2 shophouses in Neil Road, 3 in Jasmine Road for sale

JASMINE ROAD The three shophouses at 7, 9 and 11 Jasmine Road are surrounded by a landed housing estate and are near the upcoming Upper Thomson MRT station on the Thomson-East Coast Line and Marymount station on the Circle Line. NEIL ROAD The adjoini
NEIL ROAD The adjoining two-storey units at 65/67 Neil Road are near Tanjong Pagar and Outram Park MRT stations and within the Chinatown district. The shophouses have space at the rear for deliveries or an alfresco food and beverage area, subject to approval.PHOTO: COLLIERS INTERNATIONAL
JASMINE ROAD The three shophouses at 7, 9 and 11 Jasmine Road are surrounded by a landed housing estate and are near the upcoming Upper Thomson MRT station on the Thomson-East Coast Line and Marymount station on the Circle Line. NEIL ROAD The adjoini
JASMINE ROAD The three shophouses at 7, 9 and 11 Jasmine Road are surrounded by a landed housing estate and are near the upcoming Upper Thomson MRT station on the Thomson-East Coast Line and Marymount station on the Circle Line. PHOTO: COLLIERS INTERNATIONAL

Two conservation shophouses in Neil Road and three others with adjoining land in Jasmine Road are separately up for sale.

The adjoining two-storey units with an attic at 65/67 Neil Road have an indicative price of $15.57 million, or about $2,800 per sq ft (psf), based on the total gross floor area (GFA) of 5,563.7 sq ft.

The 2,703.6 sq ft site, which has a 99-year land tenure with effect from July 4, 1989, is near Tanjong Pagar and Outram Park MRT stations and within the Chinatown district.

Mr Steven Tan, senior director of capital markets at marketing agent Colliers International, said the firm expects healthy interest from local and foreign investors.

He added that the shophouses have space at the rear for deliveries or an alfresco food and beverage area, subject to approval.

"We believe there is an upside for rental revision, particularly in a robust leasing market with limited supply," Mr Tan said.

The ground floor of both shophouses and the second floor of 67 Neil Road are tenanted to an entertainment outlet that has been leasing the space for many years.

The second floor of 65 Neil Road is vacant. It could be used for various purposes, including a restaurant, clinic, gym, karaoke, student hostel or residential.

The site is zoned commercial so there is no additional buyer's stamp duty and seller's stamp duty.

The expression of interest exercise closes at 3pm on March 12.

Potential buyers can also check out the three freehold shophouses at 7, 9 and 11 Jasmine Road, which have a total guide price of $22.88 million.

They comprise a mix of two-and three-storey properties and an adjoining vacant site belonging to 11 Jasmine Road.

The guide price works out to about $1,185 psf, inclusive of the estimated development charge based on the proposed GFA of 21,363 sq ft upon redevelopment, Colliers said.

The shophouses, which may be bought separately or collectively, and the land behind have a combined area of 7,121 sq ft.

The site is zoned "residential with first storey commercial" and has a gross plot ratio of 3.0.

It can be redeveloped into a building of up to four storeys, with commercial space on the first floor and about 16 residential units, based on an average flat size of 861 sq ft.

The site is surrounded by a landed housing estate and is near the upcoming Upper Thomson MRT station on the Thomson-East Coast Line and Marymount station on the Circle Line.

Amenities nearby include Thomson Plaza, Junction 8 mall, Whitley Secondary, Catholic High and MacRitchie Reservoir Park.

The expression of interest exercise for the Jasmine Road units and the adjoining land closes at 3pm on March 19.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on February 13, 2020, with the headline '2 shophouses in Neil Road, 3 in Jasmine Road for sale'. Print Edition | Subscribe