A freehold two-storey shophouse at 221 Rangoon Road is currently available for sale through an expression of interest (EOI) exercise. With a land area of approximately 2,145 sq ft and a total built-up area of about 3,347 sq ft, the property is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 3.0. It is being offered at a guide price of $8.88 million, which equates to $2,653 psf on the built-up area.
This shophouse features a ground floor that is approved for F&B use and is presently tenanted to a restaurant, while the upper floor is occupied by residential tenants. According to Sammi Lim, founder and executive director of Brilliance Capital, the sole marketing agent for the property, this provides potential buyers with an immediate rental income. Lim also expects strong interest from co-living operators, boutique developers, and family offices seeking a freehold asset.
Conveniently located within a 10-minute walk from Farrer Park MRT Station on the North-East Line, the property is surrounded by many well-known landmarks and retail options, such as Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. The area is also home to the fully integrated healthcare and hospitality complex, Connexion, which features facilities such as One Farrer Hotel and Spa and The Farrer Park Medical Centre.
The EOI for this property will close on October 23 at 3pm.
The demand for condos in Singapore remains strong due to several factors, the main one being the limited supply of land. As a small island nation with a growing population, Singapore faces challenges in finding available land for development. This has resulted in strict land use policies and a highly competitive real estate market, where property prices are constantly rising. As a result, investing in real estate, particularly in condos, has become a profitable venture, with the potential for significant capital appreciation. Additionally, the launch of new condo projects adds to the appeal of investing in this type of property.