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Freehold organization making around Farrer Park MRT accessible available for purchase

Ebony Thurston, October 10, 2019

291 Serangoon Highway is found with a corner plot and guidelines a 35-metre huge twin frontage on to Serangoon Freeway and Burmah Road.

Our website: Uptown At Farrer price

The assets occupies a land location of 5,455 sf and spans an estimated area of 19,913 sf. Dependent on the Grasp Approach 2014, the web-site is zoned “Commercial” which has a Gross Plot Ratio of 3.0.

291 Serangoon Road houses a foodstuff stuff 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 residence.

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

With its excellent city fringe place and strong transport infrastructure, the Farrer Park area has evolved into a bustling qualified 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 industrial development comprising of retail, medical suites and office area; 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 assets was first launched available for sale in September 2018 which has 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 The property was subsequently withdrawn from the sector.

With the improving office market in Singapore, we are seeing more investors shift their focus back to the business sector. We feel that it is timely to put the assets into the marketplace 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 specialist constructing in a bustling region undergoing rejuvenation and gentrification.”

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

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