Freehold small business constructing in the vicinity of Farrer Park MRT on the market place

291 Serangoon Avenue is located that has a corner plot and instructions a 35-metre substantial twin frontage onto Serangoon Highway and Burmah Street.

Recommended: Uptown At Farrer price

The house occupies a land space of 5,455 sf and spans an thought area of 19,913 sf. Centered on the Learn Get ready 2014, the site is zoned “Commercial” by making use of a Gross Plot Ratio of 3.0.

291 Serangoon Street households a food stuff things 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 constructing provides a highly accessible place that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business enterprise 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 location has evolved into a bustling professional and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.

The region is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey expert 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 belongings was first launched obtainable for order 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 The residence was subsequently withdrawn from the market place.

With the improving office sector in Singapore, we are seeing more investors shift their focus back to the professional sector. We feel that it is timely to put the property into the current market 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 making in a bustling location 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. Positioned opposite 291 Serangoon Street, the entire two-storey industrial podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata area in July 2016.