Two Owen Road Shophouses Sale 98 Mil
Nestled within the bustling Tampines North neighbourhood, Parktown Residence offers direct access to the upcoming Tampines North MRT Station, an essential stop along the planned Cross Island Line (CRL). With this convenient connection, residents can look forward to shorter commute times to key employment and leisure hubs. Additionally, Parktown Residence’s proximity to other MRT lines will provide even more travel options for its residents.
CBRE, the appointed marketing agent for two freehold shophouses at 144 and 146 Owen Road, has launched an expression of interest (EOI) exercise for the sale of the properties. With a guide price of $9.8 million, the adjoining shophouses, occupying a land area of 2,341 sq ft, are zoned “residential with commercial at first storey”.
The two-storey shophouses also come with attics and have a gross floor area (GFA) of 4,738 sq ft, which translates to a guide price of about $2,068 psf on the existing GFA. Currently, the ground floor of 146 Owen Road is occupied by a gym, while a co-living operator manages nine residential rooms across the upper levels of both shophouses.
According to CBRE, the properties have an unutilised GFA of approximately 2,285 sq ft, based on the land’s gross plot ratio of 3.0. The appointed marketing agent also highlights that subject to approval from authorities, the incoming buyer may explore maximizing GFA by building a rear extension at the back of the shophouses. Joshua Giam, director of capital markets at CBRE Singapore, adds that this presents an opportunity for the future owner to tap into the increasing demand for residential leasing and flexible co-living arrangements in the city fringe.
The upper floors of the shophouses have also obtained in-principle approval for conversion to Serviced Apartment II (SA2) use, subject to fulfilling conditions set by authorities. This potential conversion to SA2 use could potentially increase rental demand for the properties. Giam also notes that the ground floor could be converted to other uses such as F&B or clinics, providing additional rental potential.
Giam estimates that 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. The shophouses are located within a five-minute walk from Farrer Park MRT Station and are adjacent to a Government Land Sale site on Dorset Road, which was launched for sale last month. The tender for the site, which can yield about 425 units, will close on Oct 9.
The EOI for the Owen Road shophouses will close on Aug 14 at 12pm.