Ravi Chandran
JLL, as the exclusive marketing agent, announced the sale of 291 Serangoon Road, a freehold six-storey commercial building 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.
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The property occupies a land area of 5,455 sf and spans an estimated area of 19,913 sf. Based on the Master Plan 2014, the site is zoned “Commercial” with a Gross Plot Ratio of 3.0.
291 Serangoon Road 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 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 building has a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Business 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 location and strong transport infrastructure, the Farrer Park area has evolved into a bustling commercial and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The area is undergoing further rejuvenation with the development of several new developments including 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, residential; and a 240-unit serviced residence operated by lyf Farrer Park Singapore.
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Mr Clemence Lee, Senior Director, JLL, says: “The property was first launched for sale in September 2018 with 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 The property was subsequently withdrawn from the market.
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 into the market 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 commercial building in a bustling area undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or around $2,466 psf on GFA in April 2018. 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 indicative guide price for 291 Serangoon Road is in the region of $46 to $49 million, which reflects around $2,300 to $2,450 psf on the total area.
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the building. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The property is being marketed through an Expression of Interest exercise, which will close on Thursday, 21 February 2019 at 3pm.
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Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder with other cities in the world like London, New York, Shanghai and Sydney.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.
The mixed landed development site in the Braddell Heights residential enclave will be especially attractive to investors because of its freehold tenure with redevelopment potential, which is becoming increasingly scarce.
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