291 Serangoon Highway is located about a corner plot and guidelines a 35-metre huge twin frontage on to Serangoon Avenue and Burmah Freeway.
Put Up Here: Uptown At Farrer showflat
The property occupies a land house of five,455 sf and spans an thought place of 19,913 sf. Based mostly on the Find out Procedure 2014, the internet web page is zoned “Commercial” that has a Gross Plot Ratio of a few.0.
291 Serangoon Road households a food items and beverage (F&B) tenant on the ground floor, a night club on the second and third floor, as well as offices on the upper floors. Subject to approval from relevant authorities, potential uses include retail, showroom, fitness centre, medical suites, entertainment and serviced apartments, amongst others. The incoming owner has potential naming and signage rights for the residence.
The building has a highly accessible locale that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Organization District (CBD). Major expressways are positioned in close proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe site and strong transport infrastructure, the Farrer Park spot has evolved into a bustling expert and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The position is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey small business development comprising of retail, medical suites and office house; Uptown @ Farrer, a mixed-use development by Low Kheng Huat, which will consist of retail, residential; and a 240-unit serviced residence operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The household was first launched readily available in September 2018 by utilizing a guide price of $52 million. Upon the close of the EOI, we received a few offers which fell short of the owner’s expectation. The residence was subsequently withdrawn from the market place.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the commercial sector. We feel that it is timely to put the dwelling into the sector again to offer buyers another chance to reconsider this exceptional opportunity. With the pricing lowered to between $46 to $49 million, we expect strong interest from both investors and owner occupiers who are looking to acquire a centrally-located freehold business enterprise generating in a bustling house undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all over $2,466 psf on GFA in April 2018. Uncovered opposite 291 Serangoon Freeway, the entire two-storey company podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata location in July 2016.