Five adjoining freehold shophouses on Owen Road hit market at $33 mil
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 occurring overall gross floor area of roughly 16,823 sq ft.
The site was granted last October to a consortium comprising UOL Group, Singapore Land Group and Kheng Leong Co. The partners are expected to launch the 428-unit Dorset Gardens apartment in the initial half of 2027.
“The introduction of brand-new personal housing is likely to boost the location’s residential profile, draw in a broader demographic of citizens and support the ongoing uplift in property values and business activity,” said Giam.
The shophouses are completely dwelled, said Cushman & Wakefield and CBRE, which are collectively marketing the real estates. They feature 5 commercial units on the ground floor, while the upper levels, that are authorized for Serviced Apartment II (SA2) usage, promotion lodging taken care of by The Assembly Place.
The EOI will finalize at 3pm on Oct 27.
The shophouses utilize a 6,021 sq ft area zoned “Residential with commercial initially storey”. It has a plot ratio of 3.0.
Joshua Giam, director of capital markets at CBRE Singapore, claimed that the ground-floor units might be repositioned for F&B use, based on approvals from the relevant authorities.
The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also close to retail services at City Square Mall and Mustafa Centre, and medical care establishments at Farrer Park Hospital and Connexion.
” 96 Owen Road presents a rare opportunity to acquire a freehold accommodation asset comprising five adjoining 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 range about common shophouse investments, provides investors with quick exposure to Singapore’s expanding living sector.”
A row of five freehold shophouses in Farrer Park is being marketed with an expression of interest (EOI) exercise.
Giam noted that the shophouses are near to the Dorset Road Government Land Sale location that are going to present new homes and further revitalize the community.
