Serenity Park condo owners lower asking price to S$440 million in second shot at collective sale
This is around 13% lower than the S$505 million guide price marketed earlier this year
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[SINGAPORE] Owners at the freehold Serenity Park condominium in Yio Chu Kang have lowered their asking price for a collective sale to S$440 million.
This comes after an earlier tender closed with an offer coming in under their previous guide price of S$505 million.
The S$440 million price tag translates to a land rate of S$1,266 per square foot per plot ratio (psf ppr), said Dillon Loi, director at marketing agency Mount Everest Properties.
A first tender exercise in February closed the following month with several interested parties, as well as an expression of interest for the site.
The offer, however, fell below the S$505 million asking price.
Owners subsequently entered into private treaty negotiations with the party, which lasted 10 weeks.
During this period, the collective sale committee obtained the requisite 80 per cent mandate to lower Serenity Park’s reserve price to match the offer received.
But the private treaty period lapsed before a deal could be reached, prompting the owners to open a fresh tender for the site at the lower guide price of S$440 million.
The Business Times understands that the interested party is a local developer.
Located along Tamarind Road, the five-storey development comprises 179 units across 10 blocks.
The 23,056 square metre (sq m) site, zoned residential with a five-storey height limit in a largely landed estate, has a gross plot ratio of 1.4. Its current gross floor area totals 32,278 sq m.
Loi noted that Serenity Park is the “only sizable freehold residential land parcel” up for collective sale in the Yio Chu Kang area.
Units at Serenity Park range from 1,098 square feet to 1,722 sq ft.
Owners stand to see gross proceeds ranging from around S$2.2 million to nearly S$2.7 million, which would earn them a premium of 30 to 35 per cent over current market values, Loi said.
While this is slightly lower than the previous collective sale attempt, he said it was “still good” for a site with a gross plot ratio of 1.4.
Caveats data showed just one transaction at Serenity Park since 2025 – a 1,313 sq ft unit on the second floor that changed hands at S$1.8 million or S$1,348 psf in January that year.
The median resale price of non-landed private homes, excluding executive condos, in the area stood at S$1,299 psf in the year thus far.
The latest tender exercise for Serenity Park closes on Jul 28.
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