Serenity Park, a freehold condominium on Tamarind Road, has been launched for collective sale at an asking price around $505 million.
The 179-unit development sits on a 248,173 sq ft off Yio Chu Kang Road in District 28. The asking price translates to about $1,453 psf per plot ratio (psf ppr).
The existing development comprises 10 five-storey residential blocks. The site is zoned for residential use with a plot ratio of 1.4 and height control up to five storeys, based on the latest Master Plan.
The collective sale of Serenity Park is marketed by Mount Everest Properties. The company previously marketed the collective sale of Pek Chuan Building last year, and the former GSM Building in 2023.
It is rare to see the collective sale of a sizable freehold residential site in the market, and it will likely be seen as an opportunity to acquire a freehold site for development in a mature and established residential area.
The appeal of its freehold tenure will not be lost on developers who might be keen to add a plot like this into their landbank. Given the slew of new sites on the Government Land Sales (GLS) programme this year, most new developments are 99-year leasehold.
The development is next to a two-storey mixed landed neighbourhood, and the site is bounded by the Central Expressway (CTE) and Yio Chu Kang Road, which are the major road connections serving this area.
The surrounding low-rise landed estate characterises this area, which mostly features mature private residential developments, clusters of low-density landed homes that cater to families.
The nearest primary schools are Fernvale Primary School and Sengkang Green Primary School, but they are about 2km away. Other schools in the vicinity include Rosyth School, ITE College Central and Anderson Serangoon Junior College.
A strategic land-banking opportunity
The sale of Serenity Park will likely be judged on the appeal and desirability of new freehold homes among local homeowners.
At around $1,453 psf ppr, the asking price seems to reflect the sites’ freehold tenure and the relatively limited redevelopment density that is currently permitted. The challenge for any developer will be balancing future unit pricing and absorption, given the relatively modest plot ratio and characteristics of buyers in this catchment.
The collective sale launch of Serenity Park adds a different flavour to the lineup of development land this year. While much of the land supply conversation this year focuses on GLS leasehold parcels in emerging precincts or CCR locations, this freehold parcel introduces a land-banking narrative that appeals to niche investors and developers.
Whether the market embraces that long-term approach remains to be seen when the tender closes on 26 March, but it will certainly be one to watch for developers with the appetite for freehold sites.
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