Serene Centre in Bukit Timah sold for S$105 million, to undergo year-long renovation from April

SINGAPORE: The sale of Serene Centre for S$105 million (US$78.2 million) was completed on Friday (Feb 23), and the mixed-use development is set to be refreshed over the next year. 

Its buyers are the Teo family from Apricot Capital and partners, with co-living space operator The Assembly Place (TAP) to be appointed as the asset manager, said real estate services firm Cushman & Wakefield. 

Built in the 1980s, the four-storey development located at the junction of Bukit Timah Road and Farrer Road was previously put up for sale via a tender in 2022 with a reserve price of S$120 million. The tender closed without a successful bid.

Serene Centre currently has 30 retail and F&B units on its lower floors with 10 apartments on levels three and four. 

"The mall will be undergoing a multimillion-dollar enhancement to bring about refreshed retail concepts and co-living spaces," said TAP in a separate press release on Friday.

TAP said that it will oversee the "revitalisation of the retail spaces on the first two floors, along with converting the residential apartments on the upper floors into co-living spaces".

"Eighty-six service apartment rooms have been planned on the upper floors as part of the co-living concept, complemented with communal facilities such as kitchens, utility rooms and lounge areas," it added.

This will be the company's first retail mall management project.

"Renovation works will commence this April, with a targeted completion date at the end of Q1 2025," said TAP.

Mr Shaun Poh, executive director of capital markets at Cushman & Wakefield, said that Serene Centre "won't be completely closed" and is "likely to (be renovated) in phases starting with the residential floors".

Within walking distance of Botanic Gardens MRT station, the Cluny Park and Nassim Good Class Bungalow clusters and several schools, Serene Centre is in an "ultra-prime location", said Mr Poh. 

"Best known for its McDonald's, ice cream parlour and comics (and) games shops in the past, Serene Centre has always been the centre of attraction for the youths from the prestigious schools nearby and residents in the affluent Bukit Timah estate," he said.

"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," he added.