A row of five adjoining freehold shophouses on Owen Road has been listed for $33 million. All of the properties are zoned 'Residential with Commercial at 1st Storey' and will be sold with existing tenancies.

The row of five shophouses sits on a combined land plot of 6,021 sq ft, which has a plot ratio of 3.0. The two-storey shophouses also feature a four-storey rear extension, and the total gross floor area is 16,823 sq ft. The guide price translates to about $1,902 psf on the existing gross floor area.

Jointly marketed by Cushman & Wakefield (C&W) and CBRE, the properties will be sold in an expression of interest exercise (EOI) that closes on Oct 27.

The row of shophouses is located just 150m from Farrer Park MRT station on the North-East Line. This accessibility gives it great public transport connectivity to the Central Business District, Dhoby Ghaut, and Bras Basah.

Nearby landmarks include City Square Mall, which is connected to Farrer Park station, as well as Farrer Park Hospital, Mustafa Centre, and Connexion. The hospital has been a consistent driver of accommodation demand in this area, says Sophia Lim, Director of Capital Markets at C&W.

"The concentration of healthcare and medical facilities in this precinct provides an additional potential occupier base, which comprises medical professionals and healthcare workers, as well as family members and visitors who may prefer to stay close to patients," she says.

The row of five freehold shophouses is strategically located in the Farrer Park/Little India precinct. (Map: URA)

SGX Catalist-listed co-living operator The Assembly Place is currently managing the residential component of the row of shophouses, which consists of 20 rooms. According to its website, some rooms start from $2,750 per month (pm) to $2,800 pm, as well as an executive suite that goes for $3,350 pm.

According to the marketing agents, the properties also have existing Serviced Apartment 2 (SA2) approval.

Moreover, Joshua Giam, Director of Capital Markets at CBRE Singapore, says that the ground-floor commercial units could be repositioned for F&B use, subject to approvals.

Overall, he says that the row of shophouses stands out since it offers investors an already-tenanted long-term accommodation asset, as well as the scale and flexibility to further enhance its value.

He adds that buying demand is likely to come from family offices and high net-worth individuals who are in the market for well-located shophouse assets.