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A freehold six-storey commercial building at 291 Serangoon Road (pictured) has been relaunched for sale, with the owners expecting a lower offer of between $46 million and $49 million, or about $2,300 to $2,450 psf on the total area.
Marketing agent JLL noted that the property was previously launched for sale in September carrying a guide price of $52 million. It was, however, subsequently withdrawn from the market, after the bids received fell short of the owners’ expectation.
Located near Farrer Park MRT station, 291 Serangoon Road enjoys a 35m wide dual frontage to Burmah Road and Serangoon Road. It occupies a 5,455 sq ft site zoned commercial under the 2014 Master Plan with a gross plot ratio of 3.0.
The property, which spans an estimated area of 19,913 sq ft, “houses a food and beverage tenant on the ground floor, a nightclub on the second and third floor, as well as offices on the upper floors”, said JLL.
Subject to relevant authorities’ approval, the property may also be used for retail, fitness centre, showroom, entertainment, medical suites and serviced apartments, among others. There is also potential naming and signage rights for the new property owner.
New developments within the area include the 19-storey commercial development Centrium Square, mixed-use development Uptown @ Farrer, as well as a 240-unit 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 into the market again to offer buyers another chance to reconsider this exceptional opportunity,” said Clemence Lee, senior director at JLL.
With the lowered price, Lee expects the property to receive strong interest from both owner occupiers and investors looking to acquire a “centrally-located freehold commercial building in a bustling area undergoing rejuvenation and gentrification”.
Since the property sits on land zoned for commercial use, foreigners can acquire the building with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.
The expression of interest exercise for the property closes on 21 February.
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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