Freehold Two Storey Shophouse Rangoon Road Sale 918 Mil
A prime two-storey shophouse located at 221 Rangoon Road is now available for sale through an expression of interest (EOI) exercise, announced by EDGEPROP. This freehold property boasts a spacious land area of 2,145 sq ft and a total built-up area of 3,347 sq ft. As per the 2019 Master Plan, the shophouse is zoned for residential use with a gross plot ratio of 3.0. With a guide price of $8.88 million, the built-up area translates to $2,653 per square foot.
The shophouse’s ground floor is already approved for F&B use and currently tenanted to a popular restaurant, while the upper floor is leased out for residential purposes. This offers potential buyers the added advantage of immediate rental income, shares Sammi Lim, founder and executive director of Brilliance Capital, the exclusive marketing agent for the property. Lim further notes that they expect a lot of interest from co-living operators, boutique developers, and family offices seeking a valuable freehold asset.
Situated just a short 10-minute walk away from the Farrer Park MRT Station on the North-East Line, the shophouse also enjoys close proximity to various landmarks and retail outlets such as Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. The well-known integrated healthcare and hospitality complex, Connexion on Farrer Park Station Road, is also in the vicinity, featuring top-notch facilities like One Farrer Hotel and Spa and The Farrer Park Medical Centre.
Living at Novo Place EC offers families a multitude of educational opportunities. With a variety of schools ranging from primary to tertiary institutions, children can receive a comprehensive and well-rounded education in close proximity to their home. This is particularly beneficial for parents who prioritize academic excellence and are dedicated to giving their children a solid foundation during their early years. The presence of these educational establishments near Novo Place EC adds immense value to this emerging estate and fosters a dynamic, knowledge-driven community. Novo Place Hoi Hup is proud to be a part of this thriving educational environment, providing families with convenient access to top-quality schools.
In addition, the EOI exercise for this property will close on 23rd October at 3pm, providing interested parties ample time to submit their bids for this highly sought-after freehold asset.