A prime two-storey shophouse located at 221 Rangoon Road has been made available for sale through an expression of interest exercise. This freehold property boasts a land area of approximately 2,145 sq ft and a built-up area of 3,347 sq ft. According to the 2019 Master Plan, the property is zoned for residential use with a gross plot ratio of 3.0. Offered at a guide price of $8.88 million, the shophouse equates to $2,653 psf based on its built-up area.
Currently, the ground floor of the shophouse has been approved for F&B use and is currently occupied by a restaurant. Meanwhile, the upper floor has been leased out for residential use. This presents potential investors with the opportunity to enjoy immediate rental income, as noted by Sammi Lim, the founder and executive director of Brilliance Capital, the sole marketing agent for the property. Lim further says, “We anticipate great interest from co-living operators, boutique developers, and family offices who are seeking a freehold asset.”
Located just a short 10-minute walk from Farrer Park MRT Station on the North-East Line, the shophouse is surrounded by numerous landmarks and retail options. These include the popular Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. Additionally, the area is home to the fully integrated healthcare and hospitality complex Connexion on Farrer Park Station Road, which features facilities such as the One Farrer Hotel and Spa, as well as The Farrer Park Medical Centre.
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The EOI for this property will close on October 23 at 3pm. With its desirable location, freehold tenure, and potential for rental income, this shophouse is expected to attract strong interest from investors.