291 Serangoon Street is located on the corner plot and guidelines a 35-metre broad twin frontage onto Serangoon Highway and Burmah Street.
Must watch: Uptown At Farrer location
The residence occupies a land region of five,455 sf and spans an approximated house of 19,913 sf. Centered on the Learn Put together 2014, the net web page is zoned “Commercial” having a Gross Plot Ratio of 3.0.
291 Serangoon Street residences 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 belongings.
The setting up includes a highly accessible spot that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Enterprise 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 location and strong transport infrastructure, the Farrer Park region has evolved into a bustling enterprise and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The area is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey business development comprising of retail, medical suites and office space; 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 property was first launched on the marketplace in September 2018 using 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 The residence was subsequently withdrawn from the sector.
With the improving office market in Singapore, we are seeing more investors shift their focus back to the commercial sector. We feel that it is timely to put the property into the current market 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 industrial creating in a bustling area 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. Observed opposite 291 Serangoon Highway, the entire two-storey experienced podium at Centrium Square transacted at $135 million or around $4,967 psf on strata location in July 2016.