291 Serangoon Freeway is found around a corner plot and commands a 35-metre considerable twin frontage on to Serangoon Freeway and Burmah Street.
Our listed website: Uptown At Farrer price
The residence occupies a land area of 5,455 sf and spans an considered region of 19,913 sf. Largely based mostly on the Grasp Plan 2014, the web-site is zoned “Commercial” getting a Gross Plot Ratio of three.0.
291 Serangoon Street qualities 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 residence.
The creating provides a highly accessible spot that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business District (CBD). Major expressways are located in shut proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe location and strong transport infrastructure, the Farrer Park spot has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The place is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey experienced 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 on the marketplace in September 2018 through the use of 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 The assets was subsequently withdrawn from the sector.
With the improving office marketplace 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 industry 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 enterprise constructing 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. Observed opposite 291 Serangoon Highway, the entire two-storey skilled podium at Centrium Square transacted at $135 million or all-around $4,967 psf on strata place in July 2016.