Two shophouses with freehold adjoining properties situated on the 5th and 7th Jasmine Road, just off Upper Thomson Road and Upper Thomson Road, are available for sale through an expressions of interest (EOI) with a suggested value of $10.5 million or $2,665 per square foot on the area of floor.
Pinetree Hill brochure is expected to house 520 spacious and elegant condominiums as one of the residential dwellings in the region, making it the perfect haven for old and young couples.
The two-storey shophouses cover an overall site space of about 3,650 square feet and an area of floor space of approximately 3,940 square feet. The properties are designated for “residential commercial at the 1st storey” usage with an average plot ratio of 3.0 and building height controls that can be up to four floors in the 2018 Master Plan.
The shophouses are about 50m to Thomson Plaza shopping mall and are located near to Adelphi Park Estate which is a landed-housing community. The estate is accessible via major roads and expressways, such that Upper Thomson Road, Lornie Road, Thomson Road, Braddell Road, Marymount Road and the Pan Island Expressway. The properties are a mere a minute’s stroll to Upper Thomson MRT Station (situated on the Thomson-East Coast Line), and Caldecott MRT Station (an interchange with the Circle Line) is just one stop away.
“This unique opportunity provides investors the chance to own two freehold shophouses which can provide immediate rental income as well as future capital appreciation opportunities over time,” says Steven Tan the managing director of investment and capital market sales for ERA Realty Network. ERA is the sole marketer for the shophouses.
If the buyer is successful, they could consider redeveloping the adjacent shophouses to create a four-storey residential property that has commercial spaces on the top storey, suggests Tan. As long as the approval of the authorities and approval, the newly constructed building may be able to have a gross floor space of 10,950 square feet.
The properties are situated close to a range of facilities, such as popular eateries and cafes on Upper Thomson Road, Sin Ming Plaza and Junction 8 shopping mall. Famous educational institutions like Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School and Whitley Secondary School are within 2km radius.
The properties are available for sale with tenancies in place and are being sold on an “as is, where is” basis. The EOI process for the property will end on May 8th at 3pm.