The Serene Centre will soon be put up for sale, and the Sultan Plaza is working to br
The Serene Centre will soon be put up for sale, and the Sultan Plaza is working to bring down the en bloc reserve price
Sep 28, 2022
The freehold mixed-use complex known as SERENE Centre is located close to Bukit Timah Road in Singapore. According to the marketing firm Cushman & Wakefield, the property will be placed up for sale via tender on Thursday (September 29) with a reserve price of S$120 million.
A single family owns the 4-story building, which has a gross floor space of 47,475 square feet and is situated on 5 land plots totaling 32,225 square feet (sq ft). Together, the land plots cover 32,225 sq ft. Under the Urban Redevelopment Authority's (URA) 2019 Master Plan, the property is open for sale to non-American citizens due to the fact that it is designated for both residential and commercial use.
The first two floors of Serene Centre are completely occupied by 30 retail or F&B (food and beverage) tenants, while the third and fourth floors are occupied by 10 residential units. Both the ground floor and the basement of the structure have spaces designated for parking automobiles.
In addition to being located close to the Singapore Botanic Gardens and the Botanic Gardens MRT interchange station, it can be found at the intersection of Bukit Timah Road and Farrer Road.
Nearby schools include Nanyang Primary School, Raffles Girls' Primary School, Hwa Chong Institution, Nanyang Girls' High School, Singapore Chinese Girls' School, and St. Joseph's Institution.
On November 14 at three o'clock in the afternoon, the bids for the Serene Centre will be due.
In a separate development, the proprietors of Sultan Plaza have declared their intention to reduce the asking price of the retail complex from S$360 million to S$325 million once they have obtained the required 80 percent mandate.
In a statement released on Wednesday, the marketing agent for Teakhwa Real Estate claimed that "we simply need 1 to 2 units more to cross the 80 per cent," which is something that will happen very soon.
In 2019, the property, which is 45 years old and has a reserve price of S$380 million, was offered for the first time as part of a collective sale. Later, in December 2021, it was reopened as a public tender, and the bids were accepted until March 3rd, 2022. Later, in May of 2022, it was reintroduced once more with the same reserve price of 360 million Singapore dollars.
The property, which can be found at 100 Jalan Sultan, is situated on a land area of 52,471.3 square feet and has a total of 244 strata lots. It is made up of 211 commercial units and 33 offices.
The Nicoll Highway and Lavender MRT stations can be reached on foot in around 5 minutes. In addition to that, it is situated in the heart of District 7, which places it in close proximity to well-known landmarks and attractions including Marina Bay, Bugis Junction, and Raffles Hotel.
According to the URA Master Plan 2019, the land at the location can be rebuilt up to a height of 153 metres above mean sea level and is allocated for commercial use. The plot ratio for the site is 5, and it has a commercial use zoning.
It has obtained clearance from the Singapore Land Authority for a future sale of a residual state land that is approximately 10,968 square feet and is next to the site. This approval is just in principle. The land plot has the potential to be increased to approximately 63,439.8 square feet and renovated to a gross floor size of 317,198.9 square feet if the possible purchase goes through.
After obtaining an eighty percent mandate, the public bidding for Sultan Plaza will expire on October 26.
