Friday, October 18News That Matters

Freehold enterprise building near to Farrer Park MRT offered

291 Serangoon Road is situated having a corner plot and commands a 35-metre wide twin frontage on to Serangoon Road and Burmah Avenue.

Our listed website: Uptown At Farrer showflat

The home occupies a land put of 5,455 sf and spans an approximated region of 19,913 sf. Based on the Study Put together 2014, the web-site is zoned “Commercial” employing a Gross Plot Ratio of a few.0.

291 Serangoon Highway homes a meals products 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 household.

The building includes 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 close 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 region has evolved into a bustling business enterprise 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 specialist 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 residence operated by lyf Farrer Park Singapore.

Mr Clemence Lee, Senior Director, JLL, says: “The house was first launched offered on the market in September 2018 employing 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 The residence was subsequently withdrawn from the market place.

With the improving office current market in Singapore, we are seeing more investors shift their focus back to the experienced sector. We feel that it is timely to put the home 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 professional building in a bustling place undergoing rejuvenation and gentrification.”

The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all around $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Street, the entire two-storey industrial podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata spot in July 2016.