291 Serangoon Road is observed on the corner plot and instructions a 35-metre large dual frontage on to Serangoon Road and Burmah Highway.
Read more: Uptown At Farrer showflat
The belongings occupies a land region of 5,455 sf and spans an approximated space of 19,913 sf. Dependent on the Master Tactic 2014, the web webpage is zoned “Commercial” aquiring a Gross Plot Ratio of a few.0.
291 Serangoon Freeway 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 house.
The building has a highly accessible site 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 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 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 place; 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 belongings was first launched readily available available for purchase in September 2018 which has 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 The residence was subsequently withdrawn from the market.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the experienced sector. We feel that it is timely to put the dwelling 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 industrial earning 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. Discovered opposite 291 Serangoon Street, the entire two-storey organization podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata region in July 2016.