Two freehold shophouses located in the Upper Thomson Road area have been put up for sale via expression of interest at a guide price of $10.5 million, or $2,665 psf. Situated on Jasmine Road, about 50m away from the Thomson Plaza shopping mall, the two stores have a combined floor area of 3,940 sq ft and a site area of 3,650 sq ft.
The surrounding neighbourhood is well-connected to major roads and expressways such as Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway, and is just a minute away from the Upper Thomson MRT Station.
The shophouses are currently zoned for “residential with commercial at 1st storey” use, and the 2019 Master Plan allows them to be built up to a maximum of four storeys. According to Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, the successful buyer may choose to redevelop the properties into a 10,950 sq ft four-storey residential building with commercial space at the first storey, pending approval from the relevant authorities.
Nearby, there are several amenities such as popular eateries and cafes along Upper Thomson Road, Sin Ming Plaza, and Junction 8 shopping mall, as well as prestigious educational institutions such as Catholic High School and Whitley Secondary School.
The shophouses come with existing tenancies and are being sold “as is where is” basis. The EOI exercise for the property will close on May 8 at 3pm.
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. Investors may be interested to check out the latest listings near the properties, or view recent transactions of commercial property on Jasmine Road.