Serangoon commercial building up for sale again - at lower price

The property occupies a land area of 5,455 square feet 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.
The property occupies a land area of 5,455 square feet 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.PHOTO: JLL

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, 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 The property was subsequently withdrawn from the market.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 from Farrer Park MRT station, 291 Serangoon Road is on a corner plot and commands a 35m 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 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 tenant on the ground floor, a nightclub on the second and third floors, and offices on the upper floors. Subject to approval, 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; Uptown @ Farrer, a mixed-use development by Low Kheng Huat; and a serviced residence operated by lyf Farrer Park Singapore.

"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," said Mr Clemence Lee, senior director of JLL.

"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," he added.

A version of this article appeared in the print edition of The Straits Times on January 18, 2019, with the headline 'Serangoon commercial building up for sale again - at lower price'. Print Edition | Subscribe