291 Serangoon Freeway is positioned on a corner plot and commands a 35-metre big twin frontage onto Serangoon Avenue and Burmah Avenue.
Must read: Uptown At Farrer
The property occupies a land space of 5,455 sf and spans an approximated spot of 19,913 sf. Centered on the Grasp Get ready 2014, the web page is zoned “Commercial” that has a Gross Plot Ratio of 3.0.
291 Serangoon Highway residences a meals 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 household.
The producing incorporates a highly accessible spot that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business District (CBD). Major expressways are found in close proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe locale and strong transport infrastructure, the Farrer Park location has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The position is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey industrial development comprising of retail, medical suites and office space; 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 available 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 The home was subsequently withdrawn from the market.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 marketplace in Singapore, we are seeing more investors shift their focus back to the business sector. We feel that it is timely to put the home 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 specialist building in a bustling space 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 Freeway, the entire two-storey professional podium at Centrium Square transacted at $135 million or around $4,967 psf on strata area in July 2016.