SINGAPORE - A freehold six-storey commercial building in 291 Serangoon Road is being relaunched for sale at a lower price of between $46 million and $49 million.
The property was previously put up for sale last September with a guide price of $52 million. Upon the close of the Expression of Interest (EOI), a few offers that fell short of the owner's expectations were received, said marketing agent JLL. The property was subsequently withdrawn from the market.
Located within a short walking distance to Farrer Park MRT station, 291 Serangoon Road is located on a corner plot and commands a 35-metre wide dual frontage onto Serangoon Road and Burmah Road. The property occupies a land area of 5,455 square feet (sq ft) and spans an estimated area of 19,913 sq ft. Based on the Master Plan 2014, the site is zoned "commercial" with a gross plot ratio of 3.0.
There is potential for the incoming owner to have naming and signage rights for the property.
The property houses a food 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 the relevant authorities, potential uses include retail, showroom, fitness centre, medical suites, entertainment and serviced apartments.
New developments in the area include Centrium Square, a 19-storey commercial development comprising of retail, medical suites and office space; Uptown @ Farrer, a mixed-use development by Low Kheng Huat, which will consist of retail and residential space; and a 240-unit serviced residence operated by lyf Farrer Park Singapore.
Clemence Lee, senior director for JLL, said: "With the improving office market in Singapore, we are seeing more investors shift their focus back to the commercial sector. We feel that it is timely to put the property on the market again to offer buyers another chance to reconsider this exceptional opportunity.
"With the pricing lowered to between $46 million and $49 million, we expect strong interest from both investors and owner occupiers who are looking to acquire a centrally-located freehold commercial building in a bustling area undergoing rejuvenation and gentrification."
At the new price range, the land rate is around $2,300 to $2,450 per square foot (psf) on the total area.
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or around $2,466 psf on gross floor area in April last year. Located opposite 291 Serangoon Road, the entire two-storey commercial podium at Centrium Square transacted at $135 million or around $4,967 psf on strata area in July 2016.
The property is being marketed through an EOI exercise, which will close on Thursday, Feb 21, at 3pm.