28 Rc Suites
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Overview & Key Facts
28 RC Suites is a boutique 45-unit condominium on Race Course Lane in District 8, developed by Sysma Properties Pte Ltd and completed in 2017. Sitting on a 99-year lease that commenced around 2017, the development occupies one of Singapore’s more characterful inner-city addresses — Race Course Lane runs adjacent to Farrer Park, placing residents firmly within the multicultural heartland of the Race Course Road corridor just north of Little India.
At 45 units, 28 RC Suites is unambiguously boutique. Sysma built to investor-grade specifications: compact, efficiently laid-out units designed to maximise rental yield rather than family living space. The result is a development whose strengths are immediately legible from the numbers. An average PSF of S$1,736, a gross yield of 4.45%, and average rents near S$2,737 per month position this as one of the more compelling small-scale leasehold investment plays in the Rest of Central Region.
The number that dominates every analysis of 28 RC Suites is its MRT proximity. Farrer Park MRT (North-East Line) is approximately 300 metres from the development — effectively doorstep access to the NEL, connecting Dhoby Ghaut interchange in eight minutes and HarbourFront in twelve. For a leasehold RCR condominium in the sub-S$1M entry bracket, this combination of transit access and yield is difficult to replicate anywhere else in central Singapore.
Location & Connectivity
Race Course Lane sits in one of Singapore’s most walkable and transit-rich inner-city corridors. The development’s defining location advantage is the proximity to Farrer Park MRT (North-East Line) at approximately 300 metres — a genuine five-minute walk that puts residents on a direct line to Dhoby Ghaut (8 minutes), Serangoon (12 minutes), and HarbourFront (12 minutes). The NEL is consistently one of Singapore’s most reliable and uncongested MRT lines, making this proximity a daily quality-of-life asset rather than a headline figure.
The location further benefits from secondary MRT access that few RCR developments can match at any price point. Little India MRT on both the North-East and Downtown Lines lies 0.57 km away, giving residents a second CBD-bound option via the DTL to Bugis, Promenade, and Bayfront. Jalan Besar MRT (Downtown Line) at 0.59 km and Rochor MRT (Downtown Line) at 0.72 km complete a cluster of four stations across two lines, all within comfortable walking distance. For a rental investor assessing tenant appeal, this multi-line connectivity is a material competitive advantage over comparable leasehold RCR stock.
The neighbourhood itself is the Race Course Road–Farrer Park corridor: one of Singapore’s most genuinely multicultural urban precincts. Little India’s heritage shophouses, mustard-yellow temples, and dense F&B scene are a ten-minute walk south. The Farrer Park precinct encompasses sports facilities, a food centre, and the medical cluster around Connexion. The Tekka Centre wet market and hawker food hall at Zhujiao Centre are within easy reach.
Day-to-day retail and amenities are well-covered. City Square Mall on Kitchener Road is a short walk, providing a full supermarket (Cold Storage), cinema, and mid-range F&B. Mustafa Centre — Singapore’s legendary 24-hour retail destination — is under 800 metres away, offering a breadth of everyday goods and groceries that residents of outlying condominiums simply cannot access on a whim.
The school catchment, while not a primary draw for the typical investor-tenant profile, is surprisingly strong for a central location. LASALLE College of the Arts at 0.42 km is the most distinctive proximity — a major arts and design institution whose students and faculty generate a distinctive creative-community character in the surrounding streets. Farrer Park Primary School is 0.52 km away, and the St Andrew’s cluster — comprising St Andrew’s Secondary School, St Andrew’s Junior College, and St Andrew’s Junior School — sits between 0.85 and 0.89 km from the development.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| LASALLE College of the Arts | tertiary | Within 1 km |
| Farrer Park Primary School | primary | Within 1 km |
| St. Andrew's Secondary School | secondary | Within 1 km |
| St. Andrew's Junior College | jc | Within 1 km |
| St. Andrew's Junior School | primary | Within 1 km |
| St. Margaret's Secondary School | secondary | ~1.0 km |
| CHIJ Our Lady Queen of Peace | primary | ~1.1 km |
| St. Margaret's Primary School | primary | ~1.1 km |
Facilities
A 45-unit boutique condominium completed in 2017 will not rival the resort-scale facilities of a 500-unit development, and 28 RC Suites makes no pretence otherwise. The offering covers the essentials: a swimming pool, gym, and sky garden provide the core amenities that justify the condominium premium for owner-occupiers and satisfy tenant expectations in the investor-grade compact-unit segment.
The 2017 completion date matters here. Unlike older boutique developments where ageing common areas become a drag on rental appeal and resale optics, 28 RC Suites’ facilities are still relatively fresh. The pool and gym remain in good condition, the landscaping is maintained, and the MCST for a 45-unit development operates with the responsiveness and lower administrative overhead that comes with a compact owner base.
Unit Sizes & Layout
28 RC Suites was designed with investor-grade efficiency as the primary brief. Unit layouts are compact, prioritising net-to-gross ratio and rental income over the generous room proportions of earlier Singapore condominium generations. At an average transaction price near S$819,000, the typical unit is a well-configured studio or one-bedroom format — the entry quantum that dominates Singapore’s inner-city rental investor market.
Sysma Properties has a consistent track record of delivering well-finished boutique developments, and 28 RC Suites reflects that. Finishings are modern and functional: the kind of specification that photographs well for listings and holds its appeal across tenant turnovers without requiring significant landlord reinvestment. For an investor whose primary concern is yield maintenance and void minimisation, this is the correct trade-off.
The 45-unit scale creates a quieter communal environment than larger developments. Shared corridors and lifts are seldom congested, and the overall atmosphere skews residential rather than transient — a nuance that matters to some tenants who might otherwise associate compact inner-city condos with high turnover and impersonal management.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 12 | $1,722 | $737,500 |
| 2 BR | 4 | $1,309 | $1,064,500 |
Pricing & Market Position
Based on 16 recorded transactions, sale prices range from $700,000 to $1,220,000, averaging $819,250 (~$1,736 psf).
Rents range from $1,550 to $4,000 per month across 141 rental transactions. Current rental yield sits at approximately 4.5%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 21.1% (from $1,434 to $1,736 psf).
Neighbourhood Comparison
28 RC Suites competes in a well-populated RCR corridor, and the comparison is illuminating. At S$1,736 psf, it sits below every newer or freehold competitor in the immediate area while delivering a yield that none of them match.
Piccadilly Grand (S$2,164 psf, 99yr from 2021, 407 units) is the obvious new-launch benchmark. Buyers paying the S$428 psf premium over 28 RC Suites are purchasing a fresher lease, a much larger facilities offering, and a higher-profile development brand — but at a significantly lower gross yield. For an investor running a yield-first calculation, that premium is difficult to justify against the numbers at 28 RC Suites.
Citylights (S$1,759 psf, 99yr from 2004, 600 units) is the closest PSF peer, but its lease commenced more than a decade earlier. At 22 years old, Citylights’ 99-year tenure is more consumed, its facilities are older, and the development sits in a different price trajectory. 28 RC Suites’ 2017 completion gives it a meaningful lease and physical condition advantage.
City Square Residences (S$1,889 psf, freehold, 910 units) offers the freehold premium at a S$153 psf increment over 28 RC Suites. For buyers with a long hold horizon where freehold status has compound optionality value, this premium makes sense. For investors with a 5–10 year yield-driven horizon, the lease difference between freehold and 90-year remaining is immaterial and the PSF discount at 28 RC Suites improves entry yield.
Kerrisdale (S$1,395 psf, 99yr from 1998, 481 units) presents the sharpest value comparison. The S$341 psf discount to 28 RC Suites is real, but buyers taking that discount are simultaneously accepting a lease that is 27 years consumed, facilities that are a generation older, and a development that will approach the 60-year CPF/LTV threshold meaningfully earlier. 28 RC Suites at S$1,736 psf with 90 years remaining is the demonstrably more sound leasehold purchase for anyone with a hold horizon beyond 2035.
- Piccadilly Grand: S$2,164 psf — 407 units, 99yr from 2021, full facilities. Pay for freshness and scale.
- City Square Residences: S$1,889 psf — 910 units, freehold. Freehold premium, lower yield.
- Sturdee Residences: S$1,999 psf — 305 units, 99yr from 2015. Newer but pricier.
- Citylights: S$1,759 psf — 600 units, 99yr from 2004. PSF peer, older lease vintage.
- Kerrisdale: S$1,395 psf — 481 units, 99yr from 1998. Cheaper PSF, 27yr consumed lease.
- 28 RC Suites: S$1,736 psf — 45 units, 99yr from 2017, 4.45% yield, 300m to NEL.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| 28 RC SUITES | 2017 | 45 | $1,736 | |
| PICCADILLY GRAND | 99 yrs lease commencing from 2021 | 2022 | 407 | $2,167 |
| CITYLIGHTS | 99 yrs lease commencing from 2004 | 2007 | 600 | $1,767 |
| CITY SQUARE RESIDENCES | Freehold | 2009 | 910 | $1,891 |
| STURDEE RESIDENCES | 99 yrs lease commencing from 2015 | — | 305 | $1,999 |
| KERRISDALE | 99 yrs lease commencing from 1998 | 2006 | 481 | $1,395 |
Lease Decay Analysis
The 99-year lease runs from 2017, meaning approximately 9 years have already been consumed. Roughly 90 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~90 years | Full bank financing available |
| 2047 | ~69 years | CPF usage still unrestricted for most buyers |
| 2056 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2076 | ~39 years | Significant financing restrictions for next buyer |
| 2116 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~80 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates 28 RC SUITES across multiple dimensions.
What Residents Say
28 RC Suites’ small size and investor-grade profile mean its online review footprint is modest, but the themes that emerge from listings forums and owner commentary are consistent. Residents cite the MRT proximity as the development’s single most impactful daily advantage — particularly CBD-bound professionals for whom the 300-metre walk to Farrer Park NEL translates into a materially faster and less stressful commute than any comparable leasehold RCR option in the price bracket.
“The walk to Farrer Park MRT is genuinely five minutes. Not ‘five minutes’ in the Singapore property brochure sense — actually five minutes. That has made a bigger difference to daily life than I expected when I bought.”
— Owner-occupier, via property forum
“Rental demand has been very strong. The unit was tenanted within two weeks of listing at above asking. Tenants are professionals working in the CBD or at the Farrer Park hospital cluster. Very low void periods since TOP.”
— Investor-landlord, via online forum
The surrounding Race Course Road neighbourhood draws a distinctive resident profile. The proximity to LASALLE College of the Arts at 0.42 km means a visible creative-community presence in the immediate streets — cafes, design studios, and independent retail that give the area a more characterful texture than generic suburban condo corridors. Long-term residents describe Farrer Park as an address with a genuine sense of place, rooted in its multicultural heritage and reinforced by the medical and arts institutions that anchor the precinct.
Strengths & Weaknesses
- 4.45% gross yield — outstanding for leasehold RCR, sustained by strong inner-city tenant demand
- Farrer Park MRT (NEL) 300m — genuine five-minute walk, no covered linkway dependency
- Three MRT lines within 600m: NEL (Farrer Park + Little India), DTL (Little India + Jalan Besar)
- 90 years remaining on lease — no CPF or LTV restrictions for 15+ years
- Sub-S$1M entry quantum (~S$819K avg) opens broad investor and owner-occupier buyer pool
- LASALLE College of the Arts 420m — creative-community neighbourhood character
- St Andrew's Secondary, JC, and Junior School all within 900m — strong school cluster
- Farrer Park Primary 520m for families balloting P1 proximity
- Boutique 45-unit scale — responsive MCST, quiet corridors, lower admin overhead
- Sysma Properties 2017 build — modern finishings, low maintenance reinvestment required
- City Square Mall and Mustafa Centre within 800m for daily amenities
- Investment score 71/100 — near top of the range for 99yr leasehold RCR
- Compact investor-grade units — limited appeal for families needing 3+ bedrooms
- Only 45 units — secondary market liquidity is narrower than larger developments
- Modest facilities: pool, gym, sky garden only — no tennis court or resort-scale amenities
- Leasehold structural discount vs. freehold peers (City Square Residences, nearby FH stock)
- Race Course Lane can be busy during peak hours — road noise on lower floors
- Boutique development profile limits brand recognition for less-informed buyers
- En-bloc score 39/100 — small site, but RCR boutique developments draw limited collective sale attention
- Yield at 4.45% is strong but below older OCR value plays like Hougang Green (5.0%)
Verdict
28 RC Suites passes the investor stress test cleanly. The 4.45% gross yield on a 99-year leasehold RCR condominium with 300 metres to a NEL station is a combination that the Singapore resale market does not produce in abundance. That yield is not an artefact of depressed pricing or a distressed seller environment — it reflects sustained tenant demand from a catchment that spans CBD professionals, LASALLE students and faculty, healthcare workers from the Farrer Park medical cluster, and the dense residential population of the inner-city corridor.
The lease position is one of 28 RC Suites’ most underappreciated strengths. With 90 years remaining as of 2026, the development sits well clear of every CPF, LTV, and loan-tenure restriction that erodes the buyer pool for older leasehold stock. A buyer purchasing today faces no financing constraints that a freehold buyer does not also face. The leasehold-versus-freehold discount remains meaningful — compare the S$1,736 psf against City Square Residences’ freehold S$1,889 psf — but the lease penalty at this residual tenure is primarily psychological rather than structural.
Against the five comparable developments in the same corridor, 28 RC Suites occupies a clear value position. At S$1,736 psf, it is priced below Piccadilly Grand (S$2,164), Sturdee Residences (S$1,999), and City Square Residences (S$1,889), while offering yield and transit access that the newer-launch premium cannot justify on a cash-flow basis alone. The comparison with Kerrisdale (S$1,395 psf, 99yr from 1998, approximately 27 years old) is instructive: a buyer choosing Kerrisdale at a 20% PSF discount is simultaneously accepting a lease already 27 years consumed and a development approaching the age bracket where facilities and finishings require significant reinvestment.
The case against is narrow but worth stating. At 45 units, secondary market liquidity is limited — there will not always be a ready buyer pool, and an exit can require patience. The compact unit format caps the owner-occupier family market, concentrating resale demand among investors and small-household tenants. And the investment score of 71/100, while strong for leasehold RCR, reflects the leasehold structural discount relative to freehold alternatives.
For the investor who has done the yield arithmetic and the commuter who has counted the steps to Farrer Park station, 28 RC Suites is a property whose core thesis holds together tightly.