Freehold skilled building in the vicinity of Farrer Park MRT for sale

291 Serangoon Avenue is positioned about a corner plot and recommendations a 35-metre large twin frontage on to Serangoon Highway and Burmah Road.

Proposed: Uptown At Farrer floor plan

The assets occupies a land location of five,455 sf and spans an approximated area of 19,913 sf. Largely based mostly on the Study System 2014, the net internet site is zoned “Commercial” that includes a Gross Plot Ratio of 3.0.

291 Serangoon Street residences a food items 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 household.

The organising has a highly accessible spot 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 shut 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 area has evolved into a bustling organization 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 qualified 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 home operated by lyf Farrer Park Singapore.

Mr Clemence Lee, Senior Director, JLL, says: “The residence was first launched out there in September 2018 employing 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 The dwelling was subsequently withdrawn from the marketplace.

With the improving office market place in Singapore, we are seeing more investors shift their focus back to the industrial sector. We feel that it is timely to put the home 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 organization creating 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. Situated opposite 291 Serangoon Street, the entire two-storey industrial podium at Centrium Square transacted at $135 million or all around $4,967 psf on strata area in July 2016.