Two Owen Road Shophouses Sale 98 Mil
A pair of freehold shophouses located at 144 and 146 Owen Road are available for purchase through an expression of interest (EOI) exercise at a guide price of $9.8 million. These adjacent units sit on a land area of 2,341 sq ft and are zoned as “residential with commercial at first storey”.
The two-storey shophouses also come with attics and have a gross floor area (GFA) of approximately 4,738 sq ft, which translates to a guide price of $2,068 psf based on the existing GFA. Currently, there is a gym occupying the ground floor of 146 Owen Road, while a co-living operator manages nine residential rooms across the upper levels of both shophouses.
According to CBRE, the appointed marketing agent for the shophouses, the land’s gross plot ratio of 3.0 indicates an unutilized GFA of around 2,285 sq ft. With approval from the authorities, the new owner could potentially maximize the GFA by constructing a rear extension at the back of the shophouses, says Joshua Giam, director of capital markets at CBRE Singapore.
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In addition, the seller has obtained in-principle approval to convert the upper floors of the shophouses for Serviced Apartment II (SA2) use, subject to fulfilling conditions set out by the authorities. Giam notes that this potential conversion would allow the future owner to take advantage of the growing demand for residential leasing and flexible co-living arrangements in the city fringe.
Giam also suggests exploring other potential uses for the ground floor, such as F&B or clinics. “At the guide price of $9.8 million, incoming buyers can expect a yield of approximately 3% with significant rental upside potential after asset enhancement initiatives are completed,” he estimates.
The Owen Road shophouses are situated next to a Government Land Sale site on Dorset Road, which was launched for sale last month. The tender for the 99-year leasehold site, which can yield approximately 425 units, will close on Oct 9.
The EOI for the shophouses will close on Aug 14 at 12pm.
