291 Serangoon Street is situated with a corner plot and guidelines a 35-metre intensive twin frontage on to Serangoon Road and Burmah Road.
Put forward: Uptown At Farrer showflat
The property occupies a land site of five,455 sf and spans an approximated location of 19,913 sf. Mainly centered on the Grasp System 2014, the internet website is zoned “Commercial” that has a Gross Plot Ratio of a few.0.
291 Serangoon Highway properties a food stuff 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 contains a highly accessible locale that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company District (CBD). Major expressways are found in shut proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe location and strong transport infrastructure, the Farrer Park place has evolved into a bustling business enterprise and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The region 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 house; 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 home was first launched obtainable available for purchase in September 2018 that includes 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 The house was subsequently withdrawn from the current market.
With the improving office current market in Singapore, we are seeing more investors shift their focus back to the business 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 small business organising in a bustling location undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or close to $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Highway, the entire two-storey commercial podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata location in July 2016.