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

SINGAPORE: The sale of Calm Centre for S$105 million (US$78.2 million) changed into carried out on Friday (Feb 23), and the combined-use pattern is save aside to be refreshed over the next one year.

Its patrons are the Teo family from Apricot Capital and partners, with co-residing situation operator The Assembly Space (TAP) to be appointed as the asset supervisor, acknowledged true estate companies and products company Cushman & Wakefield.

Inbuilt the 1980s, the four-storey pattern positioned at the junction of Bukit Timah Road and Farrer Road changed into previously save up on the market by a younger in 2022 with a reserve trace of S$120 million. The soft closed with out a a success yell.

Calm Centre for the time being has 30 retail and F&B objects on its decrease floor with 10 flats on levels three and 4.

“The mall will likely be undergoing a multimillion-dollar enhancement to consequence in refreshed retail ideas and co-residing areas,” acknowledged TAP in a separate press liberate on Friday.

TAP acknowledged that this can oversee the “revitalisation of the retail areas on the first two floor, along with converting the residential flats on the upper floor into co-residing areas”.

“Eighty-six provider house rooms have been planned on the upper floor as segment of the co-residing thought, complemented with communal companies and products corresponding to kitchens, utility rooms and lounge areas,” it added.

This is able to per chance well per chance also be the corporate’s first retail mall administration mission.

“Renovation works will launch this April, with a focused completion date at the cease of Q1 2025,” acknowledged TAP.

Mr Shaun Poh, govt director of capital markets at Cushman & Wakefield, acknowledged that Calm Centre “received’t be completely closed” and is “likely to (be renovated) in phases starting with the residential floor”.

Within walking distance of Botanic Gardens MRT situation, the Cluny Park and Nassim Precise Class Bungalow clusters and plenty of alternative faculties, Calm Centre is in an “ultra-prime location”, acknowledged Mr Poh.

“Perfect known for its McDonald’s, ice cream parlour and comics (and) video games outlets within the past, Calm Centre has continually been the centre of appeal for the youths from the current faculties nearby and residents within the affluent Bukit Timah estate,” he acknowledged.

“We’re all very furious for the property to embark on its novel chapter and appreciate forward to extra attractive tenant mix and lodging alternate ideas to lend a hand the neighborhood within the placement,” he added.