291 Serangoon Road is located with a corner plot and commands a 35-metre vast twin frontage on to Serangoon Highway and Burmah Avenue.
Proposed: Uptown At Farrer showflat
The property occupies a land area of five,455 sf and spans an approximated place of 19,913 sf. Based mostly on the Understand System 2014, the web page is zoned “Commercial” that has a Gross Plot Ratio of three.0.
291 Serangoon Highway residences a food things 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 setting up includes a highly accessible locale 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 near proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe area and strong transport infrastructure, the Farrer Park put has evolved into a bustling specialist 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 enterprise 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 home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The household was first launched on the industry 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 The home was subsequently withdrawn from the sector.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the professional sector. We feel that it is timely to put the property 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 professional creating in a bustling location undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or close to $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Freeway, the entire two-storey professional podium at Centrium Square transacted at $135 million or all over $4,967 psf on strata position in July 2016.