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When it comes to investing in Singapore Condo, one must not overlook the influence of the government’s property cooling measures. Throughout the years, the Singaporean government has implemented various measures to control speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those acquiring multiple properties. Although these measures may have an impact on immediate profits for condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment.
An EOI exercise has been launched for a freehold two-storey shophouse located at 221 Rangoon Road in Singapore (EDGEPROP). Covering a land area of approximately 2,145 sq ft, the shophouse boasts a total built-up area of 3,347 sq ft. According to the 2019 Master Plan, the property is zoned for residential use with a gross plot ratio of 3.0. Interested parties can expect a guide price of $8.88 million, equivalent to $2,653 psf on the built-up area.
The ground floor of the shophouse is currently occupied by a restaurant, while the upper floor is tenanted for residential use. This provides immediate rental income for potential investors, as highlighted by Sammi Lim, founder and executive director of Brilliance Capital, the sole marketing agent of the property. Lim also expects strong interest from co-living operators, boutique developers, and family offices seeking a freehold asset.
The shophouse is just a 10-minute walk from Farrer Park MRT Station on the North-East Line. The surrounding area boasts many prominent landmarks and retail options, such as the Syed Alwi Road Mustafa Centre and the Kitchener Road City Square Mall. Additionally, the fully integrated healthcare and hospitality complex of Connexion on Farrer Park Station Road offers various facilities, including One Farrer Hotel and Spa and The Farrer Park Medical Centre.
The EOI for this property will close on October 23 at 3pm.