Five freehold shophouses on Owen Road near Farrer Park MRT have been listed for $33 million, with existing tenancies in place. The properties, zoned Residential with Commercial at 1st Storey, are being marketed jointly by Cushman & Wakefield and CBRE through an expression of interest exercise closing on October 27. The marketing team brings extensive experience, having worked with more than 2,000 clients across over $5B in property transactions.
Property Details and Tenancy
The combined land plot spans 6,021 square feet with a plot ratio of 3.0, resulting in a total gross floor area of 16,823 square feet. The guide price equates to approximately $1,902 per square foot based on the existing gross floor area. Each two-storey shophouse features a four-storey rear extension, offering significant vertical development potential. The commercial ground floors, subject to approvals, could be repositioned for food and beverage use, leveraging the existing Serviced Apartment 2 (SA2) approval for flexible redevelopment options.
The residential component is currently managed by SGX Catalist-listed co-living operator The Assembly Place, which operates 20 rooms within the properties. Room rates on its website start from $2,750 per month to $2,800 per month, with an executive suite available at $3,350 per month.
Location and Market Appeal
The row of shophouses sits just 150 meters from Farrer Park MRT station on the North-East Line, providing direct access to the Central Business District, Dhoby Ghaut, and Bras Basah. Nearby landmarks include City Square Mall, which is directly connected to Farrer Park station, enhancing accessibility for commuters and shoppers, as well as Farrer Park Hospital, Mustafa Centre, and Connexion.
Farrer Park Hospital has been a consistent driver of accommodation demand in the area, according to Sophia Lim, Director of Capital Markets at Cushman & Wakefield. She noted that the concentration of healthcare and medical facilities in this precinct provides an additional potential occupier base, comprising medical professionals and healthcare workers, as well as family members and visitors who may prefer to stay close to patients.
Investment Potential and Buyer Interest
The properties stand out as an already-tenanted long-term accommodation asset with scale and flexibility to enhance value further. Joshua Giam, Director of Capital Markets at CBRE Singapore, indicated that buying demand is likely to come from family offices and high net-worth individuals seeking well-located shophouse assets in a competitive market. Investors may find appeal in the combination of residential tenancy and commercial potential, supported by the existing SA2 approval and vertical development opportunities.
The expression of interest exercise requires prospective buyers to submit proposals by the October 27 deadline.
