The Serra Residences Novena: Luxury Family Homes From $3,000 PSF

For most Singaporeans, Novena largely comes across as a bustling healthcare-centric and commercial area, anchored by landmarks like Tan Tock Seng Hospital and malls like United Square.

Apart from the healthcare and commercial cluster, the rest of Novena has a more residential vibe compared to parts of neighbouring Newton. But the residential developments in Novena tend to feature older apartments and boutique projects. It’s a popular choice for young professionals who want their own space that is close to the Central Business District (CBD).

So, the impending launch of The Serra Residences will certainly catch the eye of residents in the area, as well as other locals who find the perks of living in this part of Novena particularly attractive.

Developed by Far East Organization, this new project is a redevelopment of the former Pastoral View. The developer has held on to this site since 2010, when it purchased the development – and an adjacent plot – in an enbloc deal worth $122 million.

While most of the details surrounding The Serra Residences are still under wraps, we know that it will be a luxury residential project for families. There hasn’t been a new residential development next to the Novena healthcare cluster since the boutique Neu at Novena in 2019.

With the public preview of The Serra Residences still a few weeks away, we want to give some early insights into the project and what buyers can expect to see.

The Serra Residences and what makes it different

The 133-unit development is located along Bassein Road, and it comprises a single 28-storey tower on a 51,396 sq ft site. The freehold project features a mix of two- to five-bedroom units with penthouse units crowning the top floor.

It’s rare to see new projects these days offering real penthouse units – Newport Residences on Anson Road has a massive 12,960 sq ft penthouse – so it will be interesting to see who snags the penthouse units at The Serra Residences.

If you’re already familiar with the Novena area, you may be thinking that this is just another boutique condo that’s similar to many others already found throughout this part of Novena.

But early indications suggest that The Serra Residences will be a significantly different offering and product. For starters, the development will be outfitted with a full range of condo facilities: a tennis court, a 50-metre lap pool with a spa and children’s pools, as well as a sauna and steam room.

After speaking to several agents marketing this project – including some on our Stacked Consultancy Team – many shared that the slew of facilities would be a key differentiator, especially since the area is widely populated with other freehold but boutique apartments.

For example, realtor Daron Ang noted that it was surprising to see a project of this size offer such a range of facilities, which would be more common among mid-sized condominiums that feature over 400 units. Another agent, Grady Chew, noted that a proper-sized tennis court was rare among the smaller and more exclusive projects that have entered the private residential market in Singapore over the last few years.

But when we consider that The Serra Residences will have just 133 households, most residents are unlikely to feel the sense of competition for space that some residents of mass-market and suburban condos might experience.

Early insights on the locational attributes of The Serra Residences

The project’s location on Bassein Road is near a boundary line – not a real one, but a casual distinction among those familiar with the neighbourhood. This is roughly where the edge of what we identify as Novena meets Balestier.

Nonetheless, this project is still within walking distance to Novena MRT station on the North-South Line, and since malls like VeloCity and Square 2 are next to the station, the area is reasonably convenient.

The apartments and private residences along Bassein Road also benefit from being in a much quieter location, compared to the traffic and crowds along Irrawaddy Road and Moulmein Road, and this residential neighbourhood avoids the noise and traffic around Thomson Road.

For some prospective buyers, the proximity to the Novena healthcare cluster might be their main concern. The Serra Residences is next to HealthCity Novena – a cluster of healthcare-related buildings that includes Tan Tock Seng Hospital, the National Centre for Infectious Diseases, Ren Ci Hospital, and several other specialist and healthcare facilities.

The 17-ha master planned precinct anchors Singapore’s Central Regional Health System, and integrates the different healthcare, education, and research campuses in Novena.

Being this close to an integrated healthcare cluster like this can come with its advantages and drawbacks, says Grady. He adds that for some buyers, being near a hospital carries some psychological weight. This can stem from personal taboos, or more regular concerns like the noise from ambulances and traffic congestion.

However, he also notes that not all homeowners consider this a drawback. To some, having an integrated healthcare facility nearby is a convenience, especially if health care is a necessity in their lives or those of their family.

We’d also point out that, from an investment perspective, some buyers see a development’s proximity to healthcare hubs as an advantage. With a large portion of Singapore’s healthcare workforce and skilled professions being non-local, it offers a catchment of tenants like doctors and healthcare specialists.

A pre-emptive price comparison for The Serra Residences

Since this is just an early look, we’re only able to provide an estimate of the probable pricing, based on the opinions shared by various property agents engaged in marketing the project.

They cite that prices could be in the range of $3,000 psf to $3,200 psf, given the project’s location in Novena. For comparison, here are the average resale prices of some nearby private residential developments in the area, for comparison:

Based on URA caveats, we think that Neu At Novena is the closest direct comparison. It is a relatively small freehold development near the medical cluster, and its four-bedders range from 1,195 to 1,302 sq ft. This size range is comparable to the larger four-bedders at The Serra Residences.

Recorded transactions indicate that recent resale four-bedders at Neu At Novena have fetched an average price of approximately $3.55 million. This may end up being the closest alternative for buyers with a budget in that price bracket.

On the other hand, Soleil @ Sinaran is a useful comparison when it comes to convenience and space. The difference here is that it’s older and leasehold, despite being just next to Novena MRT station.

Given the estimated prices we expect to see at The Serra Residences, the larger 1,216 sq ft four-bedroom units could be priced close to the average resale price of $3.7 million for a four-bedder at Soleil @ Sinaran. But the four-bedroom units at Soleil @ Sinaran are much larger at around 1,755 sq ft. That might be tempting to buyers who prioritise space, and aren’t too bothered by the age and tenure of Soleil @ Sinaran.

If we step back to consider the wider private residential market in Novena, Pullman Residences is another headline development, which may draw some attention when buyers make their comparisons.

However, some property agents we spoke to noted that this may not be attractive to the same demographic of buyers who would be eyeing The Serra Residences. 

This is because Pullman Residences – with its luxury hospitality branding – presents to some buyers as a more ‘overt luxury’ proposition. The project is also relatively more central to Newton, given its proximity to Newton MRT station. We can see that recent resale prices at Pullman Residences are substantially higher across the board. 

For buyers looking for a property in the new launch market this year, many will also be watching out for the launch of Thomson Reserve, the redevelopment of the former Thomson View condo.

Although that upcoming development is not in the Novena area, some new launch buyers might take that into consideration. Thomson Reserve is a 1,268-unit mega-development launching later this year, and it’s within walking distance to Upper Thomson MRT station on the Thomson-East Coast Line.

There might be the possibility of indirect competition, as some buyers may be waiting for that project to preview before deciding between The Serra Residences and Thomson Reserve, says Norman. He adds that this would distract those with an absolute interest in the Novena / Balestier area, but it could divide attention from a wider audience.

Agents pointed out that there are few family-sized options in Novena that can be found with a budget of around $3 million.

They specifically singled out three-bedroom and larger units. While there are larger resale units, the problem is that these existing units are so spacious, their overall quantum is out of reach for many. 

Thus, some of the agents we spoke to felt that the four-bedroom units at The Serra Residences could attract some attention when it enters the market. This assumes its price stays around or below $3 million.

Our Preliminary View

Overall, given the limited amount of information that has been publicly shared about The Serra Residences, we would say that its strongest highlight is the fact that, unlike the many small projects that dot the Novena area, it has a full range of facilities; much more than buyers might expect from a 133-unit condo.

This makes it more appealing for owner-occupiers than many existing resale options in the area, which have a stronger positioning as rental properties or to appeal to young professional singles. 

While the unit layouts are likely to be more compact, this also tilts in the overall favour of The Serra Residences. The sizes keep the overall quantum manageable, and offer an accessible entry price point for buyers who have been eyeing a new luxury home in Novena.

That said, buyers may still face hurdles once the more affordable units clear, and the remaining stock is all in the top half – namely, the units on the 18th floor and higher.

Daron also sees The Serra Residences as being better for long-term property owners and owner-occupants. “I don’t see this as a buy-to-flip home over four years, in the way that some Novena boutique condos might be. The Serra Residences is more suitable for buyers who intend to lease it out over the long term, or who want a manageable price point in Novena and Balestier. There aren’t many directly competing projects in this regard,” he says.

Stay with us on Stacked, as we follow up with the preview and subsequent full price review, as more information on this project becomes available.