Five adjoining freehold shophouses on Owen Road hit market at $33 mil
Joshua Giam, administrator of capital markets at CBRE Singapore, stated that the ground-floor units might be repositioned for F&B use, subject to approvals from the appropriate authorities.
The shophouses cover a 6,021 sq ft site zoned “Residential with commercial initially storey”. It has a plot ratio of 3.0.
“The introduction of brand-new private real estate is most likely to improve the area’s residential profile, bring in a wider group of residents and sustain the continued uplift in property values and business activity,” said Giam.
A row of five freehold shophouses in Farrer Park is being offered for sale with an expression of interest (EOI) exercise.
The site was awarded last October to a consortium comprising UOL Team, Singapore Land Group and Kheng Leong Co. The partners are expected to launch the 428-unit Dorset Gardens condo in the initial half of 2027.
The shophouses are totally taken up, claimed Cushman & Wakefield and CBRE, which are jointly marketing the properties. They feature 5 commercial units on the ground floor, while the upper floors, which are accepted for Serviced Condominium II (SA2) use, promotion accommodation handled by The Assembly Place.
Giam mentioned that the shophouses are next to the Dorset Road Government Land Sale spot that are going to introduce new homes and even more revitalize the neighbourhood.
The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also around retail offers at City Square Mall and Mustafa Centre, and health care facilities at Farrer Park Hospital and Connexion.
The EOI will close up at 3pm on Oct 27.
” 96 Owen Road provides a rare opportunity to acquire a property accommodation asset consisting of five adjoining shophouses within the city fringe,” said Sophia Lim, Cushman & Wakefield Singapore’s director of capital markets. “The property’s SA2 approval, coupled with its range about common shophouse investments, provides investors with immediate exposure to Singapore’s growing living sector.”
Placed at 96 Owen Road, the adjoining two-storey shophouses with four-storey rear extensions have a guide cost of $33 million, or $1,962 psf on their existing overall gross floor area of about 16,823 sq ft.
