291 Serangoon Highway is found above a corner plot and instructions a 35-metre huge twin frontage onto Serangoon Freeway and Burmah Freeway.
Mentioned: Uptown At Farrer showflat
The residence occupies a land place of five,455 sf and spans an considered location of 19,913 sf. Centered on the Grasp Prepare 2014, the world wide web website is zoned “Commercial” by utilizing a Gross Plot Ratio of 3.0.
291 Serangoon Road attributes 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 property.
The setting up contains a highly accessible locale that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company District (CBD). Major expressways are situated 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 space has evolved into a bustling organization and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The put is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey business enterprise development comprising of retail, medical suites and office house; 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 home was first launched readily available available in September 2018 through the use of 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 The property was subsequently withdrawn from the industry.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the business sector. We feel that it is timely to put the residence into the industry 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 commercial making in a bustling region 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 Avenue, the entire two-storey business podium at Centrium Square transacted at $135 million or about $4,967 psf on strata locale in July 2016.