Serenity Park Returns To En Bloc Market At $440M

Although we haven’t seen a surge in successful en bloc deals so far this year, some property owners appear confident enough that they are testing the waters. Two developments launched their respective collective sale tenders earlier this week.

The freehold Serenity Park is trying for a second time this year to secure a buyer, while Pek Chuan Building looks to entice investors and developers to pick up the commercial building. Both properties are exclusively marketed by Mount Everest Properties.

The owners of Serenity Park, a 179-unit development on Tamarind Road, had launched a collective sale tender of the District 28 property in February this year. Back then, the 248,173 sq ft condo off Yio Chu Kang Road had a guide price of $505 million, which works out to $1,453 psf per plot ratio (ppr).

But the new reserve price of $440 million is a significant reduction of about 12.9% compared to its asking price seven months ago. The reserve price now works out to $1,266 psf ppr. The site has a plot ratio of 1.4 and if it is redeveloped, the new project would be subject to a five-storey height limit.

Serenity Park is a freehold development nestled next to a low-rise landed housing estate. (Map: URA)

Serenity Park is the only condo in a low-rise landed estate off Yio Chu Kang Road. Educational institutions in the area include Rosyth School, ITE College Central and Anderson Serangoon Junior College.

While a lower reserve price may catch the attention of some developers, especially those who are keen to add a suburban freehold development site to their land bank, it would also depend on other factors like the site’s proximity to the Central Expressway (CTE) and Yio Chu Kang Road.

The private treaty exercise for the collective sale of Serenity Park ends on September 30.

Commercial Pek Chuan Building’s flexibility for future use

Meanwhile, Pek Chuan Building on 116 Lavender Street is also hoping to entice developers and investors. The Jalan Besar property offers a rare chance to acquire a city-fringe commercial site for redevelopment.

This is the third enbloc attempt by the owners of Pek Chuan Building. The property launched a collective sale tender in March this year, listing the property for $80 million. Before that, it tried to find a buyer when it was put up for sale at the same price in October 2025.

Today, the reserve price for the 99-year leasehold property has been lowered to $77 million, which translates to $1,073 psf ppr. The development has about 56 years left on its lease.

Pek Chuan Building is back on the market at a lower reserve price of $77 million. (Picture: Mount Everest Properties)

The property sits on a 28,700 sq ft site, and the four-storey building has a gross floor area of 71,750 sq ft. The existing building has retail units on the first to third floors, with office units on the fourth floor.

Under the latest Master Plan, the site is zoned for commercial use with a plot ratio of 2.5, and a height restriction of up to 12 storeys.

However, the marketing agent says that the new owner might consider a change of use, if the site is to be redeveloped. Potential alternative uses include a hotel or a mixed-use development, subject to approvals. Some of the nearby hotels in the vicinity include Arcadia Hotel, Mercure Singapore Tyrwhitt and Aqueen Prestige Hotel Lavender.

The site is also close to Bugis and its concentration of retail and F&B, education institutions and hospitality developments. This includes Bugis Junction, Bugis+, Bugis Village, Sim Lim Square, Singapore Management University (SMU), School of the Arts (SOTA), Lasalle College of Arts and Nanyang Academy of Fine Arts.

The existing commercial building is close to a couple of public transport nodes, namely Bendemeer MRT station on the Downtown Line, and Lavender MRT station on the East-West Line.

Pek Chuan Building is served by two MRT stations – Bendemeer on the downtown Line, and Lavender on the East-West Line. (Map: URA)

Are we seeing the emergence of a more buoyant enbloc market?

The second half of 2026 has seen the proposal and implementation of some major changes to the collective sale market in Singapore.

From July 29, the ABSD regime imposed on developers has been adjusted. Eligible developers will need to meet the development timelines in order to qualify for the 35% Additional Buyers Stamp Duty (ABSD) upfront remission.

Developers now have an extended timeline of up to seven years for mega developments yielding over 1,400 units, and six years for large sites yielding 700 to 1,399 units to complete and sell redevelopment projects.

On September 8, the Parliament passed an amendment to the Land Titles (Strata) Bill 2026 for collective sales consent threshold to be lowered. The threshold was reduced from 80% to 70% for buildings aged 40 – 59 years, and 65% for buildings 60 years and older. For buildings less than 10 years, the threshold remains at 90%.

News of these changes may have spurred a more confident attribute among some property owners, especially those in older developments. The highlight of the year is the sale of Tan Boon Liat Building, while other developments are testing the waters too, such as Trendale Tower.

Although Serenity Park and Pek Chuan Building may have returned to the en bloc market at lower prices compared to their previous attempts, they represent two very different redevelopment propositions.

Serenity Park offers a large residential site which may appeal to developers looking for a niche freehold site to add to their landbank. Pek Chuan Building offers a smaller city-fringe commercial site with potential for alternative uses.