291 Serangoon Street is positioned having a corner plot and commands a 35-metre huge dual frontage on to Serangoon Road and Burmah Road.
Mentioned: Uptown At Farrer floor plan
The belongings occupies a land spot of 5,455 sf and spans an thought space of 19,913 sf. Centered on the Grasp Tactic 2014, the world-wide-web website is zoned “Commercial” by utilizing a Gross Plot Ratio of a few.0.
291 Serangoon Highway residences 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 residence.
The setting up includes a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Enterprise District (CBD). Major expressways are located 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 house has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The area 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 room; 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 residence was first launched available for purchase in September 2018 which has 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 The residence was subsequently withdrawn from the market place.
With the improving office sector in Singapore, we are seeing more investors shift their focus back to the specialist sector. We feel that it is timely to put the house 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 specialist creating in a bustling location undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or about $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Road, the entire two-storey skilled podium at Centrium Square transacted at $135 million or around $4,967 psf on strata area in July 2016.