A two-storey shophouse building at the junction of Rangoon Road and Dorset Road was put up for sale via a tender exercise on Monday.
Property consultancy CBRE said the freehold corner building at 137 and 139 Rangoon Road has a combined land area of 3,837 sq ft.
It is zoned as residential with commercial at the first storey based on the 2008 Master Plan, and has a gross plot ratio of 3.0. The ground floor is tenanted as a coffeeshop.
The gross floor area of the existing shophouse is 5,603 sq ft, Ms Sammi Lim, the associate director of investment properties at CBRE, told The Straits Times.
While no guide price was stated, an advertisement for a shophouse unit along Rangoon Road with a GFA of 4,500 sq ft was going at $12 million, or $2,667 psf.
Ms Lim also said that the sellers are putting up the shophouse for sale after potential buyers made enquiries about the building.
The shophouse is less than 350m away from the Farrer Park MRT station, with amenities such as Mustafa, City Square Mall and the Civil Service Club closeby.
The upcoming healthcare and hospitality hub at Connexion will also add vibrancy to the area.
"The buyer can choose to hold the asset for a steady cash flow or explore refurbishments by increasing the existing GFA to take advantage of a healthy rental income stream in the short to medium term," she said.
"In the longer term...the site could capitalise on the maturing hub and be redeveloped into a brand new mixed commercial and residential development."
The tender closes on Tuesday, April 8, at 3pm.