291 Serangoon Freeway is located more than a corner plot and instructions a 35-metre huge twin frontage on to Serangoon Street and Burmah Freeway.
Read more: Uptown At Farrer floor plan
The home occupies a land space of 5,455 sf and spans an approximated spot of 19,913 sf. Primarily centered on the Grasp Solution 2014, the site is zoned “Commercial” which has a Gross Plot Ratio of 3.0.
291 Serangoon Highway residences a foods 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 assets.
The setting up features a highly accessible place that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Company District (CBD). Major expressways are positioned in near proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe place and strong transport infrastructure, the Farrer Park location has evolved into a bustling business enterprise 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 company 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 residence was first launched on the sector 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 The home was subsequently withdrawn from the market place.
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 dwelling into the 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 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 over $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Road, the entire two-storey commercial podium at Centrium Square transacted at $135 million or about $4,967 psf on strata space in July 2016.