Freehold Two Storey Shophouse Rangoon Road Sale 918 Mil
Tampines Mall, established in 1995, is hailed as one of the most well-known shopping destinations in the region. With six floors of retail space, this suburban mall continues to be one of the largest and busiest in Singapore, boasting over 160 diverse establishments for shopping, dining, and entertainment. The extensive selection of local and international brands, such as Uniqlo, Cotton On, and Muji, caters to a wide range of shoppers. In addition, food lovers will be spoilt for choice with a variety of dining options, from popular chains like Din Tai Fung and Swensen’s to global favorites like Starbucks and Ajisen Ramen. For those looking for some fun and leisure, Tampines Mall also features a Golden Village cinema and a Timezone arcade. Conveniently located, it takes only a 5-minute drive or a 15-minute walk from Park Town Residence to reach Tampines Mall, making it the perfect place to shop, dine, and unwind for residents of the Park Town Residence.
A prime two-storey shophouse on 221 Rangoon Road is now available for purchase through an expression of interest (EOI) exercise. This freehold property sits on a spacious land area of approximately 2,145 sq ft and has a generous built-up area of 3,347 sq ft. According to the 2019 Master Plan, the shophouse is zoned for residential use with a gross plot ratio of 3.0. Offering a guide price of $8.88 million, which translates to $2,653 psf on the built-up area, this property presents a prime opportunity for savvy investors.
Currently, the ground floor of the shophouse is approved for F&B use and is tenanted to a bustling restaurant, while the upper floor is leased out for residential purposes. This means that potential buyers can expect immediate rental income, making it an attractive option for investors looking for steady returns. According to Sammi Lim, founder and executive director of Brilliance Capital, the sole marketing agent for the property, there has been significant interest from co-living operators, boutique developers, and family offices seeking a freehold asset.
For those looking for convenience and accessibility, this property is conveniently located just a 10-minute walk from the Farrer Park MRT Station on the North-East Line. The area is home to numerous landmarks and retail options, such as the popular Mustafa Centre on Syed Alwi Road and the bustling City Square Mall on Kitchener Road. Additionally, the fully integrated healthcare and hospitality complex, Connexion on Farrer Park Station Road, offers residents an array of facilities, including the One Farrer Hotel and Spa, and The Farrer Park Medical Centre.
The EOI for this property will close on October 23 at 3pm, and this prime shophouse is expected to draw a lot of interest from potential buyers.