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Serene Centre sold for $105 million to Apricot Capital; The Assembly Place appointed asset manager

/ EdgeProp Singapore |

February 23, 2024 11:54 AM SGT

Serene Centre is a four-storey commercial and residential development comprising shops and F&B units on the first and second floors and 10 apartment units on the upper floors. (Picture: C&W)

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The freehold mixed-use development Serene Centre, at 10 Jalan Serene in District 10, has been sold for $105 million, announced Cushman & Wakefield. The buyers are Apricot Capital, the family office of David Teo. In addition, home-grown co-living operator The Assembly Place has been named the property's asset manager.

Serene Centre is a four-storey commercial and residential development comprising shops and F&B units on the first and second floors and 10 apartment units on the upper floors. The development sits on a corner plot of 32,225 sq ft with a gross floor area of 47,475 sq ft.

Serene Centre has previously been put up for sale back in 2022 when the development launched a collective sale tender at a reserve price of $120 million. At the time, Cushman & Wakefield was also the marketing agent. But the tender closed in Nov 2022 without any successful bids.

Serene Centre is close to the Singapore Botanic Gardens and Botanic Gardens MRT Interchange on the Circle and Downtown Lines. The development is near affluent residential clusters at Cluny Park and Nassim. Other noteworthy landmarks include the Embassy of France and Cluny Court.

The Assembly Place will introduce co-living to Serene Centre. Map by EdgeProp Singapore.

According to a statement by The Assembly Place, it will bring its brand of co-living concept to Serene Centre. “We hope our members can rejuvenate the commercial space as part of the mall's next chapter,” says Eugene Lim, founder and CEO of The Assembly Place. “We will work closely with the owners to ensure it remains a dynamic and attractive mall for the community.”

Lim says that 86 service apartment room have been planned on the upper floors as part of the new co-living concept. These will be complemented with communal facilities such as kitchens, utility rooms, and lounge areas.

According to a seperate press release issued by The Assembly Place, the operator will oversee the management and revitalisation of the retail spaces along with a conversion of the exisitng residential apartments into co-living spaces. This is the first time that The Assembly Place is venturing into retail mall management.

"The Assembly Place is excited to venture into this new area of retail mall management. This move is in line with our longer-term growth strategy as we continue to expand on our co living concepts," says Lim, adding that small to mid-sized malls are best placed to benefit from placemaking speciality.

The Assembly Place and Apricot Capital joined forces in October last year to launch a 426-bed premium student housing project named Campus by The Assembly Place at 116 Lorong J Telok Kurau. The purchase price was $40 million ($383 psf) for a 103-year lease, with an additional $6 million poured into retrofit the property.

“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,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield.

“Given the age of the building and its ultra-prime location, we understand that the buyer intends to carry out a comprehensive asset enhancement initiative to spruce up the place,” says Poh.

Lim says that renovation works are expected to in April and are expected to be completed by the end of 1Q2025.

Check out the latest listings for Serene Centre properties

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