291 Serangoon Avenue is located which has a corner plot and instructions a 35-metre broad twin frontage on to Serangoon Avenue and Burmah Street.
Nominated website: Uptown At Farrer location
The household occupies a land place of 5,455 sf and spans an approximated area of 19,913 sf. Based on the Master Get ready 2014, the web-site is zoned “Commercial” possessing a Gross Plot Ratio of 3.0.
291 Serangoon Avenue properties a food 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 building provides 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 positioned in close 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 space has evolved into a bustling business and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The area 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 place; 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 offered on the market in September 2018 that has 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 The residence was subsequently withdrawn from the marketplace.
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 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 enterprise 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. Located opposite 291 Serangoon Street, the entire two-storey experienced podium at Centrium Square transacted at $135 million or around $4,967 psf on strata place in July 2016.