291 Serangoon Highway is positioned over a corner plot and instructions a 35-metre in depth twin frontage onto Serangoon Highway and Burmah Highway.
Mentioned: Uptown At Farrer showflat
The dwelling occupies a land space of five,455 sf and spans an estimated location of 19,913 sf. Centered on the Find out System 2014, the website web site is zoned “Commercial” using a Gross Plot Ratio of three.0.
291 Serangoon Freeway households 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 belongings.
The constructing provides a highly accessible spot 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 put has evolved into a bustling enterprise and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The locale 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 obtainable 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 The property was subsequently withdrawn from the marketplace.
With the improving office market in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the household 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 professional setting up in a bustling area 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 Street, the entire two-storey enterprise podium at Centrium Square transacted at $135 million or about $4,967 psf on strata area in July 2016.