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A mixed residential and commercial property along Owen Road has been put up for sale via an expression of interest (EOI) at an asking price of $24 million, revealed marketing agent Edmund Tie & Co.
The price works out to a land rate of $1,329 psf per plot ratio (psf ppr), or $1,427 psf based on its existing gross floor area (GFA) of 16,824 sq ft.
With a land area of around 6,021 sq ft, 96 Owen Road is a part two and part four storey building. The freehold property is strata subdivided and features six strata units. Under the 2014 Master Plan, the site is zoned for residential with commercial at 1st storey with a gross plot ratio of 3.0.
Currently, the ground floor is leased to a restaurant and gym while a student hostel occupies the upper floors.
Edmund Tie & Co noted that the property could be redeveloped into a “five-storey building with a maximum potential GFA of 18,064 sq ft”, subject to the approval of relevant authorities.
Located near Farrer Park MRT station, the property is within a 10-minute drive to the Central Business District, Orchard Road and the future Health City Novena.
Tan Chun Ming, senior director of investment advisory at Edmund Tie & Co, expects the property to attract interest from both developers and investors.
“The potential purchaser has the option to either hold the fully tenanted property for stable rental returns or redevelop it into a brand new project for strata sales,” he said.
“Given its strategic location and zoning, the property also offers flexibility in its allowable uses which includes F&B outlets, showrooms, clinics, childcare centres, offices, commercial schools, apartments as well as student hostel amongst others, subject to planning approvals.”
The EOI exercise for the property will close on 27 April.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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