Five adjoining freehold shophouses on Owen Road hit market at $33 mil

A row of five property shophouses in Farrer Park is being marketed via an expression of interest (EOI) exercise.

The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also close to retail offerings at City Square Mall and Mustafa Centre, and healthcare establishments at Farrer Park Hospital and Connexion.

The EOI is going to finalize at 3pm on Oct 27.

The site was presented previously October to a consortium making up UOL Team, Singapore Land Group and Kheng Leong Co. The partners are anticipated to launch the 428-unit Dorset Gardens condominium in the initial half of 2027.

The shophouses are fully taken up, claimed 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 approved for Serviced Apartment II (SA2) usage, offer accommodation managed by The Assembly Place.

Union Square Residences showflat

Giam indicated that the shophouses are near to the Dorset Road Government Land Sale location that are going to present brand-new homes and even more rejuvenate the community.

” 96 Owen Road provides 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 property’s SA2 approval, coupled with its scale relative to typical shophouse investments, offers investors with immediate exposure to Singapore’s expanding living sector.”

Placed 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 complete gross floor area of about 16,823 sq ft.

The shophouses occupy a 6,021 sq ft area zoned “Residential with commercial in the beginning storey”. It has a plot ratio of 3.0.

“The introduction of brand-new personal real estate is likely to boost the area’s residential profile, draw in a more comprehensive demographic of citizens and sustain the continued uplift in property values and business activity,” stated Giam.

Joshua Giam, administrator of capital industry at CBRE Singapore, stated that the ground-floor units might be repositioned for F&B usage, subject to authorizations from the appropriate authorities.