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A six-storey commercial building in Serangoon Road has been put up for sale with a guide price of about $52 million or $2,611 psf based on a gross floor area of 19,913 sq ft, revealed marketing agent JLL.
It noted that there is a potential for naming and signage rights for the buyer of the property.
Located at the junction of Serangoon Road and Burmah Road, the freehold property at 291 Serangoon Road is nestled on a 5,455 sq ft site zoned commercial under the 2014 Master Plan with a gross plot ratio of 3.0.
The ground floor of the building is occupied by a food and beverage tenant, a nightclub on the second and third floors as well as offices on the upper floors.
The property is just 200-metres away from Farrer Park MRT station and is a short drive to the central business district (CBD). It is also near major expressways such as Pan Island Expressway, Central Expressway and East Coast Parkway.
Subject to authorities’ approval, potential uses for the building include showroom, retail, medical suites, fitness centre, serviced apartments and entertainment.
“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,” said JLL associate director Clemence Lee.
“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 within the vicinity was the $37 million sale of Wanderlust Hotel in April, with the price working out to $2,466 psf.
Since the building sits on land zoned for commercial use, foreigners can acquire the property with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.
The expression of interest exercise for 291 Serangoon Road will close on 6 November.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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