291 Serangoon Road is positioned with a corner plot and commands a 35-metre large twin frontage on to Serangoon Freeway and Burmah Avenue.
Suggested: Uptown At Farrer price
The household occupies a land region of five,455 sf and spans an thought location of 19,913 sf. Centered on the Understand Get ready 2014, the internet site is zoned “Commercial” that features a Gross Plot Ratio of 3.0.
291 Serangoon Avenue households a meals 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 home.
The generating includes a highly accessible spot that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business District (CBD). Major expressways are discovered in close 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 site has evolved into a bustling professional 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 skilled 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 residence operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The residence was first launched available for sale in September 2018 which has a guide price of $52 million. Upon the shut of the EOI, we received a few offers which fell short of the owner’s expectation. The house was subsequently withdrawn from the marketplace.
With the improving office current market in Singapore, we are seeing more investors shift their focus back to the specialist sector. We feel that it is timely to put the assets 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 experienced generating in a bustling locale 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. Positioned opposite 291 Serangoon Highway, the entire two-storey business podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata site in July 2016.