JLL relaunches the Serangoon Building located at 291, Serangoon Road at a slightly lower price to take advantage of the revival in the office market.
During its initial launch in September 2018, the price tag was S$52 million.
Lowering the price between S$46 and S$49 million, the property is being reintroduced into the market, at a time when the office market is upbeat and stellar year is predicted for 2019.
The revised price translates land rate between S$2,300 to S$2,450 psf. The six-storey building is housed on a land area of 5,455 square feet with GFA 19,913 square feet.
Reports of some neighbourhood commercial transactions include Wanderlust Hotel, which was acquired in April 2016 at S$37 million, which translates to S$2,466 psf on GFA.
In April 2018, two out of the five-storey commercial podium at the Centrium Square (previously Serangoon Plaza) got transacted at S$135 million, which translates to S$4,967 psf on strata area.
The neighbourhood is undergoing rejuvenation and transformation, adding more value to the Serangoon Building and enhancing the lifestyle of the occupants.
The five-storey Serangoon Plaza has been brought down to replace with 19-storey Centrium Square, with TOP in December, 2023.
The Uptown @ Farrer is another mixed development in the vicinity with TOP in December, 2022.
In 2021, the 240 serviced apartments of lyf Farrer Park are expected to come alive and make the neighbourhood more vibrant.
It is a freehold property zoned commercial under Master Plan 2014 with GPR3.0.
It is fully tenanted and has options for change of use, naming and signage rights as well.
Being a corner plot, it enjoys high footfall and commands significant presence with a 35-metre wide dual frontage on Serangoon Road and Burmah Road.
Presently, the Serangoon Building is a rent yielding building that has office tenants from floors four to six. While a F&B unit occupies the ground floor, the second and third combined are occupied by a Nightclub.
It is within short walking distances from Farrer Park MRT Station (0.14 km), Jalan Besar MRT Station (0.66 km) and Little India MRT Station (0.66 km).
It is close to bus stations on Serangoon Road, Rangoon Road, Aft Race Course Road, Kitchener Road, Bef Tai Hoe Hotel, Jalan Besar Road and Aft Allenby Road.
It is within 10-minute drive from CBD and is connected to the rest of the island through major expressways like Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
As the property is zoned commercial, foreigners are eligible for purchase. It attracts no ABSD and SSD charges.
With the shift of focus from residential to commercial properties, especially the office market, the Serangoon Building is expected to attract investors and owner occupiers widely.
The Expression of Interest (EOI) exercise closes on February 21, 2019 at 3 pm.