The Serra Residences sells 18.8% at launch, with average price of $3,460 psf
The Novena preparation area documented an approximated 28,000 rental contracts from 1Q2021 to 3Q2026, says Mark Yip, CEO of Huttons Asia. Rents expanded 41.7% over the period, or 7.2% a year.
The freehold condo on Bassein Road in District 11 is a redevelopment of the past Pastoral View and a surrounding vacant plot. It is a short stroll from Novena MRT Stop.
The other units marketed made up 9 two-bedroom plus research study units, 2 three-bedroom units, seven four-bedroom units and 6 four- and five-bedroom premium units.
At an average of $3,460 psf, The Serra Residences is valued about 4% above brand-new freehold non-landed homes in the Core Central Region (CCR), which averaged $3,332 psf from January to Oct 10 based upon caveats lodged, claims Kelvin Fong, CEO of PropNex. New 99-year leasehold non-landed homes in the CCR balanced $3,254 psf over the same period.
Far East Organization has marketed 25 of the 133 units at The Serra Residences, or 18.8%, since reservations opened on Oct 16. Negotiated prices varied from $3,123 to $4,200 psf, with an average of $3,460 psf, according to the property developer. Based upon the 113 units released in the first phase, take-up is around 22%.
Around 80% of buyers are acquiring for their own use, claims Far East Organization in an announcement. Singaporeans account for 75% of buyers, and the rest are Singapore long-term citizens (PRs) initially from Australia, Britain, China, the Philippines and Taiwan. Customers consist of business owners and professionals in the medical, banking and finance, and legal sectors.
” The booking day results of The Serra Residences mirror a market where purchasers continue to prioritise projects that supply genuine differentiation and continued value,” claims Marcus Chu, CEO of ERA Singapore.
The top price was set by the bigger of the two penthouses, a 2,669 sq ft unit that yielded $11.21 million, or $4,200 psf.
” Investors also identify the long-term rental potential anchored by the broadening HealthCity Novena district and the upcoming 2 Moulmein Road lifestyle center,” the developer adds.
Fong also notes that the project is not tied by the five-year Additional Buyer’s Stamp Duty (ABSD) remission target date, as Far East Organization acquired the land in 2010, prior to ABSD was presented in December 2011. “Without a sales deadline to meet, the developer can value for the market rather than for the ABSD clock, and we believe pricing is likely to keep stable as sales progress.”
The Serra is a solo 28-storey tower. Levels four to 16 hold two-bedroom plus study units of 710 to 721 sq ft, three-bedroom units of 764 to 904 sq ft, and four-bedroom units of 958 sq ft. The Summit, on levels 18 to 28, secures larger four-bedroom units of 1,216 to 1,528 sq ft, five-bedroom premium units of 1,755 sq ft, and the two penthouses of 2,648 and 2,669 sq ft.
” The sale of among the development’s 2 penthouses is noteworthy, suggesting that there continues interest among investors pursuing larger and more special non commercial services the central region,” says Mohan Sandrasegeran, head of research & information analytics at SRI. SRI is among the project’s shared marketing agents, alongside ERA, Huttons Asia and PropNex.
