Mixed-use development Serene Centre up for sale at $120 mil
Serene Centre (Picture: Cushman & Wakefield)
SINGAPORE (EDGEPROP) - Serene Centre, a freehold mixed-use development located along Jalan Serene, will be launched for sale via tender on Sept 29 with a reserve price of $120 million, according to a Sept 28 press release by Cushman & Wakefield.
Situated on a corner site between Bukit Timah Road and Farrer Road, Serene Centre is a four-storey commercial and residential development built in the 1980s. It sits on five land plots with a total site area of approximately 32,225 sq ft, zoned for commercial and residential use. Cushman & Wakefield says that the property belongs to a single-family owner. (Find Singapore commercial properties with our commercial directory)
Map of Serene Centre (Source: EdgeProp LandLens)
Serene Centre has a total gross floor area of 47,475 sq ft, comprising 30 retail and F&B units on the first and second levels and ten apartment units on the third and fourth levels. Car park facilities are located on the ground floor and basement of the building.
The development currently enjoys 100% occupancy. “The buyer can enjoy immediate rental income with a full occupancy and excellent rental upside,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield.
Poh notes that the property is flanked by the nearby Cluny Hill, Cluny Park and Nassim Road GCB clusters. It is also a 100m walk to Botanic Gardens and Botanic Gardens MRT Interchange Station. It is also close to Nanyang Primary School, Hwa Chong Institution, Raffles Girls Primary School, Nanyang Girls’ High School, Singapore Chinese Girls’ School and St Joseph’s Institution. "We expect the asset’s superb location and attributes will be extremely appealing to both developers and investors,” he says.
Poh adds that the future owner could consider redevelopment of the property for strata sale or revamping it through a comprehensive asset enhancement initiative. “For instance, the 10 apartments on the upper floors could potentially be converted into a serviced residence or interesting co-living concept, subject to approval,” he continues.
The tender for Serene Centre will close on Nov 14 at 3pm.
Check out the latest listings near Serene Centre, Jalan Serene, Botanic Gardens MRT Station, Nanyang Primary School, Hwa Chong Institution, Raffles Girls Primary School, Nanyang Girls’ High School, Singapore Chinese Girls’ School, St Joseph’s Institution
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