The Serra Residences sells 18.8% at launch, with average price of $3,460 psf
The leading rate was established by the larger of the two penthouses, a 2,669 sq ft unit that yielded $11.21 million, or $4,200 psf.
Far East Organization has sold 25 of the 133 units at The Serra Residences, or 18.8%, since bookings started on Oct 16. Negotiated costs ranged from $3,123 to $4,200 psf, with approximately $3,460 psf, according to the developer. Based upon the 113 units launched in the very first stage, take-up is about 22%.
” Investors also consider the long-term rental potential anchored by the expanding HealthCity Novena precinct and the upcoming 2 Moulmein Road lifestyle hub,” the developer includes.
The some other units marketed made up nine two-bedroom plus study units, two three-bedroom units, seven four-bedroom units and six four- and five-bedroom premium units.
” The booking day outcomes of The Serra Residences show a market where buyers continue to prioritise projects that supply authentic distinction and long-term value,” claims Marcus Chu, CEO of ERA Singapore.
Fong also mentions that the venture is not bound by the five-year Additional Buyer’s Stamp Duty (ABSD) remission due date, as Far East Organization obtained the land in 2010, prior to ABSD was presented in December 2011. “Without a sales deadline to fulfill, the developer can price for the market rather than for the ABSD clock, and we think prices is likely to keep stable as sales progress.”
At an average of $3,460 psf, The Serra Residences is priced about 4% above brand-new freehold non-landed houses in the Core Central Region (CCR), that averaged $3,332 psf from January to Oct 10 based on caveats lodged, claims Kelvin Fong, CEO of PropNex. New 99-year leasehold non-landed homes in the CCR balanced $3,254 psf over the very same duration.
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 one of the property development’s 2 penthouses is noteworthy, suggesting that there remains interest among buyers seeking larger and more exclusive non commercial services the main area,” claims Mohan Sandrasegeran, head of research & data analytics at SRI. SRI is one of the project’s shared marketing agents, along with ERA, Huttons Asia and PropNex.
Approximately 80% of buyers are buying for their own use, states Far East Organization in an announcement. Singaporeans represent 75% of buyers, and the rest are Singapore irreversible homeowners (PRs) originally from Australia, Britain, China, the Philippines and Taiwan. Buyers consist of business owners and specialists in the medical, banking and finance, and legal sectors.
The Novena preparation location recorded an estimated 28,000 rental contracts from 1Q2021 to 3Q2026, claims Mark Yip, CEO of Huttons Asia. Rents grew 41.7% around the period, or 7.2% a year.
The freehold flat on Bassein Road in District 11 is a redevelopment of the past Pastoral View and an adjacent vacant plot. It is a brief stroll from Novena MRT Station.
