New life revives Serangoon North Village

Flanked by Serangoon Garden and Hougang, Serangoon North Village was originally a quiet, sleepy neighbourhood, best known for its flurry of pet shops. With no MRT station or bus interchange within walking distance, this segment of Serangoon seemed destined to stay under the radar of homebuyers and developers.
Then things changed.

Attraction of a renowned school

When nationally renowned school Rosyth Primary shifted from Parry Avenue to Serangoon North Avenue 4 in 2001, it added instant appeal to an otherwise typical heartland neighbourhood.
On July 22, 2017, Hoi Hup launched Hundred Palms Residences EC, an executive condominium development at Yio Chu Kang Road located between Serangoon North and Hougang. The developer sold every one of its 531 units in seven hours. More than a thousand would-be homeowners were left with unused ballot tickets, their eager enthusiasm evaporated into dull resignation. The EC is within a 1km radius of Rosyth Primary. As such, the project appeals to families who have children studying at Rosyth, or are planning to enrol their children at the school.
The exceptional success of Hundred Palm Residences EC’s launch boosted developer confidence in the area's potential. A week after the launch, 16 developers bid bullishly for a 1.72 ha, 99-year leasehold site at Serangoon North Avenue 1. Keppel Land and Wing Tai Asia jointly submitted the top bid of $446.28 million, or $965 psf per plot ratio (ppr).
The Garden Residences showflat along Yio Chu Kang Road. Photo credit: Ruth Loh Xiu
It was later announced that the 613-unit, 99-year leasehold The Garden Residences would be built on the Serangoon North Avenue 1 site. The Garden Residences preview weekend of May 19-20 in 2018 attracted more than 3,000 visitors and was launched in June that year, whereupon it promptly hit $1,770 psf for a 614 sq ft apartment.
During the same period, Oxley Holdings previewed the 99-year leasehold Affinity at Serangoon, a 1,052-unit residential project also along Serangoon North Avenue 1, just 15 minutes’ walk from The Garden Residences. Oxley Holdings paid $499 million (or $835 psf ppr) for the site formerly known as Serangoon Ville. Both The Garden Residences and Affinity at Serangoon were the...