291 Serangoon Highway is found which has a corner plot and commands a 35-metre intensive twin frontage on to Serangoon Street and Burmah Street.
Endorse it: Uptown At Farrer showflat
The residence occupies a land site of five,455 sf and spans an estimated area of 19,913 sf. Dependent generally on the Grasp Method 2014, the site is zoned “Commercial” by using a Gross Plot Ratio of three.0.
291 Serangoon Highway homes a foods 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 home.
The building includes a highly accessible place that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business 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 area and strong transport infrastructure, the Farrer Park region has evolved into a bustling industrial 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 skilled 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 home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The home was first launched offered in September 2018 using a guide price of $52 million. Upon the shut of the EOI, we received a few offers which fell short of the owner’s expectation. The household was subsequently withdrawn from the industry.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the property into the 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 experienced establishing in a bustling space 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 professional podium at Centrium Square transacted at $135 million or all-around $4,967 psf on strata location in July 2016.