The Serra Residences: Is S$3,120 psf Too High for Novena?
The Serra Residences in Novena starts from S$3,120 psf. Freehold, 133 units: plans, stacks, a price comparison with nearby condos and what it costs to buy.
The Serra Residences opened for sales on 16 October 2026 with a guide price from S$3,120 psf. That is about 53% above the middle value of the resale prices of the older freehold condos around it, about 7% above Neu at Novena, the newest freehold condo in the comparison below, and level with the S$3,107 psf median of the new sales at Dunearn House, the latest launch in the same district. The price buys one of only two freehold launches in the Core Central Region this year: 133 homes in one 28-storey tower, a 50-metre pool and a tennis court, about 500 metres in a straight line from Novena MRT.
The Serra Residences at a glance
| Developer | Far East Organization (legal developer: Transurban Properties) |
| Address | 7 Bassein Road, District 11 (Novena). The sales gallery is at 11 Bassein Road |
| Tenure | Freehold |
| Homes | 133 in one 28-storey tower, from 2-bedroom with study (710 sq ft) to 5-bedroom and two penthouses |
| Site | 51,396 sq ft, plot ratio 2.8 |
| Land | Bought in 2010 with the neighbouring plot for S$122 million, about S$848 psf ppr |
| Architect | P&T Consultants |
| Guide price | From S$3,120 psf. A 710 sq ft 2-bedroom with study starts from S$2.22 million |
| Dates | Preview from 2 October 2026, sales launch 16 October 2026 |
| Expected TOP | Fourth quarter of 2030 (vacant possession 1 September 2031) |
Sources: the developer’s press release, its project site and EdgeProp. The lead image, the other artist’s impressions and the plans are from Far East Organization’s media press kit.
Where it is: a quiet Novena street beside a hospital cluster
The tower sits on Bassein Road, between Akyab Road and Jalan Tan Tock Seng, in the Novena planning area. The developer calls Novena MRT an eight-minute walk. On a map the station is about 500 metres away in a straight line. Tan Tock Seng Hospital is about 300 metres away and Mount Elizabeth Novena Hospital about 420 metres. The malls are close: Velocity@Novena Square and Square 2 are about 560 metres away and United Square about 800 metres. Orchard Road is about eight minutes by car, the developer says.
- The Serra Residences
- MRT station
- Hospital
- Mall
- School
- Opening 2027
Source: planning-area boundaries from URA via data.gov.sg, stations from LTA via data.gov.sg, places found with OneMap. Drawn by Propwise; not to survey accuracy.
Two changes are under way nearby. HealthCity Novena, a 17-hectare healthcare cluster, entered its second phase in September 2025, and the conserved site at 2 Moulmein Road is due to open as a lifestyle destination in the first quarter of 2027, according to the developer. Some buyers will want to live next to a hospital campus and some will not. Check the stack against the hospital side before you book.
Schools: one clearly inside 1 km
The developer lists St Joseph’s Institution Junior, Anglo-Chinese School (Barker Road and Junior) and Hong Wen School within 1 to 2 km. Only SJI Junior, a boys’ school, is clearly inside 1 km on a straight line. Hong Wen sits just over 1 km, so confirm its band on the MOE school locator once the project has a postal code.
| Place | Type | Straight-line distance |
|---|---|---|
| St Joseph's Institution Junior | School | about 640 m |
| Hong Wen School | School | about 1,100 m |
| Farrer Park Primary School | School | about 1,230 m |
| Anglo-Chinese School (Barker Road) | School | about 1,400 m |
| Catholic Junior College | School | about 1,440 m |
| Anglo-Chinese School (Junior) | School | about 1,700 m |
Source: places found with OneMap (Singapore Land Authority), stations from LTA via data.gov.sg, Propwise calculation.
The land: bought in 2010, at a fraction of today’s prices
Far East Organization and its partner Far East Orchard paid S$122 million in 2010 for the former Pastoral View condominium and the plot beside it, which works out to about S$848 psf ppr. Recent government land sales in the Core Central Region went for far more: S$1,865 psf ppr at Peck Hay Road and S$1,820 psf ppr at Bukit Timah Road, according to PropNex. The site was bought before the extra stamp duty for developers began in December 2011, so the five-year deadline to sell does not apply. The developer’s sales chief said the firm is “not under a deadline to sell, so we can take a measured approach to pricing”. A low land cost leaves room on price, but it does not say where the developer will set it.
Homes and layouts: 133 homes in seven stacks
Levels 4 to 16 hold 91 homes in seven stacks. The top of the tower, called The Summit, holds 42 more on levels 18 to 28, and level 17 holds the sky facilities. There are no one-bedroom homes. Twenty-two homes have a private lift.
| Type | Size (sq ft) | Homes | Levels |
|---|---|---|---|
| 2-bedroom + study (B1, B1a, B2) | 710 to 721 | 39 | 4 to 16 |
| 3-bedroom (C1, C2, C3) | 764 to 904 | 39 | 4 to 16 |
| 4-bedroom (D1) | 958 | 13 | 4 to 16 |
| 4-bedroom (D2) | 1,216 | 10 | 18 to 27 |
| 4-bedroom + study (D3) | 1,335 | 10 | 18 to 27 |
| 4-bedroom premium, private lift (D4) | 1,528 | 10 | 18 to 27 |
| 5-bedroom premium, private lift (E) | 1,755 | 10 | 18 to 27 |
| Penthouses | 2,648 and 2,669 | 2 | 28 |
Sizes include the balcony and exclude the air-con and reinforced-concrete ledges. Unit counts come from the developer’s brochure as reported by Stacked Homes, and the sizes are from the brochure.
The smallest home, the 710 sq ft 2-bedroom with study (type B1, stack 04), puts both bedrooms along the balcony side. The study is an open nook next to the dining area, not a room with a door, and the kitchen sits by the entrance. The walls shaded black on the plan cannot be hacked or altered, which limits how far a buyer can reshape the layout.
Facilities and site plan: a long pool over the entrance
The 50-metre lap pool on level 3 is cantilevered over the arrival courtyard, and a full-size tennis court sits on level 2 beside the arrival bay. Level 3 also holds a spa pool, BBQ pavilion, fitness room, dining room, steam room and sauna, a family deck, a kids’ pool and playground and a pet park. Level 17 has a social lounge, a retreat lounge with a zen deck and a wellness garden. For 133 homes there are 113 car lots (a ratio of about 0.85 a home), which is the tightest number on the list. The tower covers about 30% of the site, according to EdgeProp.
How the price compares: far above older condos, close to the newest
The guide price of S$3,120 psf sits far above what the older freehold condos around Bassein Road and Moulmein Rise sell for, and not far above Neu at Novena, the newest freehold condo on this list. The tables use URA caveats for the 24 months from Nov 2024 to Oct 2026 (the latest month is a month so far).
| Project | Street | Tenure | Resales | Median psf | Homes under 800 sq ft (resales) |
|---|---|---|---|---|---|
| The Serra Residences (guide price) | Bassein Road | Freehold | – | S$3,120 from | – |
| 8 Bassein | Bassein Road | Freehold | 6 | S$1,835 | S$1,862 (4) |
| Pavilion 11 | Akyab Road | Freehold | 14 | S$2,128 | – |
| Zedge | Akyab Road | Freehold | 7 | S$1,832 | S$1,830 (5) |
| The Springs | Moulmein Rise | Freehold | 5 | S$1,957 | – |
| 1 Moulmein Rise | Moulmein Rise | Freehold | 6 | S$2,299 | – |
| Novena Suites | Moulmein Road | Freehold | 5 | S$2,139 | – |
| Neu at Novena | Moulmein Rise | Freehold | 1 | S$2,922 | – |
| Soleil @ Sinaran | Sinaran Drive | 99-yr from 2006 | 22 | S$2,193 | – |
| Project | Street | Tenure | New-sale caveats | Median psf |
|---|---|---|---|---|
| Dunearn House | Dunearn Road | 99-yr from 2025 | 238 | S$3,107 |
| Watten House | Shelford Road | Freehold | 27 | S$3,283 |
Source: URA (caveats), Propwise calculation. Guide price: Far East Organization press release, 2 Oct 2026.
There are three reasons for the gap. The first is age and finish: these resale projects are older, and the Serra’s price carries today’s construction costs and fittings. The second is size: the starting 2-bedroom with study is 710 sq ft, which keeps the total near S$2.2 million. The third is the new-launch market in the district. The new sales at Dunearn House (a 99-year lease) have a median of S$3,107 psf, and the new sales at Watten House (freehold) a median of S$3,283 psf. Against those, the Serra’s starting price is not out of line.
Freehold brings less of a price premium than it used to. PropNex puts the median new-launch price of freehold homes in the Core Central Region at about S$3,160 psf in the third quarter of 2026 and of 99-year leasehold homes at about S$3,110, a gap of about 1.6%, down from over 37% in 2018. Huttons says resale freehold homes in the region have gained 36% since 2015, against 25% for 99-year homes.
What it costs to buy
For the S$2,220,000 2-bedroom with study at the guide price, buyer’s stamp duty is S$80,600 for everyone. Additional stamp duty depends on who is buying and how many homes they own: a Singapore citizen buying a first home pays none. A first-time bank-loan buyer borrows up to S$1,665,000 and puts down S$555,000, of which at least S$111,000 must be cash and the rest can be cash or CPF. The 3-month compounded SORA was 1.24% on 14 Oct 2026.
| Buyer | Buyer’s stamp duty | Additional duty (ABSD) | Total duties |
|---|---|---|---|
| Singapore citizen, first home | S$80,600 | None | S$80,600 |
| Singapore citizen, second home | S$80,600 | S$444,000 (20%) | S$524,600 |
| Permanent resident, first home | S$80,600 | S$111,000 (5%) | S$191,600 |
| Permanent resident, second home | S$80,600 | S$666,000 (30%) | S$746,600 |
| Foreigner | S$80,600 | S$1,332,000 (60%) | S$1,412,600 |
| Item | Amount | Basis |
|---|---|---|
| Price | S$2,220,000 | 2-bedroom with study, 710 sq ft, guide price from S$3,120 psf |
| Loan | S$1,665,000 | 75% limit for a first bank loan |
| Down payment | S$555,000 | 25% of the price |
| Of which cash at least | S$111,000 | 5% of the price; the rest can be cash or CPF |
| Interest rate | Monthly instalment |
|---|---|
| 2.0% a year (example) | S$6,154 |
| 2.5% a year (example) | S$6,579 |
| 3.0% a year (example) | S$7,020 |
| 4% a year (bank stress test) | S$7,949 |
Source: stamp duty and loan rules in the Propwise rules database (BSD in force from 15 Feb 2023), Propwise calculation. Guide price: Far East Organization press release, 2 Oct 2026. MAS rules for the lending limits.
At a 4% stress rate the instalment is S$7,949, so a household with no other debts needs a gross monthly income of about S$14,453. Most of the loan on an uncompleted home is drawn in stages as construction progresses, so early payments are smaller.
Who it suits
The mix points to owner-occupiers: upgraders who want a freehold home in Novena, and downsizers who want a mid-size 3- or 4-bedroom with a pool and a short walk to the MRT. With no one-bedroom homes and 133 units in total, there is little for investors who want a small, cheap unit, and a small project can mean few resale listings later.
Rents in the area are deep. SRI counted 1,262 private rental contracts in the Novena planning area in the second quarter of 2026, with an average 2-bedroom rent of S$4,506 a month. At that rent the S$2.22 million unit would earn a gross yield of about 2.4% before costs, a Propwise calculation. Tenants from the hospital cluster are the obvious pool.
Strengths and trade-offs
Strengths
- Freehold, in a year with only two freehold Core Central Region launches (Huttons).
- About 500 metres in a straight line to Novena MRT, with malls and food centres close by.
- A full facility set for a small project: 50-metre pool, tennis court and a pet park.
- A land cost far below today’s tender prices, so the developer can price flexibly.
- Mid-size family homes in a district where new family-sized options near S$3 million are few.
Trade-offs
- S$3,120 psf is about 53% above older nearby resale condos and 7% above the newest, Neu at Novena.
- 710 sq ft is small for a 2-bedroom with study, and walls marked on the plan cannot be removed.
- 113 car lots for 133 homes.
- A long wait: expected TOP is the fourth quarter of 2030 and vacant possession is 1 September 2031.
- The hospital campus is a convenience to some buyers and a drawback to others.