Five adjoining freehold shophouses on Owen Road hit market at $33 mil
The site was awarded last October to a consortium consisting of UOL Team, Singapore Land Group and Kheng Leong Co. The partners are expected to launch the 428-unit Dorset Gardens condo in the first half of 2027.
The shophouses are fully taken up, stated Cushman & Wakefield and CBRE, that are jointly marketing the real estates. They feature 5 commercial units on the ground floor, while the upper floors, that are authorized for Serviced Condominium II (SA2) usage, promotion lodging managed by The Assembly Place.
Canberra Crescent Residences Singapore
” 96 Owen Road provides a rare opportunity to acquire a property accommodation asset comprising five adjoining shophouses within the city fringe,” said Sophia Lim, Cushman & Wakefield Singapore’s supervisor of capital markets. “The property’s SA2 approval, coupled with its scale about regular shophouse investments, offers investors with instant exposure to Singapore’s expanding living sector.”
The EOI is going to close at 3pm on Oct 27.
Found at 96 Owen Road, the adjacent two-storey shophouses with four-storey rear extensions have a guide cost of $33 million, or $1,962 psf on their presenting overall gross floor area of approximately 16,823 sq ft.
The shophouses are 150m from Farrer Park MRT Station on the North-East Line. They are also around retail services at City Square Mall and Mustafa Centre, and medical care facilities at Farrer Park Hospital and Connexion.
The shophouses take up a 6,021 sq ft site zoned “Residential with business initially floor”. It has a plot ratio of 3.0.
“The intro of brand-new personal real estate is most likely to improve the area’s residential profile, attract a wider demographic of locals and support the continued uplift in property values and business activity,” stated Giam.
Joshua Giam, administrator of capital industry at CBRE Singapore, said that the ground-floor units might be rearranged for F&B use, based on authorizations from the relevant authorities.
Giam noted that the shophouses are next to the Dorset Road Government Land Sale location that are going to present new homes and further invigorate the neighbourhood.
A row of five estate shophouses in Farrer Park is being offered for sale with an expression of interest (EOI) exercise.
