291 Serangoon Street is located on the corner plot and commands a 35-metre large twin frontage on to Serangoon Street and Burmah Highway.
Commend: Uptown At Farrer showflat
The property occupies a land location of 5,455 sf and spans an believed spot of 19,913 sf. Primarily based generally on the Discover Plan 2014, the world-wide-web site is zoned “Commercial” with a Gross Plot Ratio of three.0.
291 Serangoon Freeway residences a food items stuff 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 house.
The building contains a highly accessible area that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business enterprise District (CBD). Major expressways are positioned in shut proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe locale and strong transport infrastructure, the Farrer Park location has evolved into a bustling company and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The place is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey industrial development comprising of retail, medical suites and office area; Uptown @ Farrer, a mixed-use development by Low Kheng Huat, which will consist of retail, residential; and a 240-unit serviced home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The residence was first launched readily available for sale in September 2018 which has 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 The residence was subsequently withdrawn from the current market.
With the improving office marketplace in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the belongings into the industry 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 producing in a bustling location undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all around $2,466 psf on GFA in April 2018. Identified opposite 291 Serangoon Highway, the entire two-storey enterprise podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata place in July 2016.