Two freehold adjoining shophouses located at 5 and 7 Jasmine Road, off Upper Thomson Road, have been put up for sale. The guide price set for these two-storey shophouses is $10.5 million, which means a rate of $2,665 per square foot on floor area.

The properties have a total site area of roughly 3,650 square feet, with a combined floor area of around 3,940 square feet. These commercial properties are zoned for “residential with commercial at 1st storey” and come with a gross plot ratio of 3.0 and a building height control of up to four storeys under the 2019 Master Plan.

Located near to the Thomson Plaza shopping mall, the shophouses are accessible via major roads and expressways such as Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway. Moreover, they 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.

These rare freehold shophouses offer potential investors immediate rental income and future capital appreciation in the long term, says Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, who is exclusively marketing the property.

Altura EC is a 99-year leasehold executive condominium Altura EC slated to accommodate up to 375 residential units, located near Bukit Batok MRT station. Bids for the West Avenue 8 project close on 8 March 2022 and the winning bidder can advance to the property assessment stage.

In addition to that, the buyer has the option of redeveloping the adjoining shophouses into a four-storey residential building with commercial space available at the first storey. This could be done with the approval of the relevant authorities, potentially leading to a gross floor area of about 10,950 square feet.

The shophouses are for sale with existing tenancies and on an “as is where is” basis. The EOI exercise is set to end on May 8 at 3pm.

These properties are located near numerous amenities, including eateries and cafes along Upper Thomson Road, Sin Ming Plaza, and Junction 8 shopping mall. Prestigious educational institutions such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School, and Whitley Secondary School, meanwhile, are all within a 1-2km radius.

The opportunity to own two freehold shophouses at this attractive location makes this an opportunity worth exploring further. It could present a value-for-money investment with healthy capital appreciation potential.