291 Serangoon Road is situated on the corner plot and guidance a 35-metre huge twin frontage on to Serangoon Freeway and Burmah Road.
Approved website: Uptown At Farrer location
The household occupies a land locale of five,455 sf and spans an believed space of 19,913 sf. Centered on the Grasp Prepare 2014, the net webpage is zoned “Commercial” which has a Gross Plot Ratio of 3.0.
291 Serangoon Freeway homes a foods 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 generating features a highly accessible area that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Small business District (CBD). Major expressways are uncovered in shut proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe area and strong transport infrastructure, the Farrer Park locale has evolved into a bustling commercial 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 commercial 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 house was first launched on the industry in September 2018 by making use of 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 The assets was subsequently withdrawn from the market.
With the improving office marketplace in Singapore, we are seeing more investors shift their focus back to the experienced sector. We feel that it is timely to put the belongings into the sector 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 industrial building in a bustling room 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. Located opposite 291 Serangoon Road, the entire two-storey expert podium at Centrium Square transacted at $135 million or about $4,967 psf on strata place in July 2016.