291 Serangoon Avenue is identified having a corner plot and commands a 35-metre large twin frontage on to Serangoon Road and Burmah Avenue.
Approved website: Uptown At Farrer
The home occupies a land location of five,455 sf and spans an believed spot of 19,913 sf. Based on the Master Prepare 2014, the web-site is zoned “Commercial” using a Gross Plot Ratio of three.0.
291 Serangoon Road households 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 home.
The acquiring contains a highly accessible area that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Small business District (CBD). Major expressways are identified in close 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 area has evolved into a bustling professional and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The put 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 house; 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 in September 2018 using 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 The household was subsequently withdrawn from the market.
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 residence 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 enterprise setting up in a bustling place 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. Found opposite 291 Serangoon Highway, the entire two-storey industrial podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata place in July 2016.