SINGAPORE (EDGEPROP) - A five-storey freehold building located at 200 Bukit Timah Road in District 9’s Newton precinct is up for sale through an expression of interest (EOI) exercise. The guide price for the property is approximately $20 million, which works out to $2,295 psf on the the total gross floor area (GFA), according to marketing agent CBRE.

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The property is a mixed commercial and residential building that sits on a land area of about 2,083 sq ft, with a total GFA of 8,715 sq ft. It is equipped with lift access across all five levels and has a private car park with five parking lots. (Find Singapore commercial properties with our commercial directory)

The entire property is currently leased to a veterinary centre with staff quarters, meaning it can provide a successful buyer with immediate rental income. 200 Bukit Timah is a short walk away from the Newton MRT Interchange Station on the North-South and Downtown Lines. It is also surrounded by amenities like 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, believes that the property will enjoy future capital and rental upsides, underpinned by the ongoing rejuvenation of the Orchard Road and Novena areas. He expects strong investor interest in the property, in addition to interest from owner-occupiers looking for a building ideal for naming and signage rights.

He adds that the successful buyer can explore several value-add angles to reposition the asset, subject to approvals from the relevant authorities. This includes using the property for F&B establishments, showroom, gym, commercial school or co-living purposes, amongst others.

The EOI exercise for 200 Bukit Timah will close on July 27 at 3pm.

Check out the latest listings near Bukit Timah Road, Newton MRT Interchange Station