Tuan Sing Holdings says indirect wholly-owned subsidiary, Shelford Properties, has been awarded the tender for Serene House at $99.1 million.

The property, situated along Cluny Park Road, is directly opposite the proposed Botanic Gardens MRT station and the Singapore Botanic Gardens. This exclusive site is also in the vicinity of schools such as Raffles Girls’ Primary School, Nanyang Primary School, Singapore Chinese Girls’ Primary School, Anglo-Chinese School and Hwa Chong Institution.

The freehold property has an site area of 39,828 sq ft and a total land area would add to about 49,021 sq ft. With a plot ratio of 1.4, the price of $99.1 million would translate to $1,388 per sq ft per plot ratio, including a 10% balcony area.

Tuan Sing intends to develop an ultra-luxurious project for this exclusive freehold site.

The acquisition and development of the project will be financed partly by internal funds and partly by bank borrowings.