Freehold business setting up in shut proximity to Farrer Park MRT obtainable for acquire

291 Serangoon Road is situated with a corner plot and guidance a 35-metre large twin frontage on to Serangoon Street and Burmah Road.

Read more: Uptown At Farrer

The property occupies a land spot of 5,455 sf and spans an believed put of 19,913 sf. Primarily based on the Learn Strategy 2014, the internet site is zoned “Commercial” utilizing a Gross Plot Ratio of 3.0.

291 Serangoon Freeway qualities 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 home.

The developing features a highly accessible site that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Small business District (CBD). Major expressways are found in near proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).

With its excellent city fringe locale and strong transport infrastructure, the Farrer Park place has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.

The location is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey organization development comprising of retail, medical suites and office space; 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 offered for sale in September 2018 using 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 The residence was subsequently withdrawn from the industry.

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