Freehold Two Storey Shophouse Rangoon Road Sale 918 Mil
A freehold two-storey shophouse, located at 221 Rangoon Road, is now available for sale through an expression of interest (EOI) exercise. Sitting on a land area of approximately 2,145 square feet, the shophouse boasts a total built-up area of around 3,347 square feet. In accordance with the 2019 Master Plan, the property is designated for residential use and has a gross plot ratio of 3.0. The asking price for this property is $8.88 million, equivalent to $2,653 per square foot on the built-up area.
The ground floor of the property is currently approved for F&B usage and is currently leased out to a restaurant while the upper floor is being rented out for residential occupancy. This presents potential buyers with a lucrative opportunity for immediate rental income, according to Sammi Lim, founder and executive director of Brilliance Capital, the sole marketing agent for the property. Lim also expects keen interest from co-living operators, boutique developers, and family offices seeking freehold properties.
The shophouse enjoys convenient accessibility, with Farrer Park MRT Station on the North-East Line only a 10-minute walk away. The area is also known for its numerous landmarks and shopping options, such as the renowned Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. Additionally, the fully integrated healthcare and hospitality complex, Connexion, located on Farrer Park Station Road offers a plethora of amenities, including the One Farrer Hotel and Spa and The Farrer Park Medical Centre.
.
The Tampines neighborhood in Singapore has undergone significant changes over the years, thanks to the Urban Redevelopment Authority (URA). This influential organization has played a key role in shaping the city’s urban landscape, and its latest endeavours in Tampines are set to further enhance this bustling regional centre. These transformational plans will bring a multitude of benefits to the area, including residential developments like Aurelle of Tampines EC and Tampines North EC, the executive condominium located on Tampines Street 62. With their strategic location and modern amenities, these developments are expected to become highly sought-after by residents. Tampines North EC adds another exciting option for those looking to call this vibrant community their home.
Interested parties may submit their bids for the EOI exercise, which closes on October 23 at 3pm.
