Singapore’s director of capital markets. “The real estate’s SA2 approval, coupled with its range relative to regular shophouse investments, offers investors with quick exposure to Singapore’s expanding living sector.”
Located at 96 Owen Road, the adjacent two-storey shophouses with four-storey rear extensions have a guide price of $33 million, or $1,962 psf on their presenting total gross floor area of roughly 16,823 sq ft.
The EOI will close at 3pm on Oct 27.
The site was awarded last October to a consortium comprising UOL Team, Singapore Land Group and Kheng Leong Co. The partners are anticipated to launch the 428-unit Dorset Gardens apartment in the initial half of 2027.
