Serenity Park cuts en bloc ask 13% to $440 million on second try

Serenity Park’s owners are back for a second shot at a collective sale, this time asking S$440 million, according to The Business Times. That is about 13% below the S$505 million they sought in the first tender, which closed in March 2026 without a deal.

What happened

The Business Times reported on 2 July that owners at Serenity Park, a freehold condominium off Yio Chu Kang Road, have lowered their asking price to S$440 million for a second collective sale attempt.

The first tender, marketed by Mount Everest Real Estate at S$505 million, closed on 26 March 2026 without a sale. At that price, the land rate worked out to about $1,453 psf per plot ratio. On the same basis, the new S$440 million ask translates to roughly $1,266 psf per plot ratio, our calculation, a meaningful reset in what the owners are signalling they will accept.

The second attempt asks $65 million less than the tender that closed in March 2026. Source: Mount Everest Real Estate (first tender); The Business Times (relaunch)

The site

Serenity Park is a 179-unit development on Tamarind Road, in the Seletar Hills area of District 28. Completed in 1995, it comprises ten five-storey blocks on a large 248,173 sq ft site. Under URA’s Master Plan the land is zoned residential with a plot ratio of 1.4 and a height limit of five storeys.

Freehold land parcels of this size rarely come to market in the Outside Central Region. At the first tender, the marketing agent estimated the site could be redeveloped into a new low-density project of about 380 units, assuming an average unit size of 85 sqm.

Details of the relaunch beyond the new asking price, including the fresh tender closing date, were not available from free sources at the time of writing.

Why the price cut matters

Collective sales live or die on the gap between what owners want and what developers can make work. Developers weigh the land price against construction costs, financing, ABSD deadlines on unsold units (the additional buyer’s stamp duty regime that penalises developers who fail to sell out within five years), and what a new project in the area can realistically fetch per square foot.

A 13% cut in one step is a serious signal that Serenity Park’s owners have absorbed the message from the failed first tender. It follows a familiar en bloc pattern: first tenders anchored to optimistic premiums, then a reset toward the price at which a developer’s numbers actually clear. Whether $440 million is that clearing price is the live question; the site’s low plot ratio means a buyer is paying freehold prices for relatively little buildable floor area.

What this means for you

• If you own in an ageing condo with en bloc ambitions, Serenity Park is a useful case study in reserve-price realism. Tenders priced for the best-case market tend to fail, and each failed tender costs time and momentum.
• For buyers in the Seletar Hills area, a successful sale would eventually mean a rare new low-rise freehold launch of roughly 380 units, but at today’s land and construction costs its selling prices would sit well above the area’s resale levels.
• Serenity Park’s own resale market gives context for owner expectations: a 1,313 sq ft three bedder there sold for $1.77 million ($1,348 psf) in January 2025, per the marketing agent. En bloc premiums are measured against exits like these.
• Watch the wider en bloc cycle. If this reset finds a buyer, expect other stalled collective sales to reprice; if even the lower ask fails, that says something sober about developer appetite for big OCR freehold sites right now.