Two adjoining shophouses off Upper Thomson Road for sale at $10.5 mil

April 12, 2023 0 Comments

Two freehold shophouses located at 5 and 7 Jasmine Road, off Upper Thomson Road, have been put up for sale via Expression of Interest (EOI) with a guide price of $10.5 million, or $2,665 psf on the floor area. Located just 50 metres away from Thomson Plaza shopping mall, the two-storey shophouses hold a total site area of around 3,650 sq ft and an existing combined floor area of about 3,940 sq ft.

Under the 2019 Master Plan, 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. Moreover, they are close to major roads and expressways such as Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway.

Transportation is not an issue as the shophouses are just a minute’s walk away from Upper Thomson MRT Station (situated on Thomson-East Coast Line), while Caldecott MRT Station (an interchange with the Circle Line) is just one stop away.

Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, which is the exclusive marketing agent for the shophouses, stated that this is a rare opportunity for investors and landlords to own a pair of freehold shophouses and enjoy immediate rental income with future capital appreciation potential in the long term.

Alternatively, the successful buyer can consider redeveloping the adjoining shophouses into a four-storey residential building with commercial space on first storey, subject to the authorities’ approval. The redeveloped building could have a gross floor area of about 10,950 sq ft.

The properties are located near numerous amenities, including popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall. Additionally, prestigious educational institutions such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School and Whitley Secondary School are all within a 1-2km radius, making the shophouses an attractive prospect for buyers.

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.

It is worth noting that other commercial properties on Jasmine Road have seen transactions recently, making this an attractive investment opportunity.