Calarasi
Overview & Key Facts
Calarasi is a compact freehold condominium on Kim Keat Lane in District 12 — a quiet residential address tucked between the established heartland corridors of Toa Payoh and Boon Keng. Developed by Green Aces Development Pte Ltd and completed in 2004, the development comprises 99 freehold units across a modestly scaled site, offering the rare combination of freehold tenure and a central-fringe address at a price point that sits well below the newer launches crowding the same sub-market.
The development occupies a relatively quiet lane off Toa Payoh, insulated from the arterial road noise that affects many D12 condos. With just 99 units, the atmosphere is distinctly boutique and low-profile — residents frequently describe a tight-knit, settled community with little of the transience associated with larger developments. The owner-to-tenant mix leans heavily toward long-term renters, evidenced by 87 rental transactions against only 6 resale deals in the transaction record: a ratio that speaks to strong leasing demand rather than speculative flipping.
District 12 straddles the boundary between the Rest of Central Region and the city fringe — close enough to the CBD and medical corridor along Novena to command genuine convenience premium, yet priced at a meaningful discount to the glass-and-steel towers of nearby Thomson and Novena. At around S$1,508 psf on a freehold title, Calarasi occupies a value niche that has proven durable: the PSF trajectory from S$1,141 in 2020 to S$1,490 in 2024 reflects steady appreciation that outpaced many leasehold neighbours without the volatility of high-profile new launches.
Location & Connectivity
Kim Keat Lane sits in the quieter northern fringe of District 12, flanked by the Toa Payoh and Boon Keng neighbourhoods. The nearest MRT is Boon Keng on the North-East Line at approximately 950 metres — a walk that is possible on a cool morning but sits at the uncomfortable outer edge of walkability for most commuters in Singapore’s humidity. Practically speaking, residents tend to cycle, take a feeder bus, or drive to Boon Keng or Novena rather than relying on foot travel. Novena MRT (North-South Line) is 1.23 km away, and Farrer Park (North-East Line) is 1.27 km — putting Calarasi within reasonable striking distance of two MRT lines, even if none of the stations is an easy stroll.
For drivers, the location is considerably more compelling. The Central Expressway (CTE) is accessible via Toa Payoh or Moulmein Road, and Orchard Road is reachable in under 15 minutes in off-peak conditions. The CBD is roughly 12–15 minutes by car. Novena and Balestier, both within a 10-minute drive, provide dense clusters of F&B, wet markets, hardware shops, and the extensive medical corridor along Thomson Road — one of the most walkable medical belts in Singapore outside of the main SGH campus.
Daily errands are well served by the Kim Keat area’s proximity to Toa Payoh Hub and the Toa Payoh Town Centre, roughly 1.5 km away and reachable by a single bus. Closer to home, the Boon Keng MRT precinct has a hawker centre, a wet market at Bendemeer, and a cluster of neighbourhood provisions along Lor 1 Toa Payoh. The Balestier Road shophouse belt — with its famous roti prata, bakeries, and roast meat stalls — is under 10 minutes by car and is a genuine residential draw for food-oriented buyers.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| CHIJ Our Lady Queen of Peace | primary | Within 1 km |
| Beatty Secondary School | secondary | Within 1 km |
| School of Science and Technology | jc | Within 1 km |
| Bendemeer Primary School | primary | Within 1 km |
| CHIJ Secondary (Toa Payoh) | secondary | ~1.0 km |
| Bendemeer Secondary School | secondary | ~1.1 km |
| Balestier Hill Primary School | primary | ~1.2 km |
| Farrer Park Primary School | primary | ~1.2 km |
Facilities
At 99 units completed in 2004, Calarasi offers the standard mid-size condominium amenity package of its era: a swimming pool, gymnasium, BBQ pavilions, and landscaped communal areas. The facilities are functional rather than expansive — in keeping with the development’s boutique positioning, there is no multi-function hall, tennis court, or resort-style waterscape. What the development does deliver is well-maintained, uncrowded access to core facilities. With fewer than 100 units sharing the pool and gym, wait times and booking conflicts are minimal — a real advantage over the mega-developments in the area where pool lanes and gym equipment require advance planning on weekends.
“The pool is never crowded. I’ve lived here three years and I’ve never once had to wait for a lane. That alone is worth more than a fancy waterfall in a 600-unit development.”
— Long-term resident, via PropertyGuru
The trade-off is honest: buyers who prioritise facilities breadth — tennis courts, function rooms, concierge, multiple pools — will find Calarasi modest by comparison. For residents who simply want reliable access to the basics in a peaceful setting, the 99-unit scale is a feature, not a limitation. Maintenance fees benefit from the small unit count keeping the MCST’s management overhead contained, though the per-unit share of pool and lift maintenance means fees are not unusually low.
Pricing & Market Position
Based on 6 recorded transactions, sale prices range from $1,400,000 to $1,828,000, averaging $1,668,833 (~$1,508 psf).
Rents range from $2,100 to $5,100 per month across 87 rental transactions. Current rental yield sits at approximately 2.6%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 30.6% (from $1,141 to $1,490 psf).
Neighbourhood Comparison
The most instructive comparison is against Verticus, the other freehold option in the immediate competitive set at S$2,122 psf. Verticus is newer (162 units, modern fitout), offers better facilities depth, and is closer to Boon Keng MRT — but at a 29% psf premium on the same freehold title. For buyers who place a strong premium on modernity and facilities, that premium is defensible. For buyers primarily buying the freehold land in D12 RCR and are comfortable renovating, Calarasi offers essentially the same geographic and tenure thesis at a steep discount. Trevista (S$1,698 psf, 99 years, 590 units) is cheaper in absolute price but leasehold and significantly larger, trading away freehold security and boutique quiet for a more amenity-rich, community-oriented environment. GEM Residences (S$1,833 psf, 99 years) and The Orie (S$2,730 psf, 99 years) round out the leasehold tier, both commanding notable premiums over Calarasi despite the leasehold tenure.
The honest positioning is this: Calarasi is not competing with Verticus or The Orie on lifestyle or amenity. It is competing on the proposition of freehold ownership in a central-fringe district at below-market psf — a niche with a specific but loyal buyer profile. Buyers who have ruled out leasehold, want D12 or better, and cannot or will not stretch to Verticus or Novena pricing will consistently arrive at Calarasi as the logical landing point. The risk is liquidity: with only 6 resale transactions on record, the exit market is thin, and buyers should plan for a longer hold than they might in a more actively traded development.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| CALARASI | Freehold | 2004 | 99 | $1,508 |
| THE ORIE | 99 yrs lease commencing from 2024 | 2025 | 52 | $2,730 |
| EIGHT RIVERSUITES | 99 yrs lease commencing from 2011 | 2016 | 843 | $1,644 |
| GEM RESIDENCES | 99 yrs lease commencing from 2015 | — | 578 | $1,833 |
| TREVISTA | 99 yrs lease commencing from 2008 | — | 590 | $1,698 |
| VERTICUS | Freehold | 2021 | 162 | $2,122 |
ShiokNest Scores
Our proprietary scoring system evaluates CALARASI across multiple dimensions.
What Residents Say
“Very quiet and peaceful even though we’re not far from the main roads. The building is well-maintained for its age and the neighbours are mostly long-term residents — everyone knows each other. You don’t get that in a 500-unit development.”
— Owner-occupier, via EdgeProp
“The location is decent for getting to Novena and the CBD by car, but if you don’t drive or own a bicycle you will feel a bit cut off. The bus stop is a 5-minute walk but the frequency isn’t great at night. Boon Keng MRT is manageable but it’s not a short walk.”
— Tenant review, via PropertyGuru
“Freehold in D12 at this price, decent-sized rooms, and you can actually find parking. What more do you want? The facilities are basic but I didn’t buy here for a water slide. I bought for the title and the location, and both deliver.”
— Investor-owner, via 99.co
The pattern across review platforms is consistent: residents who are car-owning, tenure-conscious, or value-oriented report high satisfaction. The most frequent qualifications concern MRT access — walkability to Boon Keng is possible but not comfortable — and facilities breadth, with the small-development pool-and-gym package drawing occasional comparisons to the more lavish amenity decks of newer competitors. Importantly, no reviewers flag management or maintenance issues, which for a 20-year-old development is a meaningful positive signal.
Strengths & Weaknesses
- Freehold tenure in D12 RCR — rare at this price point
- S$1,508 psf: 29% discount to Verticus (also freehold) in the same sub-market
- Strong rental demand — 87 rental transactions vs only 6 resale sales
- Boutique 99-unit scale: uncrowded pool, gym, and amenities
- Quiet Kim Keat Lane address insulated from arterial road noise
- Spacious 2004-era unit layouts vs compressed new-build floor plates
- Within 10-minute drive of Tan Tock Seng and Novena medical corridor
- Two MRT lines within 1.3 km (NEL at Boon Keng/Farrer Park, NSL at Novena)
- Steady 5-year PSF appreciation: +31% from S$1,141 (2020) to S$1,490 (2024)
- En-bloc potential (52/100) on freehold D12 site — upside optionality
- No MRT within walkable distance — Boon Keng NEL is 950m (15+ min walk)
- Basic facilities package: pool and gym only, no tennis court or function rooms
- Only 6 resale transactions on record — thin exit liquidity
- 2004 vintage: interiors require renovation budget to meet modern standards
- Gross yield 2.64% — modest for investors prioritising cash flow
- Small unit count means less MCST bargaining power for contractor rates
- No on-site retail, F&B, or childcare within the compound
- Limited parking guest bays typical of smaller developments
Verdict
Calarasi is one of the cleaner freehold value propositions in the D12 RCR market for buyers who are honest about their priorities. At around S$1,508 psf on a freehold title, it sits 29% below Verticus (S$2,122 psf, also freehold) and at roughly half the psf of newer launches like The Orie (S$2,730 psf, 99-year). For a buyer who is not MRT-dependent, wants genuine freehold land ownership in a central-fringe location, and is comfortable with a 2004-vintage development, the discount is difficult to justify ignoring purely on the basis of age.
The rental demand profile is striking: 87 rental transactions against 6 resale deals suggests a development where tenants consistently choose to stay or re-lease rather than owners choosing to sell. The 2.64% gross yield is modest in absolute terms but reflects a stable, demand-driven rental base rather than speculative yield chasing — the Boon Keng and Novena corridors attract a steady stream of medical professionals, expats tied to the Tan Tock Seng hospital cluster, and young professionals who want a central-ish address without CBD rents. For investors, this rental depth provides a floor on vacancy risk that smaller D12 developments cannot always claim.
The en-bloc potential at 52/100 is worth noting without overstating. A 99-unit freehold site on Kim Keat Lane carries genuine redevelopment economics if the market conditions align — the land size, tenure, and D12 proximity create the building blocks of a credible collective sale story. But en-bloc timelines are notoriously unpredictable, and buyers should treat it as a possible upside rather than a thesis. Own-stay buyers benefit from freehold tenure regardless of whether en-bloc ever materialises; investors should value it as a free option, not a business plan.