Mixed residential, commercial buildings in Newton, Balestier area up for sale

Jun 22, 2022

A 5-STOREY mixed commercial and residential building, 200 Bukit Timah Road, has been put up for sale at a guide price of S$20 million, said exclusive marketing agent CBRE on Wednesday (Jun 22).

The freehold property, located in the Newton precinct, sits on a land area of 2,083 square feet (sq ft) and has a total gross floor area of 8,715 sq ft. The guide price represents S$2,295 per sq ft on the total gross floor area.

The entire property is currently leased to a veterinary centre with staff quarters, which CBRE said will provide the successful buyer with immediate rental income. The building also has a private carpark with 5 parking spaces.

Amenities in the area include shopping options on Orchard Road and in the Novena area, and Newton Food Centre. The property is also within walking distance to Newton MRT interchange.

Michael Tay, head of capital markets, Singapore at CBRE, expects to see strong interest from investors looking to capitalise on rejuvenation and transformation plans in the area. He expects to attract owner-occupiers looking for a building that is ideal for naming and signage rights.

He said: “Freehold assets in such prime location are rarely available for sale, let alone one of a palatable investment quantum.”

The sale will be conducted through an expression of interest (EOI) exercise, which will close on Jul 27 at 3 pm.

Separately, a pair of freehold adjoining 4-storey buildings, 16 and 18 Kim Keat Road, was put up for sale with a guide price of S$15.3 million, said exclusive marketing agent Savills Singapore on Wednesday.

The property, located in the Balestier precinct, occupies a combined land area of 3,449 sq ft and a total floor area of 10,638 sq ft. The guide price translates to S$1,438 per sq ft of the gross floor area.

The buildings come with an attic and have an in-built mechanical car parking system for 8 vehicles.

The commercial units on the ground floor are approved for restaurant use and are leased to food and beverage operators, while the upper floors are residential units. Savills noted that the property is currently leased, which provides the incoming buyer immediate rental revenue.

Sophia Lim, associate director of investment sales and capital markets at Savills Singapore, said: “This is an opportunity for prospective buyers to own a pair of freehold buildings in the city fringe with value-add potential.”

She noted that the buyer also has the flexibility to reconfigure the space for potential co-living or student hostel purposes, as the property’s residential units have independent air-conditioning units and en-suite toilets each.

The property is located near healthcare medical hubs at Novena, and amenities in the area include Zhongshan Mall, Balestier Plaza and Shaw Plaza.

The sale will also be conducted through an EOI exercise, which will close on Jul 26 at 3 pm.