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Serene Centre to go up for sale; Sultan Plaza plans to lower en bloc reserve price

SERENE Centre, a freehold mixed-use development near Bukit Timah Road, will be put up for sale via tender on Thursday (Sep 29) with a reserve price of S$120 million, marketing agent Cushman & Wakefield said on Wednesday.

The 4-storey property, which belongs to a single family owner, sits on 5 land plots spanning 32,225 square feet (sq ft) with a gross floor area of 47,475 sq ft. It is zoned for commercial or residential use under the Urban Redevelopment Authority’s (URA) 2019 Master Plan and foreigners are eligible to purchase.

The first 2 storeys of Serene Centre are fully tenanted by 30 retail or F&B (food and beverage) units, while 10 apartment units occupy the third and fourth storeys. Car park facilities are located on the ground floor and basement of the building.

It is situated at the corner between Bukit Timah Road and Farrer Road and is also in the vicinity of Singapore Botanic Gardens and Botanic Gardens MRT interchange station.

Schools nearby include Nanyang Primary School, Hwa Chong Institution, Raffles Girls’ Primary School, Nanyang Girls’ High School, Singapore Chinese Girls’ School and St Joseph’s Institution.

The tender for Serene Centre will close at 3 pm on Nov 14.

Separately, the owners of Sultan Plaza are planning to lower their asking price for the shopping mall to S$325 million from S$360 million after getting the 80 per cent mandate needed.

“We just need 1 to 2 units more to cross the 80 per cent, which will happen very soon,” said marketing agent Teakhwa Real Estate in a statement on Wednesday.

The 45-year-old property was first put up for collective sale with a reserve price of S$380 million in 2019. It was later relaunched in December 2021 via public tender, which closed on Mar 3, 2022. It later relaunched again in May 2022 with an unchanged reserve price of S$360 million.

Located at 100 Jalan Sultan, the property sits on a site spanning 52,471.3 sq ft and comprises 211 commercial units and 33 offices totalling 244 strata lots.

It is a 5-minute walk to Nicoll Highway and Lavender MRT stations. It is also located in downtown District 7, which is near landmarks and attractions such as Marina Bay, Bugis Junction and Raffles Hotel.

Under the URA Master Plan 2019, the site is zoned for commercial use with a plot ratio of 5 and can be redeveloped up to a height of 153 metres above mean sea level.

It has received in-principle approval from the Singapore Land Authority for a potential sale of a remnant state land of about 10,968 sq ft adjoining the site. With the potential purchase, the land plot can be expanded to about 63,439.8 sq ft and redeveloped to a gross floor area of 317,198.9 sq ft.

The public tender for Sultan Plaza will close on Oct 26 after the 80 per cent mandate is obtained.

By Vivienne Tay, Business Times

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