SINGAPORE: Singapore-listed Reclaims Global Limited announced on Monday (Dec 1) that it had signed a sale and purchase agreement to acquire Lasidon Holdings Pte Ltd, the owner of the freehold Serangoon Building at 291 Serangoon Road, for S$38.8 million.
The company, which focuses on construction and demolition waste recycling and excavation services, said it plans to redevelop the freehold commercial building to improve efficiency and increase net lettable area. It also intends to hold the property as an investment, expecting significant capital appreciation and rental income from tenants.
Reclaims Global executive director and CEO Tan Kok Huat said the freehold commercial property represents a strategic investment for the group, strengthening its long-term resilience and unlocking future growth opportunities.
The six-storey commercial building sits on the corner of Serangoon Road and Burmah Road and has about 35 metres of frontage along both roads, as reported by EdgeProp Singapore.
The first level is occupied by Komala Vilas Vegetarian Restaurant. The property also includes a basement car park and a gross floor area of 506.8 square metres (sq m).
The building is located in the Farrer Park area in District 8, within walking distance of Farrer Park MRT station on the North East Line. The station provides direct access to City Square Mall and is close to Farrer Park Hospital.
Nearby is the newly completed Piccadilly Grand condominium. /TISG
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