BT : Serene House and Serene Centre up for sale

Business Times - 16 Nov 2010

Serene House and Serene Centre up for sale

SERENE House and Serene Centre, both off Bukit Timah Road, have been put up for sale through property firm Colliers International.

Colliers said yesterday that Serene House, a freehold residential site, will be offered via tender with an indicative price of $95 million to $98 million, or about $1,500 per sq ft per plot ratio.

This assumes that no development charge is payable and includes the alienation of a neighbouring government-owned site.

Serene House is a four- storey walk-up residential block comprising 24 apartments. The land area is 39,828 sq ft. Under the 2008 Master Plan, the rectangular site is zoned for residential use and has a gross plot ratio of 1.4.

Colliers said the successful buyer can increase the total land area to 49,020 sq ft by amalgamating the neighbouring state land of 9,192 sq ft.

The combined site can accommodate a new residential development comprising a four-storey block with 80 units of 850 sq ft each. The tender for Serene House closes on Dec 14.

Serene Centre, a commercial / residential development, is being put up for sale through expression of interest.

The indicative price is $120 million to $130 million, which works out to $1,500 per sq ft per plot ratio, based on a proposed plot ratio of three.

The four-storey development comprises shop units on the first and second storeys, and 10 apartments on the third and fourth storeys.

Serene Centre is on a 32,225 sq ft corner land plot fronting Farrer and Bukit Timah roads. Under the 2008 Master Plan, the site is zoned for commercial / residential use.

The buyer can either refurbish the property to enhance the lettable area or redevelop the site into a new commercial / residential development. Expressions of interest must be submitted by Dec 14.

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