291 Serangoon Road is located around a corner plot and commands a 35-metre wide twin frontage on to Serangoon Highway and Burmah Street.
Mentioned: Uptown At Farrer location
The residence occupies a land spot of 5,455 sf and spans an considered room of 19,913 sf. Dependent on the Find out Application 2014, the web-site is zoned “Commercial” which has a Gross Plot Ratio of three.0.
291 Serangoon Highway properties a food stuff 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 assets.
The setting up provides a highly accessible place 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 located 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 room has evolved into a bustling qualified and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The location 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 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 house was first launched out there for buy in September 2018 employing 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 The assets was subsequently withdrawn from the marketplace.
With the improving office market in Singapore, we are seeing more investors shift their focus back to the qualified sector. We feel that it is timely to put the residence into the market place 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 organising in a bustling space 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. Discovered opposite 291 Serangoon Street, the entire two-storey business podium at Centrium Square transacted at $135 million or around $4,967 psf on strata area in July 2016.