A rare opportunity is up for sale in the form of two freehold adjoining shophouses located at 5 and 7 Jasmine Road, off Upper Thomson Road. The two-storey shophouses have a combined floor area of about 3,940 sq ft and a guide price of $10.5 million, or $2,665 psf on the floor area.
The properties are zoned for “residential with commercial at 1st storey” use with a gross plot ratio of 3.0 and building height control of up to four storeys under the 2019 Master Plan. Situated near a number of major roads and expressways such as Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway, the properties have great accessibility. They are just a minute’s walk away from Upper Thomson MRT Station and Caldecott MRT Station, both part of the Thomson-East Coast Line and the Circle Line respectively.
Investors can look forward to enjoying immediate rental income and longer-term capital appreciation potential. A successful buyer could also consider redeveloping the adjoining shophouses into a four-storey residential building with commercial space on the first storey, subject to the authorities’ approval. This could result in a gross floor area of about 10,950 sq ft.
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.
The shophouses are well situated near numerous amenities such as popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall. Educational institutions such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School and Whitley Secondary School are also within a 1-2km radius.
Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, believes that this is a great opportunity to invest in a pair of freehold shophouses in a sought-after area. ERA Realty Network is the exclusive marketing agent for the shophouses.
In conclusion, the two freehold shophouses at 5 and 7 Jasmine Road offer immediate rental income with potential for future capital appreciation. It is a rare opportunity that should not be overlooked.