Freehold shophouses in Upper Thomson going for $22.88 mil

Freehold shophouses in Upper Thomson going for $22.88 mil

By Timothy Tay / EdgeProp Singapore|February 12, 2020 9:30 PM SGT

SINGAPORE (EDGEPROP) – Three shophouses at 7, 9, and 11 Jasmine Road, along with an adjacent plot of vacant land, are available for $22.88 million. The guide price translates to $1,185 psf and includes an estimated development charge based on the proposed gross floor area of 21,363 sq ft upon redevelopment of the site, says marketing agent Colliers International. Located off Upper Thomson Road, the properties and the vacant plot of land sit on a combined freehold site of 7,121 sq ft. The site has a gross plot ratio of 3.0 and is zoned for “residential with 1st storey commercial” under the 2019 Master Plan.

The three shophouses on Jasmine Road can be purchased collectively or separately. (Picture: Colliers International)Subject to approvals, the land parcel could be redeveloped into a new building of up to four storeys, comprising commercial space on the first floor and 16 residential units averaging 861 sq ft each.

According to Steven Tan, senior director of capital markets at Colliers International, several co-living operators have indicated an interest in the site as they are looking for suitable properties to operate their business. “We believe this site would be ideal for that purpose. The buyer can seek permission from the authorities for change of use to serviced apartments to tap the growing co-living sector,” he says. The properties can be purchased separately or collectively, and the sale is conducted through an Expression of Interest exercise that will close on March 19.

Original Article: https://www.edgeprop.sg/property-news/freehold-shophouses-upper-thomson-going-2288-mil

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