291 Serangoon Highway is identified over a corner plot and commands a 35-metre wide dual frontage on to Serangoon Highway and Burmah Road.
Our listed website: Uptown At Farrer showflat
The household occupies a land place of 5,455 sf and spans an thought place of 19,913 sf. Dependent on the Master Application 2014, the website is zoned “Commercial” by making use of a Gross Plot Ratio of three.0.
291 Serangoon Street homes a food items merchandise 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 home.
The starting includes a highly accessible site that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company 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 place and strong transport infrastructure, the Farrer Park place has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The area is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey organization 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 assets was first launched on the sector in September 2018 using 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 The home was subsequently withdrawn from the market.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the residence into the marketplace 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 enterprise producing in a bustling room undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or about $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Street, the entire two-storey business podium at Centrium Square transacted at $135 million or around $4,967 psf on strata space in July 2016.