291 Serangoon Road is situated on the corner plot and guidance a 35-metre comprehensive dual frontage on to Serangoon Highway and Burmah Freeway.
Advancement: Uptown At Farrer location
The house occupies a land region of five,455 sf and spans an approximated house of 19,913 sf. Centered typically on the Grasp System 2014, the online website is zoned “Commercial” that has a Gross Plot Ratio of three.0.
291 Serangoon Road residences a meals 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 creating provides a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Small business 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 area has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The spot 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 place; 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 out there 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 The home was subsequently withdrawn from the current market.
With the improving office sector in Singapore, we are seeing more investors shift their focus back to the qualified sector. We feel that it is timely to put the home 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 industrial setting up 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. Positioned opposite 291 Serangoon Highway, the entire two-storey industrial podium at Centrium Square transacted at $135 million or around $4,967 psf on strata region in July 2016.