291 Serangoon Road is situated on the corner plot and commands a 35-metre wide twin frontage on to Serangoon Highway and Burmah Street.
Endorse it: Uptown At Farrer showflat
The residence occupies a land area of 5,455 sf and spans an thought location of 19,913 sf. Dependent on the Master Plan 2014, the website is zoned “Commercial” that includes a Gross Plot Ratio of 3.0.
291 Serangoon Freeway properties a foodstuff 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 dwelling.
The developing provides a highly accessible locale that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Enterprise District (CBD). Major expressways are positioned in close proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe site and strong transport infrastructure, the Farrer Park place has evolved into a bustling industrial 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 industrial development comprising of retail, medical suites and office area; 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 residence was first launched available for purchase 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 The assets was subsequently withdrawn from the industry.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the business sector. We feel that it is timely to put the assets 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 industrial making in a bustling position 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 Street, the entire two-storey professional podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata area in July 2016.