Tuan Sing acquires Serene House for $99.1m

Property group Tuan Sing Holdings Limited, through its wholly-owned subsidiary Shelford Properties Ltd, has acquired the Serene House site for around S$99.1 million.The acquisition of Serene House is subject to approval of the Strata Titles Board upon the company receiving an in-principle approval for the acquisition of the adjoining 9,192-sq-ft site from Singapore Land Authority.The freehold property has a total site area of 39,828 sq ft with a maximum gross plot ratio of 1.4. The property's $99.1 million price tag works out to around $1,388 psf ppr, including a 10 percent balcony area.Serene House is located along Cluny Park Road, opposite the proposed Singapore Botanic Gardens and Botanic Gardens MRT station. It is also in the vicinity of several reputable schools such as Nanyang Primary School, Raffles Girls' Primary School, Anglo-Chinese School, Hwa Chong Institution and Singapore Chinese Girls' Primary School.Tuan Sing said it plans to develop an ultra-luxurious project for the site. It added that acquisition and development of the new project will be funded through internal funds and bank borrowings.

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