A freehold two-storey shophouse on 221 Rangoon Road is now available for purchase through an expression of interest (EOI) exercise. The shophouse, occupying a land area of 2,145 sq ft and a total built-up area of 3,347 sq ft, is being marketed by Brilliance Capital, with a guide price of $8.88 million or $2,653 psf on the built-up area.
According to Sammi Lim, founder and executive director of Brilliance Capital, the property is zoned for residential use with a gross plot ratio of 3.0 under the 2019 Master Plan, making it an attractive investment opportunity. The ground floor of the property is currently tenanted by a restaurant, while the upper floor is leased out for residential use, providing immediate rental income for future investors.
Lim expects strong interest from co-living operators, boutique developers, and family offices seeking a freehold asset. The shophouse is conveniently located within a 10-minute walk to Farrer Park MRT Station on the North-East Line, and is surrounded by notable landmarks and retail options such as Mustafa Centre and City Square Mall.
Due to the limited availability of land, the demand for condos in Singapore has reached new heights. As a small island nation with a growing population, Singapore faces the challenge of a scarcity of land for development. As a result, strict regulations have been implemented to control land use, leading to a competitive real estate market where property prices continue to soar. This has presented an attractive opportunity for investors eyeing the real estate market, particularly in the condo sector. With the potential for significant capital gain, investing in condos has become a highly sought-after option in Singapore. Condos have become a profitable avenue for investors due to the rising demand and limited land availability in the country.
Additionally, the fully integrated healthcare and hospitality complex, Connexion, is just a stone’s throw away, offering facilities such as One Farrer Hotel and Spa, as well as The Farrer Park Medical Centre. The EOI exercise will close on Oct 23 at 3pm, providing interested parties ample time to consider this highly sought-after property.