291 Serangoon Road is located over a corner plot and guidelines a 35-metre intensive twin frontage on to Serangoon Road and Burmah Highway.
Suggested: Uptown At Farrer location
The property occupies a land area of 5,455 sf and spans an approximated spot of 19,913 sf. Primarily based largely on the Learn Prepare 2014, the web-site is zoned “Commercial” having a Gross Plot Ratio of 3.0.
291 Serangoon Road houses a food 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 household.
The putting together includes a highly accessible area that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company 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 place and strong transport infrastructure, the Farrer Park space has evolved into a bustling business 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 company development comprising of retail, medical suites and office room; 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 home was first launched accessible in September 2018 having a guide price of $52 million. Upon the near of the EOI, we received a few offers which fell short of the owner’s expectation. The household was subsequently withdrawn from the sector.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the professional sector. We feel that it is timely to put the residence into the marketplace 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 expert building in a bustling spot undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or around $2,466 psf on GFA in April 2018. Located opposite 291 Serangoon Highway, the entire two-storey business podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata place in July 2016.