By Muneerah Bee
Investment management company specialising in real estate JLL recently launched the Expression of Interest exercise for 291 Serangoon Road, a freehold commercial building located near to Farrer Park MRT station in Singapore.
Situated on a corner site, the six-storey commercial building commands a 35m wide dual frontage onto Serangoon Road and Burmah Road. The property occupies a land area of 5,455sqf and spans a total area of 19,913sqf. The site is zoned “Commercial” with a gross plot ratio of 3.0. The building features an F&B tenant on the ground floor, a night club on the second and third floor and 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. There is a potential for the incoming buyer to have naming and signage rights for the property.
The property is 200m away from Farrer Park MRT station and the Central Business District (CBD) is accessible within a 10-minutes’ drive. With its city fringe location coupled with strong transport infrastructure, JLL said the area is a vibrant commercial and medical hub, well served by an abundance of trendy F&B and lifestyle offerings. The vicinity is undergoing further rejuvenation with the development of several new developments.
Clemence Lee, associate director at JLL, said: “Centrally-located freehold commercial buildings are hard to come by in Singapore. This is a rare opportunity for investors and owner-occupiers to own a freehold flagship building with potential naming rights in a location which is undergoing rejuvenation and gentrification. Due to its palatable quantum, the property will appeal to a range of investors such as boutique real estate funds, family offices, local companies and owner-occupiers.”
The indicative guide price for 291 Serangoon Road is in the region of S$52 million (US$38 million) or S$2,611 psf on GFA. As the property sits on land zoned for commercial use, foreigners are eligible to purchase the building.
The Expression of Interest exercise for 291 Serangoon Road closes on 6 November 2018.