An opportunity to invest in two freehold shophouses located at 5 and 7 Jasmine Road off Upper Thomson Road has been launched via expression of interest (EOI) exercise, at a guide price of $10.5 million, or $2,665 psf on the floor area. The two-storey shophouses have a total site area of 3,650 sq ft and an existing combined floor area of 3,940 sq ft.
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. They are situated around 50m away from Thomson Plaza shopping mall and are easily accessible via major roads and expressways such as Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway. Upper Thomson MRT Station (situated on Thomson-East Coast Line), is just a minute’s walk away, while Caldecott MRT Station (an interchange with the Circle Line) is a station away.
The properties are close to numerous amenities such as popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall. Prestigious 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 who is the exclusive marketing agent says, “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.”
The EOI exercise provides investors with two options. The first option is to retain the existing shophouses and enjoy the rental income.
The second option involves redeveloping the adjoining shophouses into a four-storey residential building with commercial space on the first storey. With the authorities’ approval, the redeveloped building could have 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. Potential investors are urged to take note that the EOI exercise will be closing on May 8 at 3pm.
This is a unique chance for investors to own a pair of freehold shophouses located in a prime district, near an MRT and to enjoy rental income, as well as potential capital appreciation in the long run.