291 Serangoon Highway is situated on the corner plot and guidelines a 35-metre substantial dual frontage on to Serangoon Freeway and Burmah Highway.
Endorse it: Uptown At Farrer price
The home occupies a land spot of 5,455 sf and spans an considered spot of 19,913 sf. Centered on the Master Method 2014, the world wide web web page is zoned “Commercial” having a Gross Plot Ratio of 3.0.
291 Serangoon Highway residences a foodstuff 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 property.
The constructing incorporates a highly accessible locale that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Enterprise 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 location and strong transport infrastructure, the Farrer Park area has evolved into a bustling business 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 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 home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The house was first launched on the current market 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 The property was subsequently withdrawn from the sector.
With the improving office market in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the house 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 expert setting up in a bustling place undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all over $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Highway, the entire two-storey expert podium at Centrium Square transacted at $135 million or about $4,967 psf on strata put in July 2016.