Five adjoining freehold shophouses on Owen Road hit market at $33 mil
The site was awarded previously October to a consortium consisting of 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.
Giam mentioned that the shophouses are near to the Dorset Road Government Land Sale spot that are going to present brand-new homes and further rejuvenate the area.
The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also near retail offerings at City Square Mall and Mustafa Centre, and healthcare establishments at Farrer Park Hospital and Connexion.
Joshua Giam, administrator of capital markets at CBRE Singapore, stated that the ground-floor units could be rearranged for F&B usage, subject to authorizations from the relevant authorities.
“The introduction of brand-new personal real estate is most likely to improve the area’s residential profile, attract a wider market of homeowners and support the continued uplift in property values and commercial activity,” claimed Giam.
The shophouses occupy a 6,021 sq ft site zoned “Residential with commercial initially storey”. It has a plot ratio of 3.0.
Placed 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 approximately 16,823 sq ft.
The shophouses are fully dwelled, said Cushman & Wakefield and CBRE, that are jointly marketing the real estates. They feature five commercial units on the ground floor, while the upper floors, which are accepted for Serviced Condo II (SA2) usage, offer lodging taken care of by The Assembly Place.
A row of five estate shophouses in Farrer Park is being marketed with an expression of interest (EOI) exercise.
” 96 Owen Road provides a rare chance to obtain a freehold accommodation asset making up 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 range about common shophouse investments, provides investors with quick exposure to Singapore’s expanding living sector.”
The EOI will close at 3pm on Oct 27.
