A Commercial building right at 291 Serangoon Road has been listed up for sale. The commercial property which is of freehold in nature is being on sale jointly with its naming rights.
The guide asking price of the six-storey building, Serangoon Building is at $52 million.
Base on the price, it will be translated to $2,611 psf and the total gross floor is around 19,913 square feet in area.
The Serangoon Building site measures 5,455 sq ft which situated in bustling area and has a gross plot ratio of 3.0. The Freehold Property is located on the corner of Burmah and Serangoon Roads.
This site is ideal for showrooms, fitness centres, retail, serviced apartments and entertainment spots, mentioned by JLL Singapore, the sole marketing agent.
At the moment, the tenants include Sitara restaurant, (a food and beverage stop) which occupy the 1st floor, a nightclub on both the third and second floors, and several offices within the rest of the building.
Serangoon building is located less than two hundred metres from the Farrer Park MRT Station. It is across the road from the Centrium Square project which is still underway.
Two floors of this upcoming project were sold off for $135 million to a Bangladeshi tycoon as retail space in 2016 which made headlines in commercial sector.
JLL continued to add that the most recent transaction within the region was the $2,466 psf or $37 million sale of the Wanderlust Hotel located in Dickson Road. A privately held investment company made the purchase earlier this year 2018.
The associate director of the capital markets of JLL Singapore, Mr. Clemence Lee, stated that the freehold property was located in a region undergoing renovation and rejuvenation.
‘As a result of its palatable quantum, the site will appeal to different categories of investors including family offices, owner-occupiers, boutique real-estate funds and local companies’, he added.
Expressions of interest exercise cease on November 6th at 1500 hours.