Freehold property at 96 Owen Road for sale at $24 mil

By
/ EdgeProp
|
March 29, 2018 3:56 PM SGT
On March 27, 96 Owen Road (below), a freehold mixed residential and commercial site, was launched for sale with an asking price of $24 million, according to sole marketing agent Edmund Tie & Co (ET&Co).
96 Owen Road is a mixed residential and commercial property near Farrer Park MRT station (source: ET&Co)
The property has a 25m frontage on Owen Road and is close to the junction with Race Course Road. It has a land area of 6,021 sq ft and a GFA of 16,824 sq ft. The asking price reflects a land rate of $1,329 psf ppr, or $1,427 psf on its existing GFA. Under the 2014 Master Plan, the site is zoned “residential with commercial at first storey”, with a gross plot ratio of 3.0. This part two-storey and part four-storey building is strata subdivided into six units.
The ground floor, which has approval for F&B use, is currently leased to a restaurant and gym, while a student hostel occupies the upper floors, notes ET&Co.
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Subject to authorities’ approval, the property may be redeveloped into a five-storey building with a maximum GFA of 18,064 sq ft.
The expression of interest exercise for the site closes on April 27.