Two freehold adjoining shophouses in Singapore have been made available for sale through an expression of interest process with a guide price of $10.5 million, or $2,665 psf on the floor area. The two-storey shophouses, located on 5 and 7 Jasmine Road (near Upper Thomson Road), have a total site area of 3,650 sq ft and a combined floor area of approximately 3,940 sq ft.

According to Steven Tan, managing director of capital markets and investment sales at ERA Realty Network (the exclusive marketing agent for the shophouses), the properties could offer immediate rental income for investors and long term capital appreciation potential. He added that with government approval, the shophouses could be redeveloped into a four-storey building with commercial space at the first storey and a gross floor area of 10,950 sq ft.

The shophouses are zoned for “residential with commercial at first storey” use and the building height could reach up to four storeys under the 2019 Master Plan. The area is home to numerous amenities and educational institutions such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls’ School, Marymount Convent School, Whitley Secondary School and popular cafes and eateries along Upper Thomson Road and Sin Ming Plaza. Additional attractions near by include the Thomson Plaza shopping mall, Adelphi Park Estate, Upper Thomson MRT Station and Caldecott MRT Station.

After a decade, Singapore’s JCube leisure and edutainment centre JCube Residence is closing to make way for JCube Condo Residence, a 40-storey residential and commercial development with potential for capital appreciation.

The shophouses are being offered for sale on an “as is where is” basis, with existing tenancies. The EOI exercise for the property will close on 8th May at 3pm.

For those looking at potential investments in commercial properties in the area, recent transactions along Jasmine Road can be found on the EdgeProp Research tool.

A rare opportunity in a strategic location, these two freehold adjoining shophouses could prove to be a great investment.