IKIGAI is a freehold development along SHREWSBURY ROAD in District 11 (Newton / Novena), part of the CCR segment of Singapore's private residential market. The project comprises 16 units and is TOP 2022.
This profile draws on 16 recorded transactions from URA REALIS to frame the project's character: who actually lives here, who buys here, and where the pricing sits relative to immediate alternatives. For the broader district context, see the Singapore price-heatmap map.
At roughly 4 years from TOP, IKIGAI is in the early-mature phase: facilities are well-broken-in, strata operations are stable, and pricing has been through one or two market cycles — making comparable-sales analysis meaningful.
Within District 11 (Newton / Novena), the immediate context for IKIGAI is shaped by the broader URA Master Plan zoning for the area, ongoing or planned infrastructure (MRT extensions, expressway changes, school relocations), and the supply pipeline of nearby launches. See the URA Master Plan 2019 for the precinct-specific land-use overlay before underwriting medium-term capital appreciation.
We track 16 sales and 6 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the IKIGAI dashboard.
- Average sale price: $2,143,889 across 16 transactions
- Estimated gross rental yield: 2.3%
- District 11 PSF ranking: Premium tier (top 18%)
- Freehold tenure · CCR · D11 · 16 units
About IKIGAI
IKIGAI is a freehold condominium, located at SHREWSBURY ROAD in District 11 (Watten Estate, Novena, Thomson) (Core Central Region), comprising 16 residential units, completed in 2022.
As a freehold property, IKIGAI does not face lease decay concerns.
Unit Mix Distribution
Transaction data breakdown by bedroom type at IKIGAI:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 7 | $2,227 psf | $1,383,787 |
| 3 BR | 6 | $2,307 psf | $2,371,651 |
| 4 BR | 2 | $2,143 psf | $3,292,900 |
| 5+ BR | 1 | $1,983 psf | $3,800,000 |
Sales Market Overview
IKIGAI has recorded 16 sale transactions with an average transaction price of $2,143,889, ranging from $1,280,000 to $3,800,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2022 | 5 | $2,211 psf | $1,582,502 | — |
| 2023 | 6 | $2,288 psf | $1,825,651 | ↑ 3.5% |
| 2024 | 3 | $2,320 psf | $2,895,267 | ↑ 1.4% |
| 2025 | 1 | $1,972 psf | $2,950,000 | ↓ 15.0% |
| 2026 | 1 | $1,983 psf | $3,800,000 | ↑ 0.6% |
IKIGAI ranks in the top 18% of condos in District 11 by average PSF.
Compared to the CCR average of $2,447 psf, IKIGAI trades 8.8% below the segment benchmark.
Loading chart data...
Rental Market Overview
IKIGAI has recorded 6 rental transactions with monthly rents averaging $4,083/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| Studio | 6 | $4,083/mo | $3,500/mo | $6,000/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2024 | 2 | $3,500/mo |
| 2025 | 4 | $4,375/mo |
Loading chart data...
Investment Analysis
Based on average rents and sale prices, IKIGAI delivers an estimated gross rental yield of 2.3%. This is below the 3% benchmark, suggesting stronger capital appreciation potential.
Competing Condos in District 11
Side-by-side comparison against the most actively traded condos in District 11 (Watten Estate, Novena, Thomson):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| PULLMAN RESIDENCES NEWTON | Freehold | 340 | $3,074 psf | 288 |
| WATTEN HOUSE | Freehold | 180 | $3,236 psf | 179 |
| SOLEIL @ SINARAN | 99 yrs lease commencing from 2006 | 417 | $1,970 psf | 92 |
| PEAK RESIDENCE | Freehold | 90 | $2,489 psf | 90 |
| AMARYLLIS VILLE | 99 yrs lease commencing from 1997 | 311 | $1,903 psf | 72 |
Location Map
Map shows IKIGAI (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- IKIGAI
- Novena MRT
- Farrer Park MRT
- Newton MRT
- Newton MRT
- Little India MRT
- CHIJ Our Lady Queen of Peace
- St. Margaret'
- St. Margaret'
Nearby MRT Stations
IKIGAI is 480m from Novena MRT (North-South Line), with 6 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Novena | NS20 | North-South Line | 480m |
| Farrer Park | NE8 | North-East Line | 970m |
| Newton | NS21 | North-South Line | 1.1 km |
| Newton | DT11 | Downtown Line | 1.1 km |
| Little India | NE7 | North-East Line | 1.3 km |
| Little India | DT12 | Downtown Line | 1.3 km |
Nearby Schools
There are 21 schools within 2 km of IKIGAI, including 3 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| CHIJ Our Lady Queen of Peace | Primary | 200m |
| St. Margaret's Secondary School | Secondary | 630m |
| St. Margaret's Primary School | Primary | 680m |
| Farrer Park Primary School | Primary | 1.1 km |
| Singapore Chinese Girls' School (Primary) | Primary | 1.3 km |
| Anglo-Chinese School (Primary) | Primary | 1.4 km |
| St. Joseph's Institution | Secondary | 1.4 km |
| LASALLE College of the Arts | Tertiary | 1.4 km |
| Beatty Secondary School | Secondary | 1.6 km |
| ACS (Junior) | Primary | 1.6 km |
| New Town Primary School | Primary | 1.6 km |
| CHIJ Secondary (Toa Payoh) | Secondary | 1.7 km |
Tenure resilience. Freehold tenure removes the lease-decay headwind that affects 99-year leasehold stock from ~year 60 onward. CPF eligibility, loan-tenure caps, and resale buyer pool are all preserved without the time-decay clock. For long holds (15+ years), this matters meaningfully more than headline PSF.
Genuine walk-to-MRT access. Novena sits about 0.48km away — true walking distance, not the elastic 800m claim that some listings stretch. For tenants and commuter-owners, this anchors rental demand and supports a steady capital-value floor across cycles.
Boutique character. With 16 units, IKIGAI keeps a low-density character — fewer residents per facility, quieter corridors, more curated common spaces. Suits buyers prioritising unit-interior quality and neighbour proximity over deep facilities breadth.
School-belt proximity. CHIJ Our Lady Queen of Peace sits about 0.20km away, with additional schools clustered nearby. Family households on 24-month tenancies anchor the rental pool, which materially improves vacancy economics for landlord-owners.
Thin transaction history. With only 16 recorded sales, comparable-sales analysis is fragile — a single outlier transaction can skew the apparent price level by 5-10%. Triangulate with nearby district comparables rather than rely on within-project averages alone.
Cycle-sensitivity. Like all Singapore private residential, the project's capital appreciation and rental yields move with broader macro factors — mortgage rate environment, MAS macroprudential stance (TDSR, ABSD), and the supply-pipeline tempo. Build a 5pp rate buffer into your stress test.
[
{
"persona": "Young couple, first home",
"fit_color": "green",
"reason": "Long balance lease + likely sub-CCR pricing"
},
{
"persona": "Family with school-age kids",
"fit_color": "green",
"reason": "Nearby schools support MOE registration priority"
},
{
"persona": "CBD commuter",
"fit_color": "green",
"reason": "Walking-distance MRT supports daily commute"
},
{
"persona": "Rental investor (yield-focused)",
"fit_color": "red",
"reason": "Thin transaction history makes underwriting fragile"
},
{
"persona": "Foreign professional (expat)",
"fit_color": "amber",
"reason": "MRT plus mid-size facility suite typically meets expat-tenant criteria"
},
{
"persona": "Long-term hold (10+ yr)",
"fit_color": "green",
"reason": "Tenure supports CPF + buyer-pool through hold"
}
]
Composite assessment: IKIGAI hits the three structural levers that anchor long-term Singapore residential value: a prime district position, walkable MRT, and a long balance lease. Premium pricing is the trade-off; buyers paying that premium are buying scarcity rather than yield. 16 transactions in URA REALIS provide the data foundation for this view.
Suggested holding period for most buyer profiles: 8-15 years to absorb full cycle and capture the prime-district capital-appreciation thesis. Cross-reference per-bedroom net yield against district comparables via the compare-tool, model monthly cash-flow with the mortgage calculator, and confirm your effective BSD+ABSD cost using the stamp-duty calculator before finalising. This profile is informational; not a personal investment recommendation.
FAQ
What is the average price for IKIGAI?
What is the rental yield for IKIGAI?
Is IKIGAI freehold or leasehold?
How far is the nearest MRT from IKIGAI?
What is the tenure of IKIGAI?
How does IKIGAI compare to other projects in the district?
What stamp duty applies for a foreign buyer of IKIGAI?
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 16 transactions analysed
- Rental data: 6 lease records analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for IKIGAI
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.