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Joyce Higashi – j-higashi.com

Joyce Higashi – j-higashi.com

Freehold qualified creating in the vicinity of Farrer Park MRT on the market

Connor McVilly, October 10, 2019

291 Serangoon Freeway is found on the corner plot and instructions a 35-metre significant twin frontage on to Serangoon Highway and Burmah Freeway.

Mentioned: Uptown At Farrer location

The property occupies a land region of 5,455 sf and spans an considered place of 19,913 sf. Centered on the Master Software 2014, the internet internet site is zoned “Commercial” which has a Gross Plot Ratio of 3.0.

291 Serangoon Avenue residences a food stuff objects 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 constructing features a highly accessible site that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Enterprise District (CBD). Major expressways are discovered in shut 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 site has evolved into a bustling industrial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.

The space is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey company development comprising of retail, medical suites and office house; 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 obtainable for acquire 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 The residence was subsequently withdrawn from the industry.

With the improving office market place in Singapore, we are seeing more investors shift their focus back to the experienced sector. We feel that it is timely to put the residence 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 experienced starting in a bustling location 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. Found 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.

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