The Serra Residences sells 18.8% at launch, with average price of $3,460 psf
The other units offered made up 9 two-bedroom plus study units, 2 three-bedroom units, seven four-bedroom units and six 4- and five-bedroom premium units.
At an average of $3,460 psf, The Serra Residences is priced around 4% above brand-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, claims Kelvin Fong, CEO of PropNex. New 99-year leasehold non-landed homes in the CCR balanced $3,254 psf over the exact same period.
” The sale of one of the property development’s two penthouses is notable, suggesting that there continues attraction among purchasers seeking larger and a lot more special residential services the main area,” 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.
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 the two penthouses of 2,648 and 2,669 sq ft.
The top price was set by the bigger of the two penthouses, a 2,669 sq ft unit that cost $11.21 million, or $4,200 psf.
The Novena planning area documented an estimated 28,000 rental contracts from 1Q2021 to 3Q2026, states Mark Yip, CEO of Huttons Asia. Rents increased 41.7% over the period, or 7.2% a year.
” Investors also identify the long-term rental potential anchored by the expanding HealthCity Novena district and the upcoming 2 Moulmein Road lifestyle hub,” the developer adds.
About 80% of customers are acquiring for their own usage, says Far East Organization in an announcement. Singaporeans represent 75% of customers, and the rest are Singapore irreversible residents (PRs) originally from Australia, Britain, China, the Philippines and Taiwan. Customers consist of business owners and professionals in the medical, banking and finance, and lawful fields.
” The booking day results of The Serra Residences reflect an industry where customers continue to prioritise projects that use authentic differentiation and long-term worth,” states Marcus Chu, Chief Executive Officer of ERA Singapore.
Far East Organization has offered 25 of the 133 units at The Serra Residences, or 18.8%, since bookings opened on Oct 16. Negotiated costs ranged from $3,123 to $4,200 psf, with an average of $3,460 psf, according to the property developer. Based on the 113 units released in the very first stage, take-up is around 22%.
The freehold condominium 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 Station.
Fong additionally notes that the project is not bound by the five-year Additional Buyer’s Stamp Duty (ABSD) remission deadline, as Far East Organization obtained the land in 2010, prior to ABSD was presented in December 2011. “Without a sales deadline to meet, the developer can value for the marketplace rather than for the ABSD clock, and we think prices is most likely to keep steady as sales progress.”
