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Freehold company earning about Farrer Park MRT obtainable for sale

Holly Clancy, October 10, 2019

291 Serangoon Freeway is positioned more than a corner plot and commands a 35-metre large dual frontage onto Serangoon Avenue and Burmah Road.

Recommended: Uptown At Farrer location

The residence occupies a land space of five,455 sf and spans an approximated spot of 19,913 sf. Centered mainly on the Master Approach 2014, the web page is zoned “Commercial” through the use of a Gross Plot Ratio of 3.0.

291 Serangoon Highway residences a foodstuff 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 property.

The setting up incorporates a highly accessible locale that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Enterprise 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 site and strong transport infrastructure, the Farrer Park place has evolved into a bustling professional 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 industrial development comprising of retail, medical suites and office room; 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 property was first launched accessible in September 2018 possessing 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 The assets was subsequently withdrawn from the sector.

With the improving office marketplace in Singapore, we are seeing more investors shift their focus back to the qualified 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 qualified making in a bustling area undergoing rejuvenation and gentrification.”

The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all around $2,466 psf on GFA in April 2018. Uncovered opposite 291 Serangoon Highway, the entire two-storey small business podium at Centrium Square transacted at $135 million or about $4,967 psf on strata house in July 2016.

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