Two adjoining shophouses off Upper Thomson Road for sale at $10.5 mil
Situated in a desirable area off Upper Thomson Road and adjacent to the landed-housing enclave Adelphi Park Estate, two freehold shophouses located at 5 and 7 Jasmine Road are up for sale. With an existing combined floor area of 3,940 sq ft over a total site area of 3,650 sq ft, the two storey shophouses come with a guide price of $10.5 million, or $2,665 psf on the floor area.
Zoned for “residential with commercial at 1st storey” use, the properties are located near various amenities. Popular eateries and cafes can be found nearby along Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall, while the area’s 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.
The guide price of $10.5 million sets a floor price of $2,665 psf on the combined floor area, with potential for capital appreciation in the long run. The maximum building height of four storeys under the 2019 Master Plan and the proximity of Upper Thomson MRT Station, 50m away from the properties, make it an attractive investment opportunity.
Furthermore, the properties are for sale with existing tenancies and on an “as is where is” basis, leaving open an opportunity to consider redeveloping them into a four storey building with commercial space on the first storey (gross floor area of 10,950 sq ft, subject to the authorities’ approval).
“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,” says Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, who is the exclusive marketing agent for the shophouses.
The EOI exercise for the properties will close on May 8 at 3pm.
Do consider investing in these properties if you’re looking for a potential capital appreciative asset in the long run. Prospective buyers may refer to the recent transactions of commercial property on Jasmine Road for additional information (Source: EdgeProp Research tool).
For more information on the upcoming listings near Jasmine Road, Adelphi Park Estate, Upper Thomson MRT Station, Caldecott MRT Station, Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School, Whitley Secondary School and related news, check out our collection of available properties.