For investors looking to capitalize on rare opportunities, two freehold shophouses in Adelphi Park Estate at 5 and 7 Jasmine Road off Upper Thomson Road have been put up for sale. Boasting a total site area of 3,650 sq ft, with an existing combined floor area of around 3,940 sq ft, the two-storey buildings are being sold via expression of interest at a guide price of $10.5 million, or $2,665 psf on the floor area.
Map and overview of 5 Jasmine Road (Source: EdgeProp LandLens)
The 2019 Master Plan for the area states that the properties are zoned for a residential-cum-commercial use with a gross plot ratio of 3.0 and a building height control of up to four storeys.
The location is highly accessible, with Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway nearby, and is also just a minute’s walk away from Upper Thomson MRT Station (situated on Thomson-East Coast Line). Caldecott MRT Station, an interchange with the Circle Line, is one stop away.
Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, said, “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.”
Recent transactions of commercial property on Jasmine Road (Source: EdgeProp Research tool)
The successful buyer can consider redeveloping the shophouses into a four-storey residential building with commercial space on the first storey, subject to the authorities’ approval. The redeveloped building could have a gross floor area of about 10,950 sq ft.
Located near numerous amenities, the properties are close to 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 located within a 1-2km radius.
The EOI exercise for the property will close on May 8th at 3pm, and the properties are being sold with existing tenancies and on an “as is where is” basis. Investors should certainly not miss out on this opportunity to own a pair of freehold shophouses that offer immediate rental income and future capital appreciation potential.