The Serra Residences sells 18.8% at launch, with average price of $3,460 psf
About 80% of customers are acquiring for their own usage, states Far East Organization in a statement. Singaporeans make up 75% of buyers, and the rest are Singapore permanent homeowners (PRs) originally from Australia, Britain, China, the Philippines and Taiwan. Customers include business owners and experts in the medical, banking and finance, and legal markets.
Fong also notes that the venture is not tied by the five-year Additional Buyer’s Stamp Duty (ABSD) remission deadline, as Far East Organization acquired the land in 2010, before 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 think pricing is most likely to keep consistent as sales progress.”
” The booking day outcomes of The Serra Residences reflect an industry where customers remain to prioritise projects that offer genuine differentiation and continued worth,” states Marcus Chu, CEO of ERA Singapore.
The some other units marketed made up nine two-bedroom plus research study units, 2 three-bedroom units, seven four-bedroom units and 6 four- and five-bedroom premium units.
The leading rate was set by the bigger of the two penthouses, a 2,669 sq ft unit that sold for $11.21 million, or $4,200 psf.
The Novena preparation area documented an estimated 28,000 rental contracts from 1Q2021 to 3Q2026, states Mark Yip, CEO of Huttons Asia. Rents expanded 41.7% around the duration, or 7.2% a year.
” Investors also recognise the long-term rental potential anchored by the expanding HealthCity Novena precinct and the upcoming 2 Moulmein Road lifestyle center,” the developer adds.
The Serra is an one 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, keeps bigger four-bedroom units of 1,216 to 1,528 sq ft, five-bedroom premium units of 1,755 sq ft, and both penthouses of 2,648 and 2,669 sq ft.
” The sale of among the property development’s two penthouses is notable, showing that there remains attention among investors seeking bigger and more exclusive non commercial offerings the main area,” claims Mohan Sandrasegeran, head of research & information analytics at SRI. SRI is among the project’s shared marketing agents, together with ERA, Huttons Asia and PropNex.
Far East Organization has offered 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 on the 113 units released in the initial stage, take-up is around 22%.
The freehold flat on Bassein Road in District 11 is a redevelopment of the past Pastoral View and a nearby vacant plot. It is a short stroll from Novena MRT Station.
At an average of $3,460 psf, The Serra Residences is valued around 4% above new freehold non-landed residences in the Core Central Region (CCR), that averaged $3,332 psf from January to Oct 10 based upon 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.
