291 Serangoon Street is identified on the corner plot and commands a 35-metre large twin frontage on to Serangoon Highway and Burmah Highway.
Put Up Here: Uptown At Farrer floor plan
The home occupies a land location of five,455 sf and spans an approximated spot of 19,913 sf. Centered on the Master Software 2014, the online internet site is zoned “Commercial” getting a Gross Plot Ratio of 3.0.
291 Serangoon Highway 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 household.
The earning features a highly accessible place that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company District (CBD). Major expressways are identified in near 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 site has evolved into a bustling expert 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 space; 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 assets was first launched obtainable in September 2018 utilizing 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 The property was subsequently withdrawn from the market place.
With the improving office market place in Singapore, we are seeing more investors shift their focus back to the business enterprise sector. We feel that it is timely to put the residence into the current 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 commercial establishing in a bustling spot undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or around $2,466 psf on GFA in April 2018. Located opposite 291 Serangoon Road, the entire two-storey business enterprise podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata region in July 2016.