SINGAPORE (EDGEPROP) - A freehold two-storey shophouse on 221 Rangoon Road has been put on the market via an expression of interest (EOI) exercise. The shophouse occupies a land area of about 2,145 sq ft with a total built-up area of about 3,347 sq ft. Under the 2019 Master Plan, it is zoned for residential use with a gross plot ratio of 3.0. The property has a guide price of $8.88 million, which translates to $2,653 psf on the built-up area.

The property's ground floor is approved for F&B use and is tenanted to a restaurant, while the upper floor is leased out for residential use. This provides future investors with immediate rental income, says Sammi Lim, founder and executive director of Brilliance Capital, the sole marketing agent for the property. “We anticipate strong interest from co-living operators, boutique developers, and family offices looking for a freehold asset,” Lim adds.

The asset is a 10-minute walk from the Farrer Park MRT Station on the North-East Line. The area has many landmarks and retail options, including Mustafa Centre on Syed Alwi Road and City Square Mall on Kitchener Road. The fully integrated healthcare and hospitality complex Connexion on Farrer Park Station Road also has many facilities, including the One Farrer Hotel and Spa and The Farrer Park Medical Centre.

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The EOI closes on Oct 23 at 3pm.