Far East Organization’s The Serra Residences sells less than a quarter of units released at average S$3,460 psf

[SINGAPORE] Far East Organization’s prime District 11 condominium project The Serra Residences sold about 22 per cent of the 113 units released in the first phase of the 133-unit freehold development at its weekend launch, the developer said on Sunday (Oct 18).

A total of 25 units in the 28-storey development were sold over the launch weekend. Transactions ranged from S$3,123 to S$4,200 per square foot (psf), with an average of about S$3,460 psf.

About 80 per cent of the demand came from buyers purchasing for their own stay, Far East Organization said. Singaporeans accounted for 75 per cent of the buyers, while the rest were Singapore permanent residents, including those from Australia, China, the Philippines, Taiwan and the UK.

The units sold covered a range of layouts, with prices starting from S$2.2 million. Nine were two-bedroom plus study units, two were three-bedroom units and seven were four-bedroom units. Another six were four and five-bedroom premium units, and one was the largest penthouse, a 2,669 sq ft unit on the top floor.

“Buyers are drawn to the project’s freehold status, and the rare combination of an intimate community of 133 homes with full condominium facilities, including a 50 m lap pool and a tennis court,” Far East Organization said in a statement

The developer noted that the project is the first gross floor area-harmonised new launch in Novena. It added that the site is within 1 km to 2 km of several well-known schools.

The Serra Residences is on the former site of Pastoral View and adjoining land at Bassein Road, which Far East Organization acquired 16 years ago. It sits in the medical and healthcare cluster of HealthCity Novena, home to Tan Tock Seng Hospital and other private medical centres. The nearest MRT station is Novena.

Far East Organization said investors may also see long-term rental potential in the expanding HealthCity Novena precinct and the upcoming 2 Moulmein Road lifestyle hub.

“Central freehold developments are becoming increasingly rare, and The Serra Residences appeals to buyers seeking low-density privacy, full lifestyle facilities and multi-generational asset protection,” it added.

Previews for the project began on Oct 2, with sales bookings opening on Oct 16. The launch comes after a roughly five-year lull in new residential launches in the Novena area.

“Demanding” asking prices

Analysts said the take-up reflects a more targeted buyer pool as the project’s price quantum and freehold status appeal mainly to buyers seeking larger homes and long-term asset retention.

Kelvin Fong, chief executive of PropNex, called the sale of 25 units a “sound result”. He noted that 70 per cent of the units are three-bedroom or larger, which means the buyer pool is “naturally more targeted”.

He added that “buyers have generally become more selective with big-ticket purchases, and those who committed to securing a unit at this launch have bought into something the market rarely offers”.

Fong expects sales to keep building. He noted that several recent government land sales tenders have closed at higher prices across all three regions, and new launches on those sites are likely to be priced higher.

ERA chief executive officer Marcus Chu said the project is likely to appeal to a broad spectrum of buyers.

“Families are likely to appreciate its selection of larger four and five-bedroom residences, complemented by its proximity to popular educational institutions, such as St Joseph’s Institution Junior, Anglo-Chinese School (Barker Road and Junior), CHIJ (Primary and Secondary) and Hong Wen School,” he said.

Mark Yip, chief executive of Huttons Asia, said the freehold status of the project is likely to draw buyers, as such projects are scarce. They depend on developers redeveloping their own freehold land or on successful collective sales.

Since the government raised additional buyers stamp duty from 2018 to 2023, successful en bloc sales have become increasingly rare, leading to a dwindling supply of new freehold projects in the Core Central Region (CCR). The number has fallen from a peak of 12 in 2019 to two in 2026, of which one is The Serra Residences.

Not all analysts were as upbeat on pricing, however. Nicholas Mak, chief research officer at Mogul.sg, said asking prices above S$3,250 psf appear “demanding for some buyers”.

He pointed to the S$2,741 psf median price of comparable freehold condominium units in the Novena area sold by developers in the past 12 months, such as those in Sanctuary@Newton and 32 Gilstead.

“The slower property sales in the CCR is a sign of the growing caution among high-end property buyers in the face of adverse effect of geopolitical tension and rising interest rates,” said Mak.

Thomson Reserve preview

The Serra Residences’ launch took place on the same weekend as the public preview of Thomson Reserve, a 1,268-unit development that will be the largest new private residential project to launch in Singapore this year, and the first with more than 1,000 units to debut in 2026.

UOL Group and CapitaLand Development, the developers of Thomson Reserve, said the first weekend of the public preview drew a record turnout. The project will have its sales launch on Oct 31.

“We saw a record-breaking 11,800 visitors on the first weekend of public preview of Thomson Reserve, far exceeding the 10,000 visitors recorded at Parktown Residence,” a spokesperson for the two companies said.

They attributed the response to the project’s “excellent locational attributes and the distinctive product offering of Thomson Reserve, coupled with limited supply in the vicinity”.