District 12 (Toa Payoh, Serangoon, Balestier) is a mature RCR estate where 123 tracked condos transact at a median $1,736 psf, median rent of $3,400/month and a gross yield near 2.5%. The 2025 launch of The Orie at $2,704 psf average signals robust city-fringe demand — making D12 a credible upgrade destination from the HDB heartlands it borders. (as of 2026-Q1)
Singapore's property market has a handful of districts that sit precisely at the intersection of affordability and aspiration — and District 12 is one of the most convincing examples. Straddling the southern edge of the Rest of Central Region, Toa Payoh, Serangoon and Balestier deliver something rare in a city of scarce land: mature infrastructure, a mixed tenure supply of freehold and leasehold apartments, and MRT access on three lines (North-South, North-East and Circle).
For the serious buyer, the arithmetic is compelling. CCR districts command median PSFs north of $2,500 for comparable product. District 12 clears at $1,736 psf across 3,286 recorded URA transactions, representing a discount of 30–40% to its prime-district neighbours while sharing the same Central Expressway and PIE on-ramps.
Three structural catalysts are reshaping District 12's investment case in 2025–2026.
The Toa Payoh Integrated Development (TPID) broke ground on 5 January 2025, with Sport Singapore leading a co-located hub that combines a new sports complex, rejuvenated Toa Payoh Town Park, a National Library Board branch, and a National Healthcare Group Polyclinic on a single campus, per SportSG.
Bidadari's completion reached a milestone on 8 January 2026, with 8,872 families settled across 93 hectares of prime central-region land. The estate averaged $1,105 psf for HDB resales as of July 2025 — a 21% premium to adjacent District 13 — demonstrating that the area's liveability uplift is already pricing in, per Stacked Homes.
Balestier's heritage shophouse churn adds a third dynamic: as conservation shophouses along Balestier Road trade hands and convert to boutique F&B and co-living concepts, surrounding freehold condos benefit from a slow but visible gentrification premium. Viio @ Balestier and Rocca Balestier represent the freehold tier, transacting in the $1,476–$1,802 psf range in 2025–2026.
Loading chart data...
- 123 condos tracked in District 12 (RCR)
- Median PSF: $1,736 psf across 3,286 sales
- Median rent: $3,400/mo across 14,983 leases
- Estimated gross yield: 2.5%
- Segment: Rest of Central Region
District Overview
District 12 covers Toa Payoh, Serangoon, Balestier, located in Singapore's Rest of Central Region (RCR). ShiokNest currently tracks 123 condominiums in this district.
Our database covers sales transactions from 2021 to 2026 and rental transactions from 2021 to 2026, sourced from URA REALIS.
Properties Tracked
| Name | Street | Tenure | Units | TOP |
|---|---|---|---|---|
| 8 RAJA | JALAN RAJA UDANG | — | 26 | 2013 |
| AIRSTREAM | ST. MICHAEL'S ROAD | Freehold | 70 | 2013 |
| AMPAS APARTMENTS | JALAN AMPAS | Freehold | 43 | 1990 |
| ARIVA ON SHAN SERVICED RESIDENCE | SHAN ROAD | Freehold | — | — |
| ASCENT @ 456 | BALESTIER ROAD | Freehold | 28 | 2017 |
| AVA TOWERS | AVA ROAD | Freehold | 124 | 1993 |
| BALESTIER 288 | BALESTIER ROAD | Freehold | 11 | 2004 |
| BALESTIER PLAZA | BALESTIER ROAD | Freehold | 77 | 1985 |
| BALESTIER POINT | BALESTIER ROAD | Freehold | 68 | 1988 |
| BALESTIER REGENCY | JALAN AMPAS | Freehold | 72 | 1990 |
| BEACON HEIGHTS | MAR THOMA ROAD | 999 yrs lease commencing from 1882 | 212 | 2012 |
| BELMONDO VIEW | PEGU ROAD | Freehold | 22 | 2003 |
| BIRCHWOOD MANSIONS | JALAN AMPAS | Freehold | 24 | 1991 |
| BLISS LOFT | KIM KEAT CLOSE | Freehold | 48 | 2014 |
| BOON TECK APARTMENTS | BOON TECK ROAD | Freehold | 24 | 1991 |
| BOON TECK LODGE | BOON TECK ROAD | — | — | 1993 |
| BOON TECK TOWER | BOON TECK ROAD | Freehold | 78 | 1984 |
| CALARASI | KIM KEAT LANE | Freehold | 99 | 2004 |
| CASA FORTUNA | AH HOOD ROAD | Freehold | 106 | 2012 |
| CASA IRRAWADDY | IRRAWADDY ROAD | Freehold | 30 | 1995 |
| CHELSEA GROVE | MARTABAN ROAD | Freehold | 23 | 2007 |
| CITY REGENCY | ST. MICHAEL'S ROAD | Freehold | 56 | 2009 |
| CITY SUITES | BALESTIER ROAD | Freehold | 56 | 2016 |
| COLIWOO BALESTIER 320 | BALESTIER ROAD | — | 6 | — |
| CRADELS | LORONG LIMAU | Freehold | 125 | 2015 |
| D'LOTUS | LORONG AMPAS | Freehold | 83 | 2007 |
| D'MIRA | BOON TECK ROAD | Freehold | 65 | 2013 |
| DE PARADISO | MARTABAN ROAD | Freehold | 54 | — |
| DE ROYALE | JALAN RAMA RAMA | Freehold | 204 | 2006 |
| DOMUS | IRRAWADDY ROAD | Freehold | 104 | 2012 |
| EASTPAC BUILDING | BALESTIER ROAD | Freehold | 7 | — |
| ECOVILLE | MARTABAN ROAD | Freehold | 30 | 2008 |
| EIGHT RIVERSUITES | WHAMPOA EAST | 99 yrs lease commencing from 2011 | 843 | 2016 |
| EURO-ASIA APARTMENTS | SERANGOON ROAD | Freehold | 80 | 1990 |
| GAIA | JALAN DUSUN | Freehold | 28 | 2015 |
| GALLERY FIFTEEN | JALAN DUSUN | Freehold | 14 | — |
| GEM RESIDENCES | LORONG 5 TOA PAYOH | 99 yrs lease commencing from 2015 | 578 | — |
| GIFFARD MANSIONS | BALESTIER ROAD | Freehold | 10 | — |
| GLOBAL VILLE | JALAN RAJA UDANG | Freehold | 48 | 2000 |
| HANSON COURT | KIM KEAT ROAD | — | 8 | — |
| IRESIDENCES | IRRAWADDY ROAD | Freehold | 70 | — |
| JUI RESIDENCES | SERANGOON ROAD | Freehold | 117 | 2021 |
| KALLANG RIVERSIDE | KAMPONG BUGIS | Freehold | 212 | 2019 |
| KIM KEAT GARDENS | KIM KEAT ROAD | 99 yrs lease commencing from 2001 | 24 | 2003 |
| KIM KEAT HOUSE | KIM KEAT ROAD | Freehold | 27 | 1999 |
| KIM KEAT LODGE | KIM KEAT ROAD | Freehold | 18 | 2000 |
| KINGSLEY MANSIONS | BOON TECK ROAD | Freehold | 18 | — |
| LAVENDER RESIDENCE | LAVENDER STREET | Freehold | 17 | 2023 |
| LE SHANTIER | SHAN ROAD | Freehold | 32 | 1997 |
| LEONG HIN BUILDING | BALESTIER ROAD | — | 8 | — |
| M66 | MOONSTONE LANE | Freehold | 70 | 2016 |
| MAR THOMA MANSIONS | MAR THOMA ROAD | — | 18 | — |
| MONVILLE MANSIONS | BALESTIER ROAD | Freehold | 22 | — |
| MOONSTONE RESIDENCES | MOONSTONE LANE | Freehold | 76 | 2005 |
| MOONSTONE ROYALE | MOONSTONE LANE | Freehold | 16 | 2003 |
| MOONSTONE VIEW | MOONSTONE LANE | Freehold | 76 | 2000 |
| NADIA MANSIONS | AH HOOD ROAD | Freehold | 68 | 1985 |
| NEEM TREE | JALAN KEMAMAN | Freehold | 84 | 2020 |
| NEW COURT | JALAN DUSUN | Freehold | 20 | 2001 |
| NOVA 48 | PROME ROAD | Freehold | 48 | 2012 |
| NOVA 88 | BHAMO ROAD | Freehold | 88 | 2012 |
| OKIO | BALESTIER ROAD | Freehold | 104 | 2015 |
| OLEANDER TOWERS | LORONG 1 TOA PAYOH | 99 yrs lease commencing from 1995 | 318 | 1998 |
| ONE DUSUN RESIDENCES | JALAN DUSUN | Freehold | 154 | 2017 |
| ONE ST MICHAEL'S | ST. MICHAEL'S ROAD | Freehold | 131 | — |
| OPAL SUITES | OPAL CRESCENT | Freehold | 19 | 2014 |
| PAPILLON | JALAN RAMA RAMA | Freehold | 73 | 2004 |
| PARC HAVEN | LORONG LIMAU | Freehold | 137 | 2005 |
| PINNACLE 16 | SHAN ROAD | Freehold | 73 | 2006 |
| PRESTIGE HEIGHTS | BALESTIER ROAD | Freehold | 154 | 2013 |
| PUBLIC MANSION | BALESTIER ROAD | Freehold | 30 | — |
| RAJAH TOWERS | JALAN RAJAH | Freehold | 98 | 1984 |
| REGAL COURT | KIM KEAT ROAD | Freehold | 55 | 1997 |
| REGENT RESIDENCES | SERANGOON ROAD | Freehold | 180 | 2016 |
| RIO GARDENS | JALAN TAMAN | Freehold | 54 | 2006 |
| RITZ MANSIONS | BALESTIER ROAD | Freehold | 126 | 1995 |
| RIVERBAY | MAR THOMA ROAD | 999 yrs lease commencing from 1882 | 147 | 2015 |
| RIVERSIDE MELODIES | ST. MICHAEL'S ROAD | Freehold | 41 | 2014 |
| RIVIERA 38 | MAR THOMA ROAD | 999 yrs lease commencing from 1882 | 102 | 2015 |
| ROCCA BALESTIER | BALESTIER ROAD | Freehold | 28 | 2005 |
| SCENIC HEIGHTS | BALESTIER ROAD | Freehold | 50 | 2005 |
| SHAN GATE APARTMENTS | SHAN ROAD | Freehold | 27 | — |
| SHAW PLAZA - TWIN HEIGHTS | BALESTIER ROAD | Freehold | — | — |
| SKYSUITES17 | JALAN RAJAH | Freehold | 115 | — |
| ST FRANCIS COURT | ST. FRANCIS ROAD | 99 yrs lease commencing from 1992 | 71 | 1994 |
| ST FRANCIS LODGE | ST. FRANCIS ROAD | Freehold | 36 | 1998 |
| ST MICHAEL REGENCY | ST. MICHAEL'S ROAD | Freehold | 49 | 2009 |
| ST MICHAEL'S CONDOMINIUM | ST. MICHAEL'S ROAD | Freehold | 60 | 2002 |
| ST MICHAEL'S PLACE | JALAN TAMAN | Freehold | 74 | 1997 |
| SUITES @ TOPAZ | TOPAZ ROAD | Freehold | 46 | 2013 |
| SUMMER GREEN | BOON TECK ROAD | Freehold | 24 | 1996 |
| SUNVILLE | ST. MICHAEL'S ROAD | Freehold | 147 | 2005 |
| THE ABERDEEN | JALAN TAMAN | Freehold | 132 | 1998 |
| THE ARCADY AT BOON KENG | SAINT BARNABAS LANE | Freehold | 172 | 2024 |
| THE ARTE | JALAN RAJA UDANG | Freehold | 336 | 2010 |
| THE BELLEFORTE | AH HOOD ROAD | Freehold | 74 | 2004 |
| THE CALLISTA | MAR THOMA ROAD | 999 yrs lease commencing from 1882 | 87 | 2006 |
| THE CENTRIO | IRRAWADDY ROAD | Freehold | 53 | 2010 |
| THE CITRINE | JALAN DATOH | Freehold | 54 | 2008 |
| THE ELYSIA | MAR THOMA ROAD | 999 yrs lease commencing from 1882 | 40 | 2005 |
| THE INTERWEAVE | KIM KEAT ROAD | Freehold | 169 | 2015 |
| THE MARQUE @ IRRAWADDY | SHAN ROAD | Freehold | 48 | — |
| THE MEZZO | BALESTIER ROAD | Freehold | 127 | 2014 |
| THE MORNINGTON | ST. MICHAEL'S ROAD | Freehold | 28 | 2004 |
| THE ORIE | LORONG 1 TOA PAYOH | 99 yrs lease commencing from 2024 | 52 | 2025 |
| THE RICHMOND | ST. MICHAEL'S ROAD | Freehold | 38 | 1999 |
| THE RIVERINE BY THE PARK | KALLANG ROAD | Freehold | 96 | 2010 |
| THE TIER | PEGU ROAD | Freehold | 48 | 2013 |
| THE VERVE | JALAN RAJAH | Freehold | 106 | — |
| THE VIRIDIAN | JALAN AMPAS | Freehold | 108 | — |
| TOPAZ MANSIONS | TOPAZ ROAD | Freehold | 14 | — |
| TOWNER VILLE | MAY ROAD | — | — | — |
| TRELLIS TOWERS | LORONG 1 TOA PAYOH | Freehold | 384 | — |
| TREVISTA | LORONG 3 TOA PAYOH | 99 yrs lease commencing from 2008 | 590 | — |
| URBAN HERITAGE | BALESTIER ROAD | Freehold | 15 | 2015 |
| VA RESIDENCES | BOON TECK ROAD | Freehold | 52 | 2016 |
| VERTICUS | JALAN KEMAMAN | Freehold | 162 | 2021 |
| VETRO | MAR THOMA ROAD | 999 yrs lease commencing from 1882 | 32 | 2010 |
| VICTORY HEIGHTS | KIM KEAT ROAD | Freehold | 34 | 1997 |
| VICTORY POINT | AVA ROAD | — | 9 | — |
| VIIO @ BALESTIER | BALESTIER ROAD | Freehold | 56 | 2017 |
| VISTA RESIDENCES | JALAN DATOH | Freehold | 280 | 2013 |
| WAI WING CENTRE | BALESTIER ROAD | — | 9 | — |
Sales Market Analysis
| Type | Transactions | Avg Price | Avg PSF |
|---|---|---|---|
| Studio | 362 | $740,211 | $1,729 psf |
| 1-Bed | 923 | $1,377,841 | $2,175 psf |
| 2-Bed | 633 | $1,519,129 | $1,774 psf |
| 3-Bed | 959 | $2,062,809 | $1,810 psf |
| 4-Bed | 353 | $2,829,913 | $1,899 psf |
| 5-Bed | 56 | $8,208,730 | $1,208 psf |
| Month | Volume | Avg PSF |
|---|---|---|
| 2025-06 | 29 | $1,865 psf |
| 2025-07 | 49 | $1,790 psf |
| 2025-08 | 43 | $1,856 psf |
| 2025-09 | 42 | $1,788 psf |
| 2025-10 | 45 | $1,967 psf |
| 2025-11 | 43 | $1,846 psf |
| 2025-12 | 29 | $2,005 psf |
| 2026-01 | 26 | $1,938 psf |
| 2026-02 | 28 | $1,841 psf |
| 2026-03 | 29 | $1,816 psf |
| 2026-04 | 32 | $1,852 psf |
| 2026-05 | 2 | $2,676 psf |
From 2021 to 2026, average PSF in District 12 has appreciated by 28.3% (~5.7% annualized).
| Year | Sales | Avg PSF | YoY |
|---|---|---|---|
| 2021 | 593 | $1,460 psf | — |
| 2022 | 536 | $1,616 psf | ↑ 10.7% |
| 2023 | 401 | $1,632 psf | ↑ 1.0% |
| 2024 | 494 | $1,802 psf | ↑ 10.4% |
| 2025 | 1,145 | $2,388 psf | ↑ 32.5% |
| 2026 | 117 | $1,874 psf | ↓ 21.5% |
Top Performing Condos
| # | Condo | Avg PSF | Avg Price | Sales |
|---|---|---|---|---|
| 1 | THE ORIE | $2,730 psf | $2,443,814 | 740 |
| 2 | THE ARCADY AT BOON KENG | $2,598 psf | $2,185,301 | 94 |
| 3 | KALLANG RIVERSIDE | $2,421 psf | $2,369,517 | 29 |
| 4 | VERTICUS | $2,122 psf | $1,595,906 | 128 |
| 5 | LAVENDER RESIDENCE | $1,984 psf | $1,637,578 | 17 |
| # | Condo | Sales | Avg PSF |
|---|---|---|---|
| 1 | THE ORIE | 740 | $2,730 psf |
| 2 | EIGHT RIVERSUITES | 304 | $1,643 psf |
| 3 | GEM RESIDENCES | 196 | $1,838 psf |
| 4 | TREVISTA | 147 | $1,702 psf |
| 5 | VERTICUS | 128 | $2,122 psf |
Rental Market Analysis
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| Studio | 987 | $3,722/mo | $1,500/mo | $36,900/mo |
| 1-Bed | 4,313 | $2,767/mo | $800/mo | $5,900/mo |
| 2-Bed | 5,068 | $3,557/mo | $1,500/mo | $8,800/mo |
| 3-Bed | 4,118 | $4,370/mo | $1,500/mo | $11,000/mo |
| 4-Bed | 478 | $5,998/mo | $2,800/mo | $11,000/mo |
| 5-Bed | 19 | $6,995/mo | $4,700/mo | $10,500/mo |
Investment Outlook
| Type | Avg Price | Avg Rent | Est. Gross Yield |
|---|---|---|---|
| Studio | $740,211 | $3,722/mo | 6.03% |
| 1-Bed | $1,377,841 | $2,767/mo | 2.41% |
| 2-Bed | $1,519,129 | $3,557/mo | 2.81% |
| 3-Bed | $2,062,809 | $4,370/mo | 2.54% |
| 4-Bed | $2,829,913 | $5,998/mo | 2.54% |
| 5-Bed | $8,208,730 | $6,995/mo | 1.02% |
Estimated gross yields are calculated from average sale prices and average monthly rents. Actual net yields will vary after accounting for maintenance fees, property tax, agent commissions, and vacancy periods.
Breaking the district into its three sub-markets reveals markedly different price dynamics.
Toa Payoh (leasehold, newer stock): The January 2025 launch of The Orie by CDL, Frasers Property and Sekisui House at $2,704 psf average — with 86% of 777 units sold on launch weekend — reset the ceiling for 99-year leasehold product. Entry-level units started at $1.28 million (1-bedroom plus study, 517 sq ft). This is the first new launch in Toa Payoh since 2016, and the velocity confirms pent-up upgrader demand. TOP is targeted Q2 2028, per CDL press release.
Balestier (freehold, boutique blocks): The freehold tier sits meaningfully below The Orie's new-launch premium. Viio @ Balestier averaged $1,802 psf; Rocca Balestier's most recent caveat in January 2026 was lodged at $1,476 psf. The Balestier Regency owners' fourth en-bloc attempt at $255 million signals ongoing collective-sale optionality, per EdgeProp.
Serangoon Road corridor: The stretch from Boon Keng MRT to Potong Pasir MRT anchors middle-market pricing. The Arcady at Boon Keng and Kallang Riverside regularly appear among D12's highest-transacting projects by PSF. Rental demand from professionals working at Novena Medical Hub and the CBD sustains a district-wide gross yield of approximately 2.5%.
| Sub-area | Tenure | Indicative PSF (2025–2026) | Key Projects |
|---|---|---|---|
| Toa Payoh | 99-year leasehold | $2,100–$2,704 (new launch) | The Orie, Gem Residences |
| Balestier | Freehold | $1,476–$1,802 | Viio @ Balestier, Rocca Balestier |
| Serangoon / Boon Keng | Mixed | $1,700–$2,200 | The Arcady at Boon Keng, Kallang Riverside |
- Compare sub-market PSFs before shortlisting. The $968 psf spread between Balestier freehold resales and The Orie's new-launch average is not a pricing anomaly — it reflects genuine differences in age, tenure and remaining lease. Decide which segment matches your holding horizon.
- Check The Orie's remaining units and the BTO pipeline. As of early 2026, unsold units remain available. HDB has signalled a Toa Payoh West BTO site adjacent to Caldecott MRT in the October 2026 sales exercise, per EdgeProp COS 2026 coverage.
- Run a yield stress-test for rental hold. The district gross yield of ~2.5% is below the national RCR median. Verify net yield after maintenance, property tax and agent fees.
- Verify MRT-line proximity for each project. D12 spans three lines: North-South (Toa Payoh, Braddell), North-East (Boon Keng, Potong Pasir) and Circle (Serangoon, Lorong Chuan). Short-list projects within 500m of an interchange station if rental yield is a primary objective.
- Engage a solicitor early on freehold Balestier stock. Multiple buildings in Balestier are in various stages of en-bloc attempts. Confirm the en-bloc status and whether the minimum consent threshold has been reached before committing.
Frequently Asked Questions
What is the average PSF in District 12?
Is District 12 in CCR, RCR, or OCR?
What are the best condos in District 12?
What is the rental yield in District 12?
How many condos are in District 12?
What is the Bidadari premium and does it affect private condo prices nearby?
Bidadari, completed on 8 January 2026, is a 93-hectare HDB estate that averaged $1,105 psf for resale flats as of July 2025 — 21% above neighbouring District 13. Its maturation increases the pool of upgrade-ready buyers and sustains rental demand for nearby private condos. The Thomson-East Coast Line extension will further enhance connectivity.
What schools serve District 12 and are they relevant for buyer demand?
D12 falls within or adjacent to the catchment areas for several sought-after schools, including CHIJ Primary (Toa Payoh), Kheng Cheng School, Pei Chun Public School and Anglo-Chinese School (Primary) at Barker Road. Units within 1 km of a popular primary school typically command a 3–8% price uplift at resale.
What is the Toa Payoh Integrated Development and when will it be ready?
The Toa Payoh Integrated Development (TPID) broke ground on 5 January 2025. It will co-locate a new sports complex, the rejuvenated Toa Payoh Town Park (with the retained heritage Lookout Tower), an NLB library branch and an NHG Polyclinic on a single campus. A mixed-use private residential and retail development is also planned adjacent to the hub. No official TOP date has been announced as of mid-2026.
Should I be concerned about en-bloc risk when buying a freehold Balestier condo?
En-bloc risk cuts both ways. For owners seeking a windfall exit, it is a potential upside; for buyers with a long hold horizon, it introduces timing uncertainty. Balestier Regency launched its fourth collective-sale attempt at $255 million. Before purchasing any older freehold development in Balestier, confirm whether a collective-sale committee exists, whether the 80% consent threshold has been reached, and the reserve price versus your purchase cost.
Methodology & Sources
Figures below are drawn from 2021 to 2026 and revised periodically as new data is published.
Transaction data sourced from URA REALIS.
- Gross yield estimates assume no vacancy, maintenance fees, or taxes.
- View area maps and nearby amenities on OneMap.
- Check stamp duty rates at IRAS BSD and IRAS ABSD.
We report medians (not means) so a single outlier transaction cannot skew district-level figures. PSF = price per square foot.