Freehold city-fringe commercial building with potential naming rights near MRT Station up for sale
JLL, as the exclusive marketing agent, is pleased to launch the Expression of Interest exercise for 291 Serangoon Road, a freehold commercial building located near to Farrer Park MRT station.
Situated on a corner site, the prominent six-storey commercial building commands a 35-metre wide dual frontage onto Serangoon Road and Burmah Road. The property occupies a land area of 5,455 sq ft and spans a total 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 building features a food & beverage (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 occupies an excellent and highly accessible location with only 200 metres away from Farrer Park MRT Station. The Central Business District (CBD) is also accessible within a short 10-minutes’ drive. Major expressways located in close proximity includes Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
Built in the early 1800s, Serangoon Road was one of earliest roads built in Singapore. With its excellent city fringe location coupled with strong transport infrastructure, the area has evolved into a vibrant commercial and medical hub, well served by an abundance of trendy food & beverage 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 retail, medical suites and office space and 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.
Mr Clemence Lee, Associate Director, JLL says: “Centrally located freehold commercial buildings are hard to come by in Singapore. This is a rare opportunity for both 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 latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or approximately $2,466 psf on gross floor area (GFA) in April 2018. Located opposite 291 Serangoon Road, the entire two-storey commercial podium at Centrium Square transacted at $135 million or approximately $4,967 psf on strata area in July 2016.
The indicative guide price for 291 Serangoon Road is in the region of $52 million or $2,611 psf on GFA. 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 Expression of Interest exercise for 291 Serangoon Road closes on Tuesday, 6 November 2018 at 3 p.m.
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High resolution photograph of 291 Serangoon Road is available here.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.