Two adjoining freehold shophouses at 5 and 7 Jasmine Road, off Upper Thomson Road have been listed for sale via expression of interest (EOI) with a guide price of $10.5 million, or $2,665 psf on the floor area.
The two-storey buildings have a total site area of approximately 3,650 sq ft, and a combined floor area of around 3,940 sq ft. Located near popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza, and Junction 8 shopping mall, the shophouses are close to prestigious schools such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School, and Whitley Secondary School.
Accessibility is easy, with the properties just a minute’s walk away from Upper Thomson MRT Station (situated on Thomson-East Coast Line), while Caldecott MRT Station (an interchange with the Circle Line) is one stop away. Furthermore, they are located close to major roads and expressways such as Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway.
The properties are for sale with existing tenancies and on an “as is where is” basis. The EOI exercise for the property will close on May 8 at 3pm.
“This rare opportunity offers investors a chance to own a pair of freehold shophouses that offer immediate rental income and future capital appreciation potential in the long term,” noted Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, the exclusive marketing agent for the shophouses.
Alternatively, the successful buyer could consider redeveloping the adjoining shophouses into a four-storey residential building with commercial space on the first storey, added Tan. With the approval of the authorities, the redeveloped building could have a gross floor area of approximately 10,950 sq ft.
The properties are zoned for “residential with commercial at 2nd storey” use with a gross plot ratio of 3.0 and building height control of up to four storeys under the 2019 Master Plan.
With its proximity to numerous amenities, the two freehold shophouses located at 5 and 7 Jasmine Road presents a great opportunity for buyers seeking immediate rental income and future capital appreciation.
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