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Freehold enterprise setting up all over Farrer Park MRT offered for sale

Anthony Case, October 10, 2019

291 Serangoon Avenue is discovered in excess of a corner plot and commands a 35-metre broad twin frontage on to Serangoon Road and Burmah Road.

Proposed: Uptown At Farrer floor plan

The property occupies a land place of five,455 sf and spans an approximated space of 19,913 sf. Mainly based mostly on the Discover Tactic 2014, the website web page is zoned “Commercial” that has a Gross Plot Ratio of three.0.

291 Serangoon Street residences a meals 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 home.

The developing provides a highly accessible spot that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Organization District (CBD). Major expressways are identified 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 expert 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 industrial 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 available for buy 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 The residence was subsequently withdrawn from the sector.

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 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 producing in a bustling location undergoing rejuvenation and gentrification.”

The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or close to $2,466 psf on GFA in April 2018. Positioned opposite 291 Serangoon Road, the entire two-storey specialist podium at Centrium Square transacted at $135 million or close to $4,967 psf on strata area in July 2016.

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