Freehold mixed-use property in Newton for sale at $20 mil
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A five-storey freehold property situated in 200 Bukit Timah Road in District 9’s Newton precinct is available for sale via the expression of interest (EOI) procedure. The suggested value for this property is estimated at twenty million which amounts to $2,295 per square foot on Gross Floor Area (GFA) as per the agent for marketing CBRE.
The property is one of the few residential and commercial property that covers the land of 2,083 square feet, and an overall GFA of 8,715 sq feet. It has elevator access on all five levels. It also has a car park for private use with five parking spaces.
The whole property is currently being leased to a veterinary center that has staff quarters. This means it will provide a buyer with a quick rental income. The 200 Bukit Timah is a short stroll of The Newton MRT Interchange Station on the North-South and Downtown Lines. It is also located near facilities such as the Novena Square, Square 2 and United Square shopping malls, Newton Food Centre and healthcare complex Health City Novena.
Michael Tay, head of capital markets in Singapore at CBRE is of the opinion that this property will be able to reap potential rental and capital gains in the future that are backed by the ongoing revitalization of Orchard Road and Novena areas. There is a lot of investor interest in the property as well as owners looking for an ideal building for naming and sign rights.
The successful buyer could explore various options to increase the value of the property subject to approvals from the appropriate authorities. This could include making use of the property to serve as F&B establishments, showrooms gymnasium, commercial schools, or co-living for various reasons, in addition to others.
The EOI application to submit 200 Bukit Timah will close on July 27th at 3pm.