Knight Frank divulged recently that a line of neighbouring properties along Rangoon Road was up for sale by tender. These properties may be upgraded into a mixed-use development and through asset improvement initiative. The tender of these properties will close on March 2016.
The subject site has an area of 6,879 sq ft and holds mixed-use structures and shophouses. It is marked under the Master Plan 2014 as residential with commercial on it’s first storey and has a 3.0 gross plot ratio.
Mr. Ian Loh, the Executive Director and Head of the Investment and Capital Market at Knight Frank also mentioned that the properties are expected to draw much enthusiasm among investors due to its great location and convenience to a line of amazing amenities in the area.
Accessibility to this area is viable with nearby Farrer Part MRT Station and it is also close the Connexion at Farrer Park which is a fully unified hospital and healthcare facility complex.
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The shophouse are reputable Bak kut Teh Shops namely Founder Bak Kut Teh and Ng Ah Sio Prk Ribs Eating House. Lim family of Chin Leong Corp own the shophouses for more than 70 years who founded the company since 1947. They started doing paint business and selling the paints to paint contractors.
CLP has since become distributor of Jotun, ICI, Dulux and also diversify into waterproofing, solvents and other materials in the construction business. They have factories in Vietnam, Thailand, Taiwan, Indonesia and Malaysia.