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Freehold Serangoon Building on sale with $52m guide price

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A freehold commercial property in Serangoon Road has been put up for sale, with the marketing agent highlighting the possibility of naming rights for the buyer, in an announcement on Thursday (Sept 27).

The six-storey building at 291 Serangoon Road – also known as Serangoon Building – has an indicative guide price of $52 million, or $2,611 per square foot (psf), based on a gross floor area of 19,913 sq ft.

Located at the corner of Serangoon Road and Burmah Road, the 5,455 sq ft site has a gross plot ratio of 3.0. Its potential uses include retail, showroom, fitness centre, medical suites, entertainment and serviced apartments, subject to approval from the authorities, said marketing agent JLL.

Tenants now include food and beverage operator Sitara Restaurant on the first floor, a nightclub on the second and third floors, and offices in the rest of the building.

The property is less than 200 metres from Farrer Park MRT station, and is across the road from the upcoming Centrium Square project, where two floors of retail space were sold for $135 million in 2016 to a Bangladeshi tycoon.

JLL added that the latest transaction in the area is the Wanderlust Hotel, along Dickson Road, which was sold earlier this year to a privately held property investment company for $37 million, or $2,466 psf.

Clemence Lee, associate director of capital markets at JLL, said that the site is within a location 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,” he added.

The expression of interest exercise closes on Nov 6 at 3pm.

Source: Straits Times

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