291 Serangoon Highway is identified over a corner plot and directions a 35-metre comprehensive twin frontage onto Serangoon Freeway and Burmah Highway.
Must watch: Uptown At Farrer location
The house occupies a land spot of five,455 sf and spans an approximated area of 19,913 sf. Centered on the Grasp Strategy 2014, the web page is zoned “Commercial” utilizing a Gross Plot Ratio of three.0.
291 Serangoon Freeway residences a food goods 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 creating includes a highly accessible location 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 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 room has evolved into a bustling experienced 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 commercial 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 residence operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The residence was first launched offered for order in September 2018 having 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 The property was subsequently withdrawn from the current market.
With the improving office current market in Singapore, we are seeing more investors shift their focus back to the business sector. We feel that it is timely to put the assets 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 experienced developing in a bustling space 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. Positioned opposite 291 Serangoon Highway, the entire two-storey commercial podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata location in July 2016.