Two freehold adjoining shophouses located at 5 and 7 Jasmine Road, off Upper Thomson Road, have been put up for sale at an advertised guide price of $10.5 million, or $2,665 per square foot on their existing combined floor area of 3,940 sq ft. The site boasts a total area of 3,650 sq ft and the properties are zoned for “residential with commercial at first storey” use.
According to Steven Tan, managing director of capital markets and investment sales at ERA Realty Network – which is the exclusive marketing agent for the shophouses – the 2019 Master Plan permits the construction of up to four storeys with a gross plot ratio of 3.0. Located a 50 metres away from Thomson Plaza, these properties benefit from their convenient access to major highways and expressways such as the Lornie Road, the Thomson Road, the Braddell Road, the Marymount Road and the Pan Island Expressway, as well as being just a minute’s walking distance away from both the Upper Thomson and Caldecott MRT Stations.
The sale presents a great opportunity for investors looking to make an income via rental opportunities and benefit from capital appreciation in the long term. For those looking to upscale the asset, the revelopment of the shophouses into a four-storey residential building with commercial space on the first level could be a viable option, subject to the approval of the relevant authorities. Establishing such a building would create a gross floor area of 10,950 sq ft.
The properties are only a stone’s throw away from numerous amenities, including popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall. In addition, the vicinity boasts of prestigious educational institutions such as the Ai Tong School, the Catholic High School, the CHIJ St Nicholas Girls’ School, the Marymount Convent School, and the Whitley Secondary School, all of which are within a 1-2km radius.
Currently, the two shophouses come with existing tenancies and are sold “as is where is”. The deadline for the expression of interest exercise is May 8 at 3pm.
For those on the hunt for more commercial properties located in the area, they need not look far. There has been a recent transaction of commercial property on Jasmine Road, with more Singapore commercial properties just a search away.