291 Serangoon Freeway is found on the corner plot and commands a 35-metre broad twin frontage on to Serangoon Street and Burmah Avenue.
Must read: Uptown At Farrer location
The home occupies a land region of 5,455 sf and spans an approximated position of 19,913 sf. Centered on the Master Program 2014, the web site is zoned “Commercial” employing a Gross Plot Ratio of three.0.
291 Serangoon Avenue homes a foods 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 dwelling.
The making features a highly accessible spot that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business enterprise District (CBD). Major expressways are positioned in near proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe place and strong transport infrastructure, the Farrer Park place has evolved into a bustling business 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 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 residence was first launched available for sale in September 2018 that 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 The property was subsequently withdrawn from the sector.
With the improving office industry in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the property into the sector 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 organization putting together in a bustling spot 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. Located opposite 291 Serangoon Road, the entire two-storey business podium at Centrium Square transacted at $135 million or all-around $4,967 psf on strata spot in July 2016.