Two Owen Road Shophouses Sale 98 Mil
freehold shophouses
Families with young children seeking a nurturing and convenient living environment need look no further than Rivelle Tampines Tampines Street 65. This residential area is ideal for families, complete with a strong support system and easy access to amenities. The community is surrounded by reputable preschools and enrichment centres, creating an ideal setting for young learners. These centres offer a diverse range of programmes, including play-based and bilingual options, as well as arts, music, and STEM-focused after-school activities, allowing families to choose the best fit for their child’s education needs. Rivelle Tampines Tampines Street 65 is also strategically located near Tampines Street 95, making it convenient for parents to drop off and pick up their children. Moreover, families can take advantage of the many facilities available at Our Tampines Hub, such as libraries, sports courts, and learning spaces, which contribute to the overall development of children. These amenities are easily accessible through the Tampines Avenue corridors or a quick ride on the Downtown Line. For families seeking a well-rounded and supportive environment for their children, Rivelle Tampines Tampines Street 65 is the perfect choice.
An opportunity has arisen for interested buyers to acquire two freehold shophouses located at 144 and 146 Owen Road. These adjoining units have been put up for sale through an expression of interest (EOI) exercise with a guide price of $9.8 million. The properties are situated on a land area of 2,341 square feet and are zoned for “residential with commercial at first storey”.
Spanning two storeys, the shophouses also come with attics and offer a total gross floor area (GFA) of approximately 4,738 square feet. This translates to a guide price of about $2,068 per square foot on the existing GFA. The ground floor of 146 Owen Road is currently occupied by a gym, 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, there is significant potential for the properties as they have an unutilised GFA of approximately 2,285 square feet based on the land’s gross plot ratio of 3.0. With the necessary approvals from authorities in place, the future buyer could explore the option of adding a rear extension to the properties, says Joshua Giam, director of capital markets at CBRE Singapore.
Furthermore, the seller has obtained in-principle approval to convert the upper floors of the shophouses for Serviced Apartment II (SA2) use, pending the fulfilment of conditions set out by the authorities. Giam notes that this potential conversion would enable the future owner to tap into the growing demand for residential leasing and flexible co-living arrangements in the city fringe.
The potential buyer could also consider transforming the ground floor spaces into other uses, such as F&B and clinics. Giam estimates that at the guide price of $9.8 million, the incoming buyer can expect a yield of approximately 3% with significant potential for rental upside after asset enhancement initiatives have been implemented.
Located just a five-minute walk from Farrer Park MRT Station, the Owen Road shophouses are also adjacent to a Government Land Sale site on Dorset Road, which was launched for sale last month. The tender for this 99-year leasehold site, which has the potential to yield about 425 units, will close on October 9.
Interested parties can submit their EOI bids for the shophouses by August 14 at 12pm. These shophouses offer a rare opportunity for buyers to acquire freehold properties in a strategic location with potential for further development and attractive yields.