The Serra Residences sells 18.8% at launch, with average price of $3,460 psf
The freehold condo on Bassein Road in District 11 is a redevelopment of the past Pastoral View and an adjacent vacant plot. It is a brief walk from Novena MRT Station.
The other units marketed made up nine two-bedroom plus research study units, two three-bedroom units, seven four-bedroom units and 6 four- and five-bedroom premium units.
The top rate was set by the larger of the two penthouses, a 2,669 sq ft unit that cost $11.21 million, or $4,200 psf.
At an average of $3,460 psf, The Serra Residences is valued around 4% above new freehold non-landed homes in the Core Central Region (CCR), that averaged $3,332 psf from January to Oct 10 based on caveats lodged, states Kelvin Fong, CEO of PropNex. New 99-year leasehold non-landed homes in the CCR averaged $3,254 psf over the very same period.
Far East Organization has sold 25 of the 133 units at The Serra Residences, or 18.8%, ever since bookings started on Oct 16. Negotiated prices varied from $3,123 to $4,200 psf, with approximately $3,460 psf, according to the developer. Based upon the 113 units released in the initial phase, take-up is about 22%.
” The sale of among the development’s two penthouses is noteworthy, showing that there continues attention among purchasers seeking bigger and a lot more exclusive non commercial offerings within the main region,” states Mohan Sandrasegeran, head of research & information analytics at SRI. SRI is among the project’s joint marketing agents, along with ERA, Huttons Asia and PropNex.
” Investors also identify the long-term rental potential anchored by the expanding HealthCity Novena precinct and the upcoming 2 Moulmein Road lifestyle center,” the developer includes.
The Serra is a single 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, holds bigger 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.
Fong additionally notes that the project is not tied by the five-year Additional Buyer’s Stamp Duty (ABSD) remission due date, as Far East Organization got the land in 2010, prior to ABSD was presented in December 2011. “Without a sales deadline to meet, the developer can price for the marketplace rather than for the ABSD clock, and we believe pricing is most likely to keep consistent as sales progress.”
” The booking day results of The Serra Residences reflect an industry where customers continue to prioritise projects that use genuine differentiation and continued value,” states Marcus Chu, CEO of ERA Singapore.
About 80% of customers are buying for their own usage, states Far East Organization in a statement. Singaporeans account for 75% of purchasers, and the rest are Singapore permanent homeowners (PRs) originally from Australia, Britain, China, the Philippines and Taiwan. Purchasers consist of business owners and professionals in the medical, banking and finance, and legal sectors.
The Novena planning location documented an estimated 28,000 rental contracts from 1Q2021 to 3Q2026, says Mark Yip, CEO of Huttons Asia. Rents grew 41.7% around the period, or 7.2% a year.
