291 Serangoon Freeway is situated around a corner plot and guidance a 35-metre large dual frontage on to Serangoon Road and Burmah Street.
Commend: Uptown At Farrer location
The household occupies a land location of 5,455 sf and spans an thought position of 19,913 sf. Centered largely on the Discover Plan 2014, the web page is zoned “Commercial” by making use of a Gross Plot Ratio of 3.0.
291 Serangoon Highway qualities a meals 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 contains a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company 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 locale and strong transport infrastructure, the Farrer Park space has evolved into a bustling small business 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 home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The residence was first launched available for sale in September 2018 getting 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 The belongings was subsequently withdrawn from the market.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the expert sector. We feel that it is timely to put the residence into the marketplace 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 specialist making in a bustling spot undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all over $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Highway, the entire two-storey industrial podium at Centrium Square transacted at $135 million or around $4,967 psf on strata spot in July 2016.