Far East Organization to launch The Serra Residences in Novena, priced from S$3,120 psf
The freehold 133-unit condo will sit on Bassein Road sites acquired in 2010
[SINGAPORE] Far East Organization has finally unveiled its 133-unit The Serra Residences, a freehold project being built on Novena sites it acquired 16 years ago. Guide prices for the District 11 project start at S$2.22 million, or about S$3,120 per square foot (psf) for two-bedroom units, sized from 710 sq ft. The condominium will have two- to five-bedroom units and two penthouses.
Previews for the project started on Friday (Oct 2), with sales bookings to start Oct 16.
The project occupies almost 51,400 sq ft of land amalgamated by combining plots at 7 and 11 Bassein Road, which Far East Organization acquired in 2010 for a total of S$122 million.
Pastoral View condo, which used to occupy 7 Bassein Road, was acquired en bloc by Far East Organization and its Far East Orchard unit in a joint venture.
Far East Orchard sold its 30 per cent stake to its parent for S$38.1 million in 2015, saying at the time that plans to develop the site had been ditched after cooling measures rolled out in late 2011 slowed down the market.
Far East Organization continued to hold Pastoral View for leasing income; 11 Bassein Road remained an empty plot.
The developer now plans a 28-storey tower on the site at 7 Bassein Road, and use the adjoining plot for facilities.
Shaw Lay See, chief operating officer of Far East Organization’s sales and leasing group, said the developer saw “an opportunity to create something seldom found in the city”, combining a 133-unit project with “the facilities of a much larger development” such as a 50 metre lap pool.
Two-bedroom apartments start at 710 sq ft, and three-bedroom ones at 764 sq ft. Four-bedroom units range from 958 sq ft to 1,528 sq ft, but only the 10 premium units at 1,528 sq ft will have private lifts; five-bedders, also with private lifts, start at 1,755 sq ft. The two penthouses are 2,648 sq ft and 2,669 sq ft in size.
Temporary occupation is expected in the fourth quarter of 2030.
The Serra Residences is coming up in an area known as a medical and healthcare cluster, with the HealthCity Novena precinct home to Tan Tock Seng Hospital and other private medical centres.
The nearest MRT station is Novena.
Huttons Asia noted that the Novena area has not had a new residential launch in about five years.
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