291 Serangoon Freeway is observed by using a corner plot and instructions a 35-metre large twin frontage on to Serangoon Avenue and Burmah Freeway.
Put forward: Uptown At Farrer floor plan
The property occupies a land position of 5,455 sf and spans an considered spot of 19,913 sf. Centered on the Grasp Technique 2014, the online website is zoned “Commercial” which has a Gross Plot Ratio of three.0.
291 Serangoon Road residences 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 residence.
The building has a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Organization District (CBD). Major expressways are positioned in shut proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe spot and strong transport infrastructure, the Farrer Park spot has evolved into a bustling business and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The location is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey qualified 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 home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The assets was first launched for sale in September 2018 aquiring 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 The property was subsequently withdrawn from the industry.
With the improving office marketplace in Singapore, we are seeing more investors shift their focus back to the expert sector. We feel that it is timely to put the belongings 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 business enterprise developing in a bustling region 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 Highway, the entire two-storey professional podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata spot in July 2016.