[New Launch] Penthouse at The Serra Residences Sold for S$11.21 Million

The Serra Residences Sells 25 Units at Launch, Averaging $3,460 psf

Freehold Novena development The Serra Residences has sold 25 units since bookings commenced on 16 October, representing 18.8% of the project's total of 133 units. According to figures released by developer Far East Organization, transacted prices ranged from $3,123 to $4,200 psf, achieving an average selling price of $3,460 psf.

Based on the initial release of 113 units in the first phase, this translates to a take-up rate of approximately 22%.

Penthouse Transacted at $11.21 Million

The headline transaction in this sales phase was a 2,669 sq ft penthouse, which changed hands for approximately $11.21 million. This translates to $4,200 psf, setting the highest per-square-foot benchmark for the development's launch to date.

The project features two penthouses, with this sale representing the larger of the two. The transaction underscores that high-net-worth buyers remain prepared to pay a premium for generously proportioned, private residences within Singapore's prime central districts.

The remaining 24 units sold include:

9 two-bedroom-plus-study units

2 three-bedroom units

7 four-bedroom units

6 luxury four- and five-bedroom units

Freehold Tenure with Unit Mix from Two-Bedroom-Plus-Study to Penthouses

Located along Bassein Road in prime District 11, The Serra Residences is a redevelopment of the former Pastoral View condominium and an adjacent plot of land, situated within walking distance of Novena MRT station.

Designed as a single 28-storey residential tower, the 133-unit development is divided into two distinct residential collections:

From efficient two-bedroom-plus-study layouts to expansive high-floor family homes, the development caters to a wide spectrum of lifestyle requirements.

Around 80% Owner-Occupier Buyers

Data shared by Far East Organization indicates that roughly 80% of buyers purchased their units for owner-occupation, demonstrating that take-up was predominantly owner-occupier driven.

Among the buyers, 75% are Singapore Citizens, with the remainder being Singapore Permanent Residents hailing from Australia, the UK, China, the Philippines, and Taiwan.

Profiles of the purchasers include business owners, alongside professionals across medical, banking and finance, and legal sectors.

Novena’s Medical and Lifestyle Ecosystem in the Spotlight

Beyond owner-occupiers, the developer noted that several investors were drawn by the long-term rental prospects, bolstered by the ongoing expansion of HealthCity Novena and the upcoming lifestyle enclave at 2 Moulmein Road.

Historical data indicates that between 1Q2021 and 3Q2026, the Novena planning area logged approximately 28,000 rental contracts. Over the same period, cumulative rental growth stood at 41.7%, representing an annualised increase of around 7.2%.

While these figures showcase the submarket’s robust rental track record, actual rental yields and tenancy rates for the project in future will depend on prevailing market conditions, supply-demand dynamics, unit specifications, and prospective tenant requirements.

Average Selling Price Approximately 4% Above CCR Freehold New Launches

Caveats lodged from January through 10 October this year reveal that new freehold non-landed private residential units in the Core Central Region (CCR) averaged around $3,332 psf.

By comparison, The Serra Residences' launch average of $3,460 psf is approximately 4% higher. Over the same timeframe, 99-year leasehold new non-landed private homes in the CCR averaged about $3,254 psf.

That said, broader district averages aggregate a mix of developments and unit sizes, and prospective buyers should take into account individual micro-locations, unit dimensions, floor levels, and product positioning when making direct comparisons.

Exempt from Five-Year ABSD Sales Deadline

Another notable characteristic of The Serra Residences is that the developer acquired the land in 2010—prior to the introduction of the Additional Buyer's Stamp Duty (ABSD) regime in December 2011.

Consequently, the project is not bound by the developer ABSD clawback timeline, which requires all units to be sold within five years to qualify for remission. This affords the developer greater flexibility in its sales momentum and pricing strategy.

Free from the pressure of immediate sales deadlines, the developer can calibrate its release schedule in tandem with market conditions, with pricing expected to hold steady across subsequent phases. However, this reflects market outlook rather than an explicit pricing guarantee from the developer.

For prospective buyers considering a freehold home in Novena, beyond reviewing headline sales volume and average psf figures, it is advisable to evaluate quantum pricing, layout efficiency, floor level, and orientation to determine how well an individual unit aligns with their financial budget and long-term living needs.