Twenty-three sales is a lot of ownership churn for 61 apartments, and at 51 leases the letting side is the smaller half — M21 draws buyers who intend to live there. Mar Thoma Road, freehold, finished in 2012, 600 metres from the North-South Line. S$1,919 psf buys large three- and four-bedroom floor plates, and the 2.8 percent yield simply follows from that quantum. A long-hold family purchase, and the record says families are the ones making it.
Mar Thoma Road cuts through one of Singapore's most quietly compelling residential corridors — the Balestier–Novena belt that sits just far enough from Orchard Road's retail noise to feel residential, yet close enough to the North-South Line to make the CBD a genuine twelve-minute ride. M21, a freehold boutique of sixty-one units completed in 2012, occupies that address with a composure that the numbers largely support. Five-year median resale pricing has settled at S$1,642 per square foot, the three-bedroom core units average a generous 1,206 square feet, and the freehold land tenure means the lease-decay clock that weighs on a growing share of CCR leasehold condos simply does not apply here. This review examines M21 through the lens of what the data actually says — thin rental volumes included — and who genuinely benefits from owning a unit here rather than somewhere else in District 11.
The URA window holds 23 sales and 51 leases — enough to read a direction, though individual outliers still move the medians. Freehold tenure removes the lease-decay question entirely from the hold decision. At 61 units it is a small development, where a single listing can move the averages. Relatively few tenancies are signed against each sale, pointing to a resident base that mostly owns rather than rents. All figures below are transacted prices from URA caveat lodgements; compare them against current listings rather than treating the two as interchangeable.
Overview & Key Facts
M21 is a freehold condominium at MANDALAY ROAD in District 11 (CCR), developed by FORTUNE CAPITAL PTE LTD, comprising 61 units.
Location & Connectivity
M21 sits on Mandalay Road, a quiet residential street in the heart of District 11 that connects Newton Road to the south with Balestier Road to the north. The address is positioned in the Novena–Toa Payoh corridor: a dense, walkable urban precinct anchored by two North South Line MRT stations, a major healthcare campus, and one of Singapore’s most established school belts. For a boutique 61-unit development, the location credentials are disproportionately strong relative to the entry price.
Novena MRT (NS20) is the primary station at approximately 600 metres — a 7–9 minute walk. This is genuinely walkable by Singapore standards and places residents within two stops of Orchard (NS22) southbound and one stop of Toa Payoh (NS19) northbound without changing lines. Toa Payoh MRT (NS19) at 1.15 km offers an alternative for residents who prefer the HDB town’s denser retail and hawker options. Farrer Park MRT (NE8) on the North East Line is 1.27 km away, providing a secondary connection to the NEL corridor for residents commuting toward Dhoby Ghaut or Harbourfront.
The Novena precinct’s lifestyle and medical infrastructure is the defining quality-of-life advantage of this address. Health City Novena — anchored by Tan Tock Seng Hospital and Mount Elizabeth Novena Hospital, and expanding under a 17-hectare masterplan through 2030 — is within 600 metres. This positions M21 residents within easy walking distance of Singapore’s highest-density specialist healthcare cluster, making the development structurally attractive to medical professionals, allied health staff, and families who prioritise proximity to specialist care. Velocity @ Novena Square (sports retail, F&B, cinema) and United Square (family retail, FairPrice Finest) are within a 10-minute walk via Moulmein Road.
School proximity is a meaningful secondary draw, particularly for families. CHIJ Our Lady Queen of Peace (OLQP) primary school is just 410 metres from M21 — well within the 1 km priority ballot radius and one of the closest school-to-condo distances in the Novena precinct. Beatty Secondary School at 1.03 km, St Margaret Secondary at 1.16 km, Singapore School of the Arts (SST) at 1.19 km, and St Margaret Primary at 1.20 km collectively give the address one of the densest school catchment profiles in D11. Farrer Park Primary (1.31 km) and St Joseph’s Institution (1.39 km) add further options for families navigating the Primary 1 registration exercise.
Mandalay Road itself is low-traffic and residential in character: no expressway noise, no bus interchange, and none of the arterial congestion that affects some D11 addresses along Thomson Road or Moulmein Road. Toa Payoh Central’s hawker centres and HDB wet markets are accessible by a short drive or bus ride northward, providing practical day-to-day food and grocery options that complement the more upscale retail at Novena Square.
M21 is approximately 600m from Novena MRT station, with 4 stations within 1.5 km.
| Station | Line | Distance |
|---|---|---|
| Novena | North-South Line | 600m |
| Toa Payoh | North-South Line | 1.2 km |
| Farrer Park | North-East Line | 1.3 km |
| Boon Keng | North-East Line | 1.5 km |
Schools & Education
13 schools within 2 km (1 within 1 km priority zone).
| School | Type | Distance |
|---|---|---|
| Hong Wen School | Primary | 970m |
| Farrer Park Primary School | Primary | 1.2 km |
| EtonHouse International School (Thomson) | International | 1.2 km |
| CHIJ Secondary (Toa Payoh) | Secondary | 1.3 km |
| Bendemeer Secondary School | Secondary | 1.3 km |
| Saint Joseph's Institution International | International | 1.5 km |
| Anglo-Chinese School (Primary) | Primary | 1.6 km |
| Catholic Junior College | JC | 1.6 km |
Unit Mix & Pricing
M21’s 61 units span multiple bedroom configurations, with the development targeting the mid-range CCR buyer who requires at least one bedroom and prioritises the freehold D11 address over unit scale. The average transacted PSF of S$1,689 over the past 12 months — against a median transaction price of S$2.20 million — implies a predominant unit mix in the 1,200–1,400 sqft range, consistent with the 3-bedroom and 4-bedroom formats common in D11 boutiques of the 2010–2013 vintage. As a 2012-completion development by a smaller developer, unit finishings reflect the specifications of that era: marble or porcelain flooring in living areas, timber or laminate in bedrooms, and branded appliances that are now entering their second decade and may require upgrading for owner-occupiers who prioritise contemporary kitchen and bathroom specifications.
The PSF trajectory at M21 is notable for its volatility over the five-year observed period: from S$1,561 (Yr0) to S$1,649 (Yr1), dipping sharply to S$1,307 (Yr2) before recovering strongly to S$1,737 (Yr3) and stabilising at S$1,689 in the most recent year. The Yr2 dip — a 20.7% decline from Yr1 — likely reflects a combination of thin transaction volumes (fewer than 5 sales in any single year for a 61-unit development makes PSF highly sensitive to individual transaction outcomes), unit-mix variation (larger units transacting at lower PSF), and the broader CCR softening that characterised 2022–2023. The subsequent recovery to S$1,737 and stabilisation at S$1,689 suggest a market finding its fair value range, with downside risk from the Yr2 low partially absorbed.
As a 2012-vintage building, M21 units are approaching the 13-year mark and prospective buyers should budget for cosmetic renovation and appliance replacement to bring a unit to contemporary D11 standards. A realistic kitchen and bathroom refresh budget of S$50,000–S$100,000 should be factored into the effective cost of acquisition, particularly for buyers comparing M21 against newer freehold D11 stock such as Peak Residence (2021) or Pullman Residences Newton (2022) that arrive with full-specification contemporary finishings. The renovation cost offset is partially compensated by M21’s meaningful PSF discount — at S$1,689 PSF versus S$2,489 PSF at Peak Residence and S$3,075 PSF at Pullman Residences Newton, there is a substantial buffer to accommodate renovation without exceeding the all-in cost of newer alternatives.
| Type | Sales (12m) | Avg PSF (12m) | Avg Price (12m) |
|---|---|---|---|
| 3 BR | 2 | $1,867 psf | $2,275,000 |
| 4 BR | 2 | $1,972 psf | $3,459,444 |
Market Position
M21 has recorded 23 sales at an average price of $2,349,608.
Rental Yield by Unit Size
Blended yield hides the spread between unit sizes — smaller units at M21 typically rent harder per dollar of purchase price. Each band compares the median rent and median price of units of the same floor area, so sizes are matched like for like. The "Rent per $100k" column restates yield in tangible dollars per $100,000 invested. Rental floor areas are published by URA as ranges, so these yields are approximate and are shown to one decimal place:
| Unit Size | Median Rent | Median Price | Gross Yield | Rent per $100k | Sales / Leases |
|---|---|---|---|---|---|
| 600–950 sqft | $3,350/mo | $1,132,500 | 3.5% | $296/mo | 4 / 14 |
| 950–1,200 sqft | $4,725/mo | $1,750,000 | 3.2% | $270/mo | 5 / 16 |
| 1,200–1,700 sqft | $4,900/mo | $2,310,000 | 2.5% | $212/mo | 7 / 6 |
| 1,700+ sqft | $6,800/mo | $3,380,000 | 2.4% | $201/mo | 7 / 15 |
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Price Appreciation
| Year | Sales | Historical Avg PSF | Change |
|---|---|---|---|
| 2021 | 10 | $1,561 psf | — |
| 2022 | 5 | $1,649 psf | ↑ 5.7% |
| 2023 | 1 | $1,307 psf | ↓ 20.7% |
| 2024 | 3 | $1,737 psf | ↑ 32.9% |
| 2025 | 1 | $1,689 psf | ↓ 2.7% |
| 2026 | 3 | $1,996 psf | ↑ 18.2% |
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M21 prices sit at a fresh series high after a 18.2% gain on the prior period, now 27.9% above the 2021 starting level.
Price Index Check
The ShiokNest Price Index for District 11 reads 171.6 as of July 2026 — up 44.6% year-on-year. The index tracks repeat-sales price movement, so it is less distorted by shifts in what happens to be transacting than a raw average PSF.
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Neighbourhood Comparison
Peak Residence (D11, freehold, 2021, S$2,489 PSF, 90 units) is the closest recent comparable on tenure and district. The S$800 PSF premium Peak Residence commands over M21 reflects two material differences: a 9-year building vintage advantage, delivering contemporary specifications and a full warranty cycle intact, and a slightly smaller unit count that is similarly boutique in character. For buyers who want 2021 specifications and contemporary finishings without renovation overhead, Peak Residence is the natural comparison; for buyers who are comfortable renovating a 2012 unit and capturing the PSF discount, M21 delivers the same freehold D11 address quality at a meaningfully lower entry point.
Pullman Residences Newton (D11, freehold, S$3,075 PSF, 340 units) and Watten House (D11, freehold, S$3,236 PSF, 180 units) represent the upper end of the D11 freehold spectrum. At S$1,386–S$1,547 PSF above M21’s average, these developments offer brand-name developer credentials (Pullman’s hospitality DNA, Watten House’s UOL GLD pedigree), resort-scale facilities, and landmark address cachet that commands a structural premium in the CCR buyer market. For buyers whose budget ceiling is S$2.5 million, the comparison is effectively between M21’s freehold boutique at S$1,689 PSF and these alternatives at quantum levels that are materially out of range; for buyers evaluating M21 against these peers as a relative value exercise, the PSF differential is the clearest quantification of what brand and specification prestige cost in D11 today.
Soleil @ Sinaran (D11, 99-year from 2006, S$1,970 PSF, 417 units) sits above M21 on PSF despite carrying a lease that has consumed 20 years of its 99-year term — leaving under 79 years remaining. For buyers applying tenure-adjusted valuation logic, M21’s freehold title at S$1,689 PSF is a materially superior value proposition: buyers are paying S$281 PSF less for permanent tenure versus a wasting leasehold asset. The leasehold discount typically required to compensate for sub-80-year tenure is substantially more than the current PSF difference, suggesting that Soleil @ Sinaran is overpriced on a tenure-adjusted basis relative to M21, or alternatively that M21 is undervalued.
Amaryllis Ville (D11, 99-year from 1997, S$1,899 PSF, 311 units) presents an even more pronounced tenure-adjusted comparison: a lease from 1997 has under 70 years remaining, entering the range where bank financing constraints begin to affect resale liquidity and younger buyer eligibility. At S$210 PSF above M21’s freehold average, Amaryllis Ville commands a positive PSF premium despite having a structurally inferior tenure profile — a pricing anomaly that M21 buyers can interpret as upside for the freehold title over the medium-to-long hold period, as lease-decay discounting becomes more pronounced on the leasehold alternatives over the next decade.
| Condo | Tenure | Avg PSF (12m) | Sales |
|---|---|---|---|
| PULLMAN RESIDENCES NEWTON | Freehold | $2,984 psf | 288 |
| DUNEARN HOUSE | 99 years leasehold | $3,117 psf | 227 |
| WATTEN HOUSE | Freehold | $3,247 psf | 180 |
| SOLEIL @ SINARAN | 99 yrs lease commencing from 2006 | $2,180 psf | 97 |
| PEAK RESIDENCE | Freehold | — | 90 |
What Could Work Against You
- Only 4 transactions were recorded in the past 12 months, so the price figures here rest on a thin sample — a single outlier deal can move the averages.
- At 61 units, this is a boutique development — fewer comparable sales to anchor valuations, and maintenance costs spread across a smaller fee base.
Best suited for
Who This Actually Suits
This is a strong match for families with young children, mrt-walkable commuters, car-owning households and yield-focused investors. Family-suitable layout and CCR (Core Central Region) location with established school catchments nearby.
For foreign / absd-aware buyers, it can work — but weigh the trade-offs before committing.
HDB Alternatives Nearby
Weighing M21 against staying public? These HDB towns sit within walking or short-drive distance:
- Kallang/whampoa — 4-room average $876,802 (430m away), an upgrader gap of about $1,450,000
- Toa Payoh — 4-room average $930,004 (960m away), an upgrader gap of about $1,400,000
- Central Area — 4-room average $1,067,811 (1.5 km away), an upgrader gap of about $1,300,000
Sources & Next Steps
- M21 Dashboard — Live charts and analytics
- URA — Official transaction data
- District 11 (Watten Estate, Novena, Thomson) — District 11 neighbourhood guide
Freehold tenure in the central CCR, with family-sized 3- and 4-bedroom layouts
M21's most structurally durable advantage is the combination of freehold land tenure and larger-than-average unit sizes in a CCR address. The five-year resale data shows three-bedroom units averaging 1,206 square feet at S$1,691 per square foot, and four-bedroom units averaging 1,682 square feet at S$1,718 per square foot — dimensions that have become genuinely rare in newer CCR developments where developers have steadily compressed floor plates. A freehold title means there is no lease-decay pressure eroding valuation over time; buyers intending multi-generational ownership or a long hold period face none of the recalibration risk that the lease-decay calculator would flag for 99-year equivalents in the same district. District 11 freehold stock of this format trades at a meaningful premium to comparable leasehold product, and the District 11 overview confirms that CCR prices in the Novena–Newton–Bukit Timah corridor have held their floor through recent rate cycles more defensively than OCR districts.
Novena North-South Line access and the Health City Novena ecosystem
Novena MRT on the North-South Line sits approximately 0.60 kilometres from M21 — a genuine ten-to-twelve-minute walk on flat terrain that most residents cover without a second thought. The NSL is the most direct artery into the Raffles Place and Shenton Way CBD core, and the same line connects northward to the Orchard shopping belt in two stops. What makes the Novena node especially defensible for this address is the Health City Novena cluster: Tan Tock Seng Hospital, the Novena Specialist Centre, Mount Elizabeth Novena Hospital, and the Specialist Medical Centre along Irrawaddy Road collectively form Singapore's highest-density concentration of private and restructured healthcare facilities. For medical professionals working within that cluster, the commute from M21 is trivially short. For families, proximity to the medical hub represents meaningful convenience during health events that cannot always be planned. The commute-time map illustrates how M21's position gives it materially shorter CBD travel times than comparable CCR fringe addresses in Toa Payoh or Geylang.
Balestier amenity depth and the 2012 build quality baseline
The Balestier belt running south along Balestier Road toward the city fringe offers a density of food, retail, and daily-errand infrastructure that most comparable boutique addresses cannot match. United Square on Thomson Road (ten minutes by foot), Velocity@Novena Square adjacent to the MRT, and the Balestier hawker and restaurant row give residents a practical daily-living ecosystem that does not require driving. The project's 2012 completion date is also materially relevant in a market where freehold CCR boutiques of similar size frequently carry 1980s or 1990s construction — with correspondingly higher maintenance risk and lower energy efficiency. M21's building systems, lifts, and common facilities are well within a normal-maintenance-cycle horizon, and the freehold tenure means any future en-bloc proposition — the project scores 44 on the ShiokNest en-bloc index — would be at owner discretion rather than lease-expiry pressure.
Rental market is structurally thin — underwrite from comparable stock, not project data alone
Forty-eight rental transactions across five years for a sixty-one-unit development translates to roughly 1.6 leases per unit across the entire observation window — a rate that leaves average rental figures statistically fragile. The five-year average of S$4,813 per month overall, with three-bedroom units averaging S$5,375 and four-bedroom units averaging S$6,936, may be directionally correct but carries a wide confidence interval. Any buyer running a yield calculation should treat the M21 project-level data as a starting point and cross-reference against the broader Balestier–Novena rental market using the rental-yield map to validate assumptions before committing to an investment thesis. The ShiokNest Investment Score of 52 already reflects this data-quality discount. Buyers considering the project primarily as a yield vehicle should use the ROI calculator with conservative rental inputs drawn from comparable three- and four-bedroom units in the Novena–Thomson corridor rather than the thin project average.
The 5-bedroom unit is an outlier — read the per-bedroom data carefully
The five-year dataset includes three five-bedroom transactions averaging 2,888 square feet at S$1,298 per square foot — a PSF figure that, if read alongside the three- and four-bedroom data, could mislead a buyer into thinking the project's overall PSF is softer than it is. The S$1,298 five-bedroom figure reflects the size discount that ultra-large floor plates universally attract in Singapore's resale market; it does not represent the underlying three-bedroom or four-bedroom pricing dynamic. The five-year median across all unit types has held at S$1,642 per square foot, with only twenty-one total transactions. This thin sample also means the S$1.09 million to S$4.35 million transacted range includes multiple configuration types; the representative entry quantum for a three-bedroom unit is approximately S$2.0 million to S$2.2 million. Buyers should use the mortgage calculator and the total-cost calculator to model stamp duty, cash-over-valuation, and monthly servicing at the actual unit-type quantum rather than the project-wide average.
Boutique scale amplifies maintenance costs, and walkability requires realistic expectations
Sixty-one units is a boutique development in the strict sense, and the implications are practical: sinking fund contributions, management fees per unit, and any extraordinary maintenance — lift replacements, facade waterproofing, pool resurfacing — are shared across a narrow base. Per-unit maintenance costs in boutique CCR projects regularly run thirty to fifty percent higher than in developments of two hundred units or more with identical facility sets. Buyers should review the management corporation's sinking fund reserves and recent AGM minutes before committing. On walkability, the ShiokNest score of 55 is moderate rather than high: Novena MRT at 0.60 kilometres is a genuine ten-to-twelve-minute walk, not a three-minute stroll. In hot or wet weather, some residents will default to a taxi or ride-hail for the MRT leg. Buyers who prize an MRT-doorstep address should compare M21 against competing Novena-adjacent projects at closer proximity, using the comparison tool to weigh the trade-off against price premium. External guidance from the URA residential property data portal can help buyers contextualise CCR price trends and comparable transacted PSF across the Novena–Newton cluster before making a final assessment.
| Buyer profile | Fit | Why |
|---|---|---|
| Central Singapore family seeking a large 3- or 4-bedroom freehold home in the Novena–Balestier belt, with proximity to the Health City Novena medical cluster and the North-South Line | Strong | Freehold tenure, 1,206–1,682 sqft floor plates, 2012 build, Novena NSL 0.60 km, and the medical hub directly address the family own-stay checklist; the S$1,691–1,718 per sqft range is competitive for freehold CCR in this district |
| Medical professional or specialist working at Tan Tock Seng Hospital, Mount Elizabeth Novena, or the Novena Specialist Centre, prioritising a short and low-stress commute from a central freehold address | Strong | The Health City Novena cluster is within easy walking distance; the NSL provides a direct backup commute for days when cycling or walking is impractical; a freehold title supports long-term hold without lease-decay anxiety |
| Own-stay family or dual-income household valuing central CCR positioning, freehold land, and the Balestier–Novena daily-living ecosystem (United Square, Velocity, hawker row, food belt), with a long hold horizon | Strong | The Balestier amenity depth is a genuine differentiator; freehold CCR boutique stock of this size and vintage is in declining supply; a long hold horizon neutralises the thin rental data risk entirely and the lease-decay advantage compounds over time |
| Buy-to-let investor seeking consistent rental income from this specific project's data, or a buyer for whom a sub-five-minute MRT walk is a non-negotiable criterion | Moderate | Forty-eight leases in five years across sixty-one units is structurally thin; rental underwriting must draw from the broader Novena–Balestier market rather than project-only figures; Novena MRT at 0.60 km is walkable but not doorstep — some tenants will price in the MRT distance when comparing alternatives |
| Yield-first investor with entry-quantum sensitivity, or a buyer who requires a large tenant pool and high rental-data confidence to justify the S$2.0–2.2 million quantum at a 3-bedroom format | Weak | Large floor plates and a boutique sixty-one-unit project produce a narrower tenant pool relative to a two-bedroom-dominant development; the ShiokNest Investment Score of 52 reflects the combination of thin rental data and the concentration risk of boutique scale; yield-first mandates are better served by higher-turnover, data-richer projects in the same district |
M21 is a freehold boutique that delivers its strongest value to buyers for whom the product — large 3- and 4-bedroom units in a central CCR address with the Novena NSL, Health City Novena, and the Balestier amenity belt — aligns with an own-stay or long-hold family mandate. The freehold tenure is a genuine structural advantage in a market where lease-decay is increasingly priced into 99-year CCR stock, and the 2012 build means a buyer is not inheriting deferred-maintenance risk alongside the freehold title. The three-bedroom unit at approximately S$1,691 per square foot and 1,206 square feet represents a defensible entry for District 11 freehold of this format. The project's real limitations are arithmetic, not locational: sixty-one units and forty-eight rental leases in five years make the rental market too thin to underwrite with confidence from project data alone. Buyers with an investment component to their thesis should build assumptions from comparable Novena–Balestier rental stock using the rental-yield map and validate total acquisition cost with the stamp-duty calculator and the affordability calculator before committing. For the family buyer who wants freehold scale, a central medical-hub address, and the NSL within walking distance, M21 is a credible and relatively rare product in its price band. For the yield-first investor or the buyer who needs MRT doorstep access, the district offers better-matched alternatives worth reviewing through the comparison tool. For a broader view of CCR transacted prices and new-sale pipeline that may affect resale demand in this corridor, the URA property buying guidance portal and the MAS property market measures overview provide the regulatory context any serious buyer should review alongside project-level analysis.
Frequently asked questions
How does M21's freehold tenure affect long-term value compared with leasehold condos in the same Novena–District 11 area?
The rental data for M21 is described as thin — how should a prospective investor approach rental yield underwriting for this project?
What are the practical implications of M21 being a 61-unit boutique development for ongoing maintenance costs and strata management?
How does M21's location on Mar Thoma Road compare with other Novena and Balestier addresses for families with school-age children?
What should a buyer consider when evaluating M21 against other freehold boutique CCR condos in the S$2.0–2.5 million range in 2026?
Facilities & Amenities
At 61 units on a compact freehold site, M21 offers a deliberately boutique facilities package consistent with its scale. The development features a swimming pool and gym as the headline amenities, along with a BBQ area and landscaped garden grounds. Residents should approach the facilities with appropriate expectations calibrated to the development’s size: M21 is not a resort-style development, and its value proposition rests on the freehold address, the Novena location, and the low-density community rather than on the breadth of on-site amenities.
The practical upside of a 61-unit facilities profile is that shared amenities are rarely crowded. A pool and gym serving fewer than 61 households means residents enjoy near-exclusive access during off-peak hours — a quality-of-life benefit that is consistently undervalued by buyers focused on facilities lists but highly appreciated by owner-occupiers who have lived in larger developments and experienced peak-hour queues for equipment. The low resident density also translates directly into lower maintenance fees: smaller MCST budgets covering fewer shared facilities mean monthly contributions are among the more modest in the D11 freehold segment.
Residents who require resort-scale amenities — tennis courts, multi-lane lap pools, function rooms, or aquatic decks — will find them unavailable within the development. For this profile of buyer, Novena’s extensive external lifestyle infrastructure is the practical substitute: Velocity @ Novena Square’s Sports Hub concept, the nearby SAFRA Toa Payoh, and public parks along the Kallang River corridor all provide recreation options within a short commute. M21’s facilities package is best understood as a functional baseline that supports daily living without the overhead of maintaining infrastructure that boutique residents use infrequently.
Who Lives Here
The honest basis for describing who lives here is the letting record, not a survey — we hold no resident interviews. Over the trailing twelve months URA recorded 6 leases here. Broken down, that is 2 two-bedroom at an average of $5,050 a month; 4 four-bedroom at an average of $7,075 a month.
That mix is family-weighted. Three-bedroom and larger units carry most of the letting activity, which points to households with children as the dominant tenant profile. That profile normally comes with longer tenancies and more weekend use of the common facilities than a studio-and-one-bedroom block would generate.
Average rents across those tenancies sit around $6,400 a month, which puts the block in the upper-middle band of the private rental market. Tenants at this level are commonly senior professionals or partly subsidised relocations, and they are more sensitive to commute and school access than to headline unit size. Set against a gross yield of 2.8%, the economics are workable rather than compelling — enough to attract landlords, not enough to make the block investor-dominated.
Ownership here is shaped by the tenure as much as by the price point. Freehold stock attracts buyers with long horizons — families intending to stay put, and owners who expect to pass the unit on rather than trade it — so the owner-occupier core tends to be more settled, and turnover slower, than in comparable stock on a limited tenure. On a development of this size, one active landlord materially moves the numbers — another reason to read the mix above as indicative rather than settled.
Sources & References
- 99.co — M21 listings, floor plans, and reviews
- PropertyGuru — M21 prices, availability, and agent listings
- EdgeProp — M21 transaction history and analytics
- SRX — M21 overview and unit transaction records
- URA REALIS — official sales and rental transaction records for D11
- Health City Novena — Tan Tock Seng Hospital campus masterplan
- LTA — North South Line (Novena NS20 station guide)
- CHIJ Our Lady Queen of Peace — school information and registration
- IRAS — Buyer Stamp Duty and Additional Buyer Stamp Duty rates
- MAS — TDSR framework and property loan financing rules
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 23 transactions
- Rental data: 51 leases
- Source: URA
Median values used to minimise outlier impact. PSF = price per square foot.
Latest recorded data point: Jul 2026 · 23 records analysed · Source: URA private-sale caveats