Colliers International puts Bukit Timah properties up for sale

The residential site at Serene House will be sold via public tender while offers for the commercial/Residential Development at 10 Serene Centre should be made via Expression of Interest.

With a land area of approximately 39,828 sq ft, the freehold residential site is currently occupied by Serene House, a four-storey walk-up residential block comprising 24 apartment units. Under the 2008 Master Plan, the rectangular site is zoned for “Residential” use and has a gross plot ratio. In a statement, the property developer said the successful buyer can choose to increase the total land area to some 49,020 sq ft by amalgamating the neighboring State Land of approximately 9,192 sq ft.

Including the alienation of the State Land and assuming that there is no development charge payable, indicative price for the site is in the region of S$95 million to S$98 million, which works out to about S$1,500 per sq ft per plot ratio.

The 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 will close on December 14, 2010.

With a single ownership, Serene Centre is a four-storey commercial/residential development comprising shop units on the first and second storeys, and 10 apartment units on the third and fourth storeys. Car park facilities are located at the basement of the building. The development sits on a 32,225 sq ft corner land plot fronting Farrer Road and Bukit Timah Road.

Under the 2008 Master Plan, the site is zoned for “Commercial/Residential” use.

The successful buyer can choose to either refurbish the property to enhance the leasable area of the property or re-develop the site into a new commercial/residential development. Indicative price for Serene Centre is about S$120 million to S$130 million, which works out to S$1,500 per sq ft per plot ratio – based on a proposed plot ratio of 3.0. Interested buyers are to submit their Expression of Interest for Serene Centre by December 14, 2010.

Ho Eng Joo, Executive Director for Investment Services at Colliers International, said, “The two properties are to be sold separately. However, interested buyers can consider purchasing both sites and leverage the flexibility of a larger land plot area to re-develop the c ombined sites into a commercial/residential development.

Given that both development sites are located in a desirable district and conveniently located next to the upcoming Botanic Gardens MRT station, we expect to receive keen interest for both sites from developers – particularly when there is a strong demand for properties located in the prestigious locality of Bukit Timah area and near reputable schools.

A good indicator of such interest is evident from the strong sales volume seen for The Glyndebourne, a newly-launched project residing at the former Corpthorne Orchid Hotel site.”

Both sites are located near the junction of Cluny Park Road and are within a stone’s throw away from reputable educational institutions – including Nanyang Primary School, Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution and National Junior College.