Five adjoining freehold shophouses on Owen Road hit market at $33 mil
Joshua Giam, director of capital markets at CBRE Singapore, said that the ground-floor units might be repositioned for F&B use, based on approvals from the appropriate authorities.
A row of five freehold shophouses in Farrer Park is being marketed through an expression of interest (EOI) exercise.
The site was awarded last October to a consortium making up UOL Team, Singapore Land Group and Kheng Leong Co. The partners are expected to launch the 428-unit Dorset Gardens condominium in the very first half of 2027.
The shophouses occupy a 6,021 sq ft area zoned “Residential with commercial initially floor”. It has a plot ratio of 3.0.
The EOI will close up 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 new homes and further invigorate the neighbourhood.
The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also near retail offers at City Square Mall and Mustafa Centre, and healthcare facilities at Farrer Park Hospital and Connexion.
“The intro of new personal real estate is likely to boost the area’s residential profile, attract a wider demographic of locals and sustain the continued uplift in property values and business activity,” stated Giam.
The shophouses are fully taken up, claimed Cushman & Wakefield and CBRE, which are jointly marketing the real estates. They feature 5 commercial units on the ground floor, while the upper floors, that are accepted for Serviced Condominium II (SA2) use, offer lodging taken care of by The Assembly Place.
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 occurring total gross floor area of about 16,823 sq ft.
” 96 Owen Road provides a rare opportunity to acquire a freehold accommodation asset consisting of five adjacent shophouses inside the city fringe,” said Sophia Lim, Cushman & Wakefield Singapore’s director of capital markets. “The real estate’s SA2 approval, coupled with its range about regular shophouse investments, offers investors with immediate exposure to Singapore’s growing living sector.”
