How will developer appetite be tested in a cautious 2026 acquisition market when a sizable freehold residential land parcel is put on the block? Serenity Park, a freehold condominium at 157A-G Tamarind Road off Yio Chu Kang Road in District 28, has been launched for collective sale at an asking price of $505 million, a level intended to benchmark current bid willingness amid a market where developers have shown a preference for Government Land Sales (GLS) sites over en-bloc opportunities. The tender is being handled by Mount Everest Properties.
Serenity Park’s $505 million en-bloc launch tests 2026 developer appetite as GLS sites continue to outshine collective sales.
The existing development comprises 179 units distributed across 10 five-storey residential blocks on a 248,173 sq ft site. Under the latest Master Plan parameters, the land is zoned residential with a plot ratio of 1.4 and height control up to five storeys, which supports redevelopment but also caps vertical intensification, thereby narrowing the range of high-rise repositioning strategies.
Based on the guide price, the transaction metric is about $1,453 per sq ft per plot ratio (psf ppr), a figure that the market will evaluate against construction costs, sales assumptions, and the comparative availability of GLS plots.
Mount Everest Properties is handling the tender, having previously managed the Pek Chuan Building collective sale last year and marketed the former GSM Building collective sale in 2023. The launch, occurring around February 26, 2026, targets developers seeking a rare sizable freehold residential site in an established neighbourhood, where the address benefits from connectivity via Yio Chu Kang Road while retaining low-rise planning controls consistent with surrounding stock.
The campaign unfolds as older freehold condominiums have struggled to secure en-bloc outcomes across 2025 and 2026, reflecting cautious sentiment and the opportunity cost created by GLS supply. At the same time, nearly 1,000 new homes were sold last month, indicating that buyer demand at new launches remains active even as acquisition decisions stay disciplined.
Freehold tenure is positioned as an advantage in a market attentive to lease decay comparisons, although analysts have also noted that certain freehold projects launched from 2014 onwards delivered minimal profits by 2025, particularly where initial prices were around 40% above district averages. Against this backdrop, the ability of $1,453 psf ppr to clear internal hurdles may determine whether Serenity Park attracts bids. The Ministry of Laws is currently reviewing en bloc rules, including a possible reduction of the consent threshold from 80% to 70%, which could expand the pool of viable collective sale candidates in the future.
