Serenity Park condo, Pek Chuan Building back on en bloc market at lower $440 mil and $77 mil

En bloc hopefuls Serenity Park, a 179-unit freehold condo off Yio Chu Kang Road, and Pek Chuan Building, a leasehold commercial development on Lavender Street, have both been put on the market again, with lower price tags this time.

Serenity Park now carries a reserve price of $440 million, which works out to $1,266 psf per plot ratio (ppr), said Dillon Loi of Mount Everest Properties, which is marketing both sites, in a Sept 15 release.

That is about 12.9% less than its previous asking price of $505 million, or $1,453 psf ppr. It had been launched for collective sale in late February this year, with the tender closing in March.

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The condo has 10 five-storey blocks occupying a 248,173 sq ft freehold site. Under URA’s Master Plan 2025, it is zoned for residential use with a plot ratio of 1.4 and a height restriction of up to five storeys.

Based on an assumed average unit size of 85 sq m (915 sq ft) for new non-landed projects in the Outside Central Region (OCR), the site could potentially be redeveloped into a low-rise condo with about 380 units.

Completed in 1995, Serenity Park is situated on Tamarind Road in District 28, nestled in a landed housing enclave that mostly comprises semi-detached homes.

Within a 2km radius of the condo are Fernvale Primary School, Sengkang Green Primary School, Anderson Secondary School and Anderson Serangoon Junior College. ITE College Central, Nanyang Polytechnic and Rosyth School are a seven- to 12-minute drive away.

Amenities in the vicinity include Greenwich V, The Seletar Mall and AMK Hub.

The private treaty exercise for Serenity Park will end at 11am on Sept 30.

Meanwhile, Pek Chuan Building has been relaunched for collective sale with an asking price of around $77 million, or $1,073 psf ppr.

It is a slight decrease of about 3.8% from the earlier guide price of $80 million, when it was offered for sale last October. That previous tender had closed on Nov 10.

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The four-storey retail and office building at 116 Lavender Street sits on a corner plot with a land area of 28,700 sq ft.

It is zoned for commercial use with a 2.5 plot ratio and a height restriction of up to 12 storeys, subject to planning approval, according to Mount Everest Properties.

“The purchaser can apply for a change of use to hotel or mixed-use development, subject to URA approval,” said Loi. He added that the eventual buyer will have naming rights to the future refurbished development.

The marketing agent noted that the property’s balance lease term is about 56 years, with the state lease expiring in May 2081.

Pek Chuan Building has the longest standalone full frontage among commercial properties along Lavender Street, according to Loi.

Retail units take up the building’s first to third floors, with office units on the fourth floor.

It is next to CT Hub and CT Hub 2, which are light industrial properties with retail and F&B spaces.

Read also: Gilstead Court makes fourth collective sale attempt at $198 mil

Bendemeer MRT Station is a three-minute walk from Pek Chuan Building, while Lavender MRT Station is 10 minutes away on foot.

Numerous hospitality developments are close by, including Hotel 81 Lavender, Fragrance Hotel Lavender, Arcadia Hotel, Meadows Hostel, Aqueen Prestige Hotel Lavender, and Ibis Budget Singapore Imperial.

Amenities are also accessible at Aperia Mall and at specialty shops and lifestyle concepts along King George's Avenue, which are about a five-minute walk away.

The public tender for Pek Chuan Building closes on Oct 7.

Check out the latest listings for Serenity Park properties