Reclaims Global Buy Freehold Serangoon Building 388 Mil Plans Redevelopment
Reclaims Global Expands Portfolio with New Acquisition
Singapore’s Reclaims Global, known for its expertise in recycling construction and demolition waste, has recently announced its acquisition of Lasidon Holdings Pte Ltd. This deal, valued at $38.8 million, will give Reclaims Global ownership of the freehold commercial property located at 291 Serangoon Road.
The property, known as Serangoon Building, is a six-storey structure with a distinct presence at the intersection of Serangoon Road and Burmah Road. It features a 35-meter dual road frontage and hosts various tenants including the Komala Vilas Vegetarian Restaurant on its ground floor. The building also includes a basement car park and has a total gross floor area of 506.8 sqm (5,455 sq ft).
In the heart of the Farrer Park precinct within District 8, the Serangoon Building is conveniently positioned a short walk from the Farrer Park MRT Station on the North East Line. This station provides direct connections to the City Square Mall and is also in close proximity to Farrer Park Hospital and the newly completed Singapore Condo project, Piccadilly Grand, which features residential units atop a retail podium.
Future Developments and Strategic Investments
Following the acquisition, Reclaims Global has disclosed plans to redevelop the Serangoon Building. The redevelopment aims to enhance the building’s efficiency and increase its net lettable area. The company views this property as a long-term investment and anticipates it will lead to significant capital appreciation and potential rental income from its tenants.
“This freehold commercial property represents a strategic investment for the group, strengthening our long-term resiliency and unlocking future growth opportunities,” stated Tan Kok Huat, the CEO and executive director of Reclaims Global. The redevelopment aligns with the company’s strategy to bolster its portfolio and enhance shareholder value through strategic asset enhancements.