291 Serangoon Street is located with a corner plot and recommendations a 35-metre wide twin frontage onto Serangoon Road and Burmah Highway.
Proposed: Uptown At Farrer price
The property occupies a land locale of five,455 sf and spans an believed spot of 19,913 sf. Centered on the Master Technique 2014, the world-wide-web web site is zoned “Commercial” using a Gross Plot Ratio of a few.0.
291 Serangoon Highway residences a food items 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 residence.
The acquiring provides a highly accessible area that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business enterprise District (CBD). Major expressways are identified in shut proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe spot and strong transport infrastructure, the Farrer Park area has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The room is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey qualified 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 property was first launched out there for invest in in September 2018 utilizing 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 The belongings was subsequently withdrawn from the current market.
With the improving office market place in Singapore, we are seeing more investors shift their focus back to the expert sector. We feel that it is timely to put the property 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 organization developing 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. Situated opposite 291 Serangoon Street, the entire two-storey small business podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata location in July 2016.