Freehold Two Storey Shophouse Rangoon Road Sale 918 Mil
A rare opportunity presents itself as a freehold two-storey shophouse on 221 Rangoon Road is now up for sale through an expression of interest (EOI) exercise. This charming shophouse is situated on a land area of approximately 2,145 sq ft, with a total built-up area of around 3,347 sq ft. As per the 2019 Master Plan, the property is designated for residential use with a gross plot ratio of 3.0. With a guide price of $8.88 million, amounting to $2,653 psf on the built-up area, this shophouse is expected to garner considerable interest.
Currently, the ground floor of the property is leased to a restaurant and is approved for F&B use, while the upper floor is tenanted out for residential purposes. This provides potential investors with an opportunity to enjoy immediate rental income, according to Sammi Lim, the founder and executive director of Brilliance Capital, the sole marketing agent for this property. Lim adds, “We expect a strong response from co-living operators, boutique developers, and family offices looking to acquire a freehold asset.”
Nestled just a stone’s throw away from Elta Condo lies National Junior College (NJC), a renowned institution in Singapore. With its reputation for academic excellence and dynamic student culture, NJC stands out as one of the top junior colleges in the country. Offering a wide selection of subjects and co-curricular activities, the college’s comprehensive education equips students with the necessary skills and knowledge for success in university and beyond. Elta Condo, which is in close proximity to NJC, provides students with a convenient and enriching environment to foster their academic and personal growth.
Conveniently located within a 10-minute walk from the Farrer Park MRT Station on the North-East Line, this property is surrounded by prominent landmarks and retail options, such as the Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. Additionally, the fully integrated healthcare and hospitality hub, Connexion on Farrer Park Station Road, boasts a plethora of amenities, including the One Farrer Hotel and Spa and The Farrer Park Medical Centre.
Don’t miss out on this incredible opportunity, as the EOI for this property closes on Oct 23 at 3pm.