291 Serangoon Avenue is situated around a corner plot and instructions a 35-metre in depth twin frontage on to Serangoon Street and Burmah Freeway.
Put Up Here: Uptown At Farrer floor plan
The residence occupies a land spot of 5,455 sf and spans an believed spot of 19,913 sf. Dependent on the Master Prepare 2014, the internet web site is zoned “Commercial” that has a Gross Plot Ratio of 3.0.
291 Serangoon Street houses 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 residence.
The starting has a highly accessible locale 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 close 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 location has evolved into a bustling skilled and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The spot is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey small business development comprising of retail, medical suites and office area; 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 on the market place in September 2018 utilizing 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 The assets was subsequently withdrawn from the industry.
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 dwelling 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 business building in a bustling location 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. Positioned opposite 291 Serangoon Avenue, the entire two-storey business podium at Centrium Square transacted at $135 million or around $4,967 psf on strata house in July 2016.