Singapore-listed Reclaims Global, a specialist in construction and demolition (C&D) waste recycling and excavation services, has signed a sale and purchase agreement to acquire 100% of the shares in Lasidon Holdings Pte Ltd, the company that owns the freehold commercial property at 291 Serangoon Road, for $38.8 million.

The six-storey Serangoon Building sits prominently at the corner of Serangoon Road and Burmah Road, and enjoys a 35m dual road frontage. Komala Vilas Vegetarian Restaurant occupies the first level. The building comes with a basement carpark and has a land area of 506.8 sqm (5,455 sq ft).

Located within the Farrer Park precinct in District 8, Serangoon Building is within walking distance of Farrer Park MRT Station on the North East Line, which provides direct access to City Square Mall and is a short walk from Farrer Park Hospital. It is also near the newly completed Piccadilly Grand condominium, which sits above Piccadilly Galleria — a retail podium linked underground to both City Square Mall and the MRT station.

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According to the company’s Dec 8 announcement, Reclaims Global plans to redevelop the building to enhance its efficiency and increase its net lettable area. It will hold the asset as a long-term investment, with expectations of “significant capital appreciation and/or rental income earned from the tenants of the property”.

“This freehold commercial property represents a strategic investment for the group, strengthening our long-term resiliency and unlocking future growth opportunities,” says Tan Kok Huat, executive director and CEO of Reclaims Global.

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