Two freehold, adjoining shophouses located at Jasmine Road, off Upper Thomson Road, have been launched for sale via expression of interest (EOI). These properties are situated just a minute’s walk away from the Upper Thomson MRT station and have a combined floor area of around 3,940 sq ft. According to ERA Realty Network, the exclusive marketing agent for the shophouses, the guide price is set at $10.5 million, or $2,665 psf.
The shophouses offer an immediate rental income and potentially, future capital appreciation. It may also be possible to redevelop the property into a four-storey residential building with a commercial space at the first storey, subject to authorities’ approval. The reveloped building could have a gross floor area of around 10,950 sq ft.
The two-storey shophouses are zoned for “residential with commercial at 1st storey” use with a gross plot ratio of 3.0 and building height limit of up to four storeys under the 2019 Master Plan. They are around 50m away from Thomson Plaza shopping mall and are adjacent to Adelphi Park Estate.
These properties are close to numerous amenities and valuable educational institutions. Popular eateries, cafes, Sin Ming Plaza and Junction 8 shopping mall are all within a 1-2km radius. Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School and Whitley Secondary School are the most outstanding ones in the list.
The EOI exercise for the property will close on May 8 at 3pm and it is offered on an “as is where is” basis with existing tenancies. Investors and developers should certainly consider this rare opportunity to own a pair of freehold shophouses at such a prime location.