291 Serangoon Highway is situated on the corner plot and commands a 35-metre wide twin frontage onto Serangoon Road and Burmah Road.
Proposed: Uptown At Farrer showflat
The residence occupies a land location of 5,455 sf and spans an considered position of 19,913 sf. Centered on the Master Strategy 2014, the internet site is zoned “Commercial” which has a Gross Plot Ratio of a few.0.
291 Serangoon Avenue residences a food merchandise 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 house.
The developing features a highly accessible area that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Organization District (CBD). Major expressways are situated in near 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 area has evolved into a bustling skilled and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The site is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey enterprise 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 obtainable for purchase in September 2018 employing 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 The home was subsequently withdrawn from the market.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 assets into the market place 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 industrial developing in a bustling locale 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 Road, the entire two-storey professional podium at Centrium Square transacted at $135 million or around $4,967 psf on strata location in July 2016.