Two freehold shophouses located at 5 and 7 Jasmine Road, off Upper Thomson Road, are up for sale via Expression of Interest (EOI) at an attractive guideprice of $10.5 million. Thats approximately $2,665 per square foot of floor area.
The properties feature two-stories with a total site area of 3,650 sq ft and an existing combined floor area of 3,940 sq ft.
The property has been zoned for “residential with commercial at 1st storey” use with a gross plot ratio of 3.0 and building height control of four storeys under the 2019 Master Plan.
Adjacent to the properties is Adelphi Park Estate, a landed-housing enclave. Transport is no issue with easy access to major roads, expressways including Upper Thomson Road, Marymount Road, Lornie Road, Braddell Road and the Pan Island Expressway. The shophouses are also in close proximity to Upper Thomson MRT Station, which is a minute’s walk away, and Caldecott MRT Station (an interchange with the Circle Line) is just one stop away.
The buyer can either choose to keep the current tenancies or consider redevelopment into a four-storey residential building with commercial space on the first storey subject to the authorities’ approval. This would create a gross floor area of 10,950 sq ft.
Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, who’s the exclusive marketing agent for the shophouses, says this offers investors a chance to own two rare freehold properties with immediate rental income potential, and long term capital appreciation.
The properties are located in the vicinity of popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall, as well as near to reputable schools like Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School and Whitley Secondary School.
Don’t miss this golden opportunity. The EOI exercise for the property closes on 8 May at 3pm.
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