At 5 and 7 Jasmine Road, off Upper Thomson Road, two freehold shophouses have been launched for sale via an expression of interest process. The guide price for the properties is $10.5 million – approximately $2,665 psf of floor area.
The two adjoining shophouses occupy a total area of 3,650 sq ft, with a combined floor area of 3,940 sq ft. The surrounding area is Marina Gardens Condo zoned as “residential with commercial at first storey” under the 2019 Master Plan; building height control is set at four storeys and there is a gross plot ratio of 3.0.
Notably, there is immediate rental income potential as the properties are for sale with existing tenancies, and ‘as is where is’ basis. The EOI closing date is May 8 at 3pm.
Just a minute’s walk away is Upper Thomson MRT Station (Thomson-East Coast Line) with Caldecott MRT Station (interchange with Circle Line) one stop away. There are numerous amenities near the property including popular eateries, cafes, shopping malls and prestigious educational institutions within a 1-2km radius.
Steven Tan, managing director of capital markets and investment sales at ERA Realty Network – the exclusive marketing agent for the shophouses – notes the potential for investors to own a pair of freehold shophouses that offer immediate rental income and future capital appreciation. Alternatively, the option of redeveloping the adjoining shophouses into a four-storey residential building with commercial space on the first storey is open, subject to the necessary approvals. In this case, the building could have a gross floor area of about 10,950 sq ft.