Prime Freehold Mixed-Use Development Serene Centre Sold for $105 million

Buyers are Teo Family from Apricot Capital and Partners; The Assembly Place to be the Asset Manager

Cushman & Wakefield, a leading global real estate services firm has today announced the sale completion of Serene Centre (the “Property”) for $105 million. The buyers are Teo family from Apricot Capital and partners. The Assembly Place will be appointed as the asset manager to manage the Property.

Built in the 1980s, Serene Centre is a four-storey freehold commercial/residential development comprising shops and F&B units on the first and second storeys, and 10 apartment units on the third and fourth storeys. Car park facilities are located at the ground floor and basement of the building. The Property sits on a corner land plot with a site area of approx. 32,225 sq ft (2,996.6 sqm) and gross floor area of approx. 47,475 sq ft (4,410.6 sqm)

^{Serene Centre}

Nestled at the junction of Bukit Timah Road and Farrer Road, and just 100m walk to Botanic Gardens and Botanic Gardens MRT Interchange station, the Property serves the Bukit Timah community in the prime District 10. The immediate vicinity comprises Singapore’s most prestigious Cluny Park and Nassim GCB clusters, Embassy of France, and Cluny Court. Renowned schools such as Nanyang Primary School, Hwa Chong Institution, Raffles Girls’ Primary School, and Singapore Chinese Girls’ School are all within close proximity. 

According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “Best known for its McDonald’s, ice-cream parlour and comics/games shops in the past, Serene Centre has always been the center of attraction for the youths from the prestigious schools nearby and residents in the affluent Bukit Timah estate.”

Mr. Poh continues, “Given the age of the building and its ultra-prime location, we understand that the buyer has the intention to carry out a comprehensive asset enhancement initiative to spruce up the place. We are all very excited for the property to embark on its new chapter and look forward to more exciting tenant mix and lodging options to serve the community in the area.”

“The Assembly Place is proud to be the asset manager of this iconic mall in Bukit Timah. By bringing the co-living concept to Serene Centre, we hope our members can rejuvenate the commercial space as part of the mall's next chapter. We will work closely with the owners to ensure it remains a dynamic and attractive mall for the community” says Eugene Lim, Founder & CEO of The Assembly Place.