Freehold Serangoon Building on sale with $52m guide price

A freehold commercial property in Serangoon Road has gone on sale with naming rights possibly up for grabs.

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.

The 5,455 sq ft site on the corner of Serangoon and Burmah Roads has a gross plot ratio of 3. It could be used for retail, showroom, a fitness centre, medical suites, entertainment and serviced apartments, said marketing agent JLL yesterday.

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

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

Mr Clemence Lee, associate director of capital markets at JLL, said the site is in an area 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 at 3pm on Nov 6.

Source: Straits Times