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View Full Version : Tuan Sing buys Serene House for $99.1m



mr funny
16-11-10, 20:57
http://www.businesstimes.com.sg/sub/suite/story/0,4574,413491,00.html?

Published November 16, 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.

mr funny
16-11-10, 21:10
http://www.straitstimes.com/Money/Story/STIStory_603672.html

Nov 16, 2010

Serene Centre up for collective sale

So too is nearby freehold residential site Serene House

By Cheryl Lim


SERENE Centre, a favourite hangout with students in the Bukit Timah area, may soon be just a fond memory.

The well-known building once housed long-time tenants such as upscale supermarket Tierney's Gourmet and Comics Mart, one of the oldest comic shops here.

It has been put up for collective sale and could be redeveloped into a project with a maximum gross plot area of about 96,675 sq ft, based on a proposed plot ratio of 3.0.

The indicative price is $120 million to $130 million. This works out to $1,500 per sq ft per plot ratio (psf ppr).

Serene Centre is a mixed-use development that sits on a 32,225 sq ft plot on the corner of Farrer Road and Bukit Timah Road.

The four-storey commercial-residential development is made up of shop units on the first two storeys and 10 apartment units on the third and fourth storeys. Carpark facilities are located in the building's basement.

Potential buyers are asked to submit expression of interest by Dec 14.

The neighbouring site, Serene House, a freehold residential site located at 1A/B/C to 11 A/B/C Jalan Serene, is also up for sale.

The 39,828 sq ft development comprises a four-storey walk-up residential block of 24 apartment units. The site, which has a gross plot ratio of 1.4, can be redeveloped into a project of up to four storeys, with 80 units of 850 sq ft each.

The successful buyer has the option of increasing the total land area to about 49,020 sq ft by combining the site with the neighbouring plot of state land which measures 9,192 sq ft.

Assuming there is no development charge, the indicative price is in the region of $95 million to $98 million, including the alienation of the state land.This works out to $1,500 psf ppr.

The tender for Serene House will close on Dec 14.

Colliers International is brokering the sale of both sites.

[email protected]

mr funny
16-11-10, 21:40
http://www.todayonline.com/Business/EDC101116-0000098/Serene-House,-Serene-Centre-put-up-for-sale

Serene House, Serene Centre put up for sale

by Jo-Ann Huang Limin

05:55 AM Nov 16, 2010


SINGAPORE - Two iconic Bukit Timah properties, Serene House and Serene Centre, will be put up for sale today, according to marketing agent Colliers International.

Serene House, at Jalan Serene, is a four-storey block comprising 24 walk-up apartment units. The 39,828 sq ft freehold site is zoned for residential development and has a gross plot ratio of 1.4.

The successful buyer has the option to combine the neighbouring state land of 9,192 sq ft with the site, increasing the total area to 49,020 sq ft.

The indicative price for the entire area, including the state land, is about $95 million to $98 million.

Meanwhile, the buyer of the neighbouring Serene Centre can choose to refurbish or redevelop the site.

Serene Centre, a four-storey commercial/residential development, sits on a 32,225-sq-ft corner plot facing Farrer Road and Bukit Timah Road.

The freehold site, with a proposed plot ratio of 3.0, is zoned for commercial/residential use. The indicative price for Serene Centre is $120 million to $130 million.

Interested buyers for the two sites, sold separately, are required to submit their expression of interest by Dec 14.

In another land sale, the Urban Redevelopment Authority (URA) yesterday put up a hotel site in Tanjong Pagar for public tender through the Reserve List system after an unnamed developer committed to bid not less than $94,045,276 for the land parcel.

The 99-year leasehold site at Gopeng Street and Peck Seah Street occupies about 24,750 sq ft.

It has a maximum permissible gross floor area of over 204,000 sq ft and a maximum height of 30 storeys.

The tender will close on Jan 11.

mr funny
21-12-10, 16:05
http://www.businesstimes.com.sg/sub/suite/story/0,4574,417825-1292529540,00.html?

Published December 16, 2010

Tuan Sing buys Serene House for $99.1m

Unit land price is about $1,388 psf of potential gross floor area of 75,492 sq ft

By KALPANA RASHIWALA


TUAN Sing has made its second Singapore real estate property purchase this week. It yesterday inked a deal to buy Serene House, opposite the upcoming Botanic Gardens MRT Station, through a collective sale for $99.1 million.

The price for the freehold District 10 property, a short walk away from Botanic Gardens' Eco-Lake, works out to a unit land price of about $1,388 per square foot of potential gross floor area of about 75,492 sq ft.

This takes into account an estimated $5.7 million payable to the state for the potential acquisition of a 9,192 sq ft driveway and 10 per cent additional gross floor area for balconies. No development charge is payable due to the high development baseline reflecting a 1.8 plot ratio on the site.

Under Master Plan 2008, the site is zoned for residential use with a 1.4 plot ratio. Serene House has a freehold land area of 39,828 sq ft. Assuming the site, at Cluny Park Road, can be amalgamated with the driveway, the total site area can be potentially enlarged to about 49,021 sq ft.

The enlarged plot can be built into a four-storey condo with 68 units averaging 1,000 sq ft nestled in a predominantly landed housing locale.

Analysts estimate the project could break even at about $2,000-2,100 psf. Units at Nassim Park Residences have sold at an average price of $3,659 psf in the second half of this year.

On Tuesday, Tuan Sing emerged as the top bidder for a 99-year leasehold low-rise private residential site at Seletar Road . Its bid of $123 million works out to $468 per square foot per plot ratio (psf ppr). Analysts have estimated the breakeven cost for a new condo on the site at $800-900 psf.

As for its latest purchase of Serene House, Tuan Sing said yesterday that it intends to develop 'an ultra-luxurious project for this exclusive freehold site'.

In a statutory filing with Singapore Exchange, the group said its acquisition of Serene House is subject to Strata Titles Board's approval and conditional upon Tuan Sing receiving an in-principle approval for the purchase of the adjoining state land from Singapore Land Authority.

Serene House is a four-storey walk-up residential block comprising 24 apartment units. Its owners will each receive about $4.1 million from the sale, said Colliers International, which brokered the sale.

The tender for the property closed on Dec 14, attracting seven bids. Tuan Sing's offer was the highest.

'The tender was well participated by significant property market players including major developers and contractors. The seven highly-competitive bids we received demonstrate the excellent development potential of Serene House in terms of location, convenience and exclusivity,' said Colliers executive director (investment services) Tang Wei Leng.

Colliers is also marketing Serene Centre nearby. An expression of interest exercise for this property also closed on Dec 14 and is said to have drawn strong interest. Serene Centre has a plot ratio of 1.4 and is zoned for commercial/ residential use. It is owned by Lok Joo Pte Ltd, controlled by an Ng family that was also involved with developing Textile Centre.

mr funny
21-12-10, 16:37
http://www.straitstimes.com/Money/Story/STIStory_614343.html

Dec 16, 2010

Tuan Sing wins bid for Serene House

By Esther Teo


ANOTHER day, another top bid from property group Tuan Sing Holdings in yet another crowded bidding war.

The firm has won a seven-way battle by lodging an offer of $99.1 million for the freehold Serene House residential site in Bukit Timah.

Its winning bid came a day after it led a field of 11 developers with a $123 million tender for a residential site in Seletar Road.

The Government has yet to declare who will get that land, but Tuan Sing has Serene House sewn up. Its winning bid topped the indicative price of $95 million to $98 million when the tender was launched last month.

The price works out to $1,388 per square foot per plot ratio, and that includes a 10 per cent balcony area and an estimated $5.7 million to buy an adjacent state land plot of 9,192 sq ft, which is subject to approval from the authorities.

Serene House is a four-storey walk-up block of 24 flats. Each owner is expected to reap about $4.1 million from the sale, said marketing agent Colliers International.

The residential site has a land area of 39,828 sq ft with a plot ratio of 1.4. There is no development charge payable, Colliers added.

Ms Tang Wei Leng, Colliers' executive director of investment services, said significant property market players, including major developers, contested the tender.

Serene Centre, a commercial and residential development on sale through an expression of interest, also had its deadline for offers close on Tuesday. Colliers is also the marketing agent for the development.

Ms Tang said that while several offers were received, the owner, Lok Joo - a family-owned firm - is currently considering the offers and no decision has been made yet.

Serene Centre is a four-storey development on a 32,225 sq ft plot with shops on the first and second storeys and 10 flats on the upper two floors.

Both Serene Centre and Serene House are next to the upcoming Botanic Gardens MRT station on the Circle Line.