Freehold business enterprise developing in the vicinity of Farrer Park MRT on the current market

291 Serangoon Avenue is observed using a corner plot and guidelines a 35-metre large twin frontage on to Serangoon Highway and Burmah Highway.

Must watch: Uptown At Farrer floor plan

The house occupies a land space of 5,455 sf and spans an considered room of 19,913 sf. Dependent on the Learn Strategy 2014, the website is zoned “Commercial” that has a Gross Plot Ratio of 3.0.

291 Serangoon Highway houses a foodstuff 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 belongings.

The developing includes a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business District (CBD). Major expressways are found in close 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 locale has evolved into a bustling industrial 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 business 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 property was first launched on the industry in September 2018 that has 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 The home was subsequently withdrawn from the sector.

With the improving office sector in Singapore, we are seeing more investors shift their focus back to the expert sector. We feel that it is timely to put the home into the sector 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 setting up in a bustling house 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 professional podium at Centrium Square transacted at $135 million or about $4,967 psf on strata place in July 2016.