A two-storey freehold shophouse located at 221 Rangoon Road has been made available for sale through an expression of interest (EOI) exercise by real estate company, EDGEPROP. With a land area of approximately 2,145 sq ft and a total built-up area of 3,347 sq ft, this property is zoned for residential use under the 2019 Master Plan and has a gross plot ratio of 3.0. It has a guide price of $8.88 million, equivalent to $2,653 per sq ft on the built-up area.
According to Sammi Lim, founder and executive director of Brilliance Capital, the exclusive marketing agent for this property, the ground floor has been approved for F&B use and is currently tenanted to a restaurant, while the upper floor is leased out for residential purposes. This presents a lucrative opportunity for potential investors as they will receive immediate rental income. Lim further adds that this shophouse is expected to attract a lot of interest from co-living operators, boutique developers, and family offices looking to acquire a valuable freehold asset.
Conveniently located just a 10-minute walk from Farrer Park MRT Station on the North-East Line, this property is surrounded by various landmarks and retail options such as Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. Moreover, the fully integrated healthcare and hospitality complex Connexion, situated on Farrer Park Station Road, offers a plethora of facilities including the One Farrer Hotel and Spa and The Farrer Park Medical Centre.
The EOI for this property closes on October 23 at 3pm.