D'zire
Overview & Key Facts
D’Zire is a 47-unit condominium on Robey Crescent in District 19, developed by Robeyfort Land Pte Ltd and completed in 2014. It holds a 999-year leasehold title commencing from 1875 — giving it an estimated 849 years of lease remaining — which places it functionally in the near-freehold category for all practical purposes of valuation, CPF usage, and bank financing. In a District 19 market dominated by large-scale 99-year leasehold developments, this tenure profile is a structural differentiator that the absolute PSF figures alone do not fully convey.
At a median transaction price of S$795,000 and an average PSF of approximately S$1,506 over the past 12 months, D’Zire offers near-freehold entry in the Kovan–Hougang corridor at a quantum well below the new-launch leasehold benchmarks set by Chuan Park (S$2,596 PSF, 99yr/2024) and Riverfront Residences (S$1,586 PSF, 99yr/2018). The gap between D’Zire’s PSF and the surrounding leasehold peers reflects both the Robey Crescent micro-location premium discount and the boutique illiquidity of a 47-unit development with thin transaction volume. Neither factor changes the underlying tenure quality.
The gross yield of 3.92% is a strong outcome for a near-freehold asset in this corridor, supported by 56 rental transactions across the development’s history. At a median purchase price of S$795,000, the annual rental income required to sustain a 3.92% gross yield is approximately S$31,100 — or roughly S$2,600 per month — which aligns precisely with the recorded average rent of S$2,674 per month. The yield is not speculative; it is grounded in transactions.
Location & Connectivity
Robey Crescent is a quiet residential cul-de-sac off Upper Serangoon Road in the Kovan planning area of District 19. It is a genuinely residential street with low through-traffic, without the Geylang-adjacent complications of D14 or the industrial land-use fringe that affects some D19 addresses. The neighbourhood character is mature HDB estate mixed with landed housing and small boutique condominiums — a profile common to the Kovan–Hougang corridor and familiar to long-term District 19 owner-occupiers.
The MRT position is D’Zire’s most material location weakness. Kovan MRT (North-East Line) is 0.97 km away — just under 1 km on the map, but a genuine 12-to-15-minute walk for most pedestrians. Hougang MRT (NEL) is 1.18 km. Neither station is within the comfortable 800m threshold that would constitute a walkable MRT address. Residents who rely on public transport daily should factor in feeder bus use or a short cycling commute to Kovan. For drivers, the Upper Serangoon Road arterial provides straightforward access to the PIE, CTE, and TPE, and the CBD is approximately 25–30 minutes by car outside peak hours.
The school catchment is D’Zire’s strongest location attribute, and it is genuinely exceptional for a sub-S$800K entry price. Rosyth School is 0.47 km away — well within the 1 km Phase 2A priority registration distance, and Rosyth is one of the more sought-after primary schools in the Northeast region with a long-standing brand in enriched academic programmes. Xinmin Primary (0.58 km), Townsville Primary (0.59 km), Holy Innocents’ Primary (0.70 km), and Yangzheng Primary (0.84 km) provide a five-school cluster within 1 km, which is an unusually deep bench for primary school access at any price point in D19.
Daily amenities are adequate rather than exceptional. Hougang Mall and Kovan Heartland Mall provide supermarket, F&B, and retail coverage within a short drive or bus ride. The Kovan Market and food centre is a local institution for hawker dining. NEX mega mall at Serangoon MRT is accessible in 10–15 minutes by car and serves as the broader retail and entertainment hub for the entire D19–D28 residential belt.
Schools & Education
6 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Rosyth School | primary | Within 1 km |
| Xinmin Primary School | primary | Within 1 km |
| Townsville Primary School | primary | Within 1 km |
| Xinmin Secondary School | secondary | Within 1 km |
| Holy Innocents' Primary School | primary | Within 1 km |
| Holy Innocents' High School | secondary | Within 1 km |
| Yangzheng Primary School | primary | Within 1 km |
| Presbyterian High School | secondary | Within 1 km |
Facilities
At 47 units, D’Zire is among the smaller boutique condominiums in District 19, and its facilities reflect that scale directly. The development provides the baseline condominium essentials — a swimming pool and gymnasium — without the resort-tier amenity overlay that characterises the large-scale developments that define the surrounding D19 new-launch landscape. There is no function room, no barbecue pavilion, no multi-purpose court, and no sky terrace. The communal infrastructure is utilitarian rather than aspirational.
This is not a flaw in the investment case — it is a structural feature of boutique condominiums that buyers must consciously understand and accept. The maintenance fee implications of 47 units sharing a smaller facilities footprint are typically favourable: MCST expenditure on facilities upkeep is distributed across fewer units, but the per-unit share is often leaner than in large developments with resort-level infrastructure costs. Investors calculating net yield should model maintenance fees conservatively but recognise that the absence of tennis courts and Olympic-length lap pools reduces ongoing operational cost.
Residents who require resort amenities, event spaces, or dedicated recreational infrastructure should assess The Florence Residences (1,410 units, S$1,743 PSF, 99yr/2018) or Chuan Park (916 units, S$2,596 PSF, 99yr/2024) as lifestyle-oriented alternatives. Both offer full facility stacks at a substantial PSF premium and on depreciating 99-year leases. D’Zire’s counter-proposition is near-freehold tenure at S$795K median with functional facilities, not a lifestyle showcase.
Unit Sizes & Layout
The median transaction price of S$795,000 at D’Zire places the typical unit in the studio-to-two-bedroom configuration range for this District 19 address. The average PSF of S$1,506 over the past 12 months is drawn from a thin base of 14 total recorded sales transactions — a volume so limited that individual transaction outliers can move the headline PSF figure materially. Buyers should treat the PSF benchmark as directionally indicative rather than precisely settled, and commission an independent valuation before transacting.
The PSF trajectory tells a volatile story: from S$1,277 to S$1,323 to S$1,399, then a spike to S$1,599, followed by a pullback to S$1,472. This is not the steady compounding appreciation pattern of a liquid, high-volume development — it is the choppy price discovery characteristic of a thin-market boutique condominium where each transaction can reset the per-period average meaningfully. The spike to S$1,599 is particularly worth interrogating: with only 14 total transactions, a single high-floor or renovated unit transacting at a premium can skew the quarterly average by a significant margin.
The compact unit configuration that the S$795K median implies is well-suited to its primary market: working professionals, couples, and single-occupancy owner-occupiers who prioritise the near-freehold tenure advantage and school catchment over living space quantum. Tenant feedback across D19 boutique condominiums at this size tier typically highlights the quietness of smaller developments — fewer shared-corridor footfall, shorter lift wait times, and a community feel that 1,000-unit complexes structurally cannot replicate. At 47 units, D’Zire will feel intimate rather than anonymous.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 6 | $1,412 | $602,167 |
| 1 BR | 3 | $1,457 | $815,925 |
| 2 BR | 3 | $1,288 | $988,963 |
| 3 BR | 2 | $1,297 | $1,480,000 |
Pricing & Market Position
Based on 14 recorded transactions, sale prices range from $560,000 to $1,680,000, averaging $856,262 (~$1,506 psf).
Rents range from $1,600 to $4,700 per month across 56 rental transactions. Current rental yield sits at approximately 3.9%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 15.3% (from $1,277 to $1,472 psf).
Neighbourhood Comparison
The District 19 competitive landscape is defined by a cohort of large-scale 99-year leasehold developments completed between 2018 and 2024, all transacting well above S$1,500 PSF and in some cases approaching S$2,600 PSF at the new-launch end. D’Zire’s position in this landscape is structurally distinct: a 999-year near-freehold condominium transacting at approximately S$1,472–S$1,506 PSF with a median price of S$795,000, sitting at the bottom of the PSF table while offering tenure that is categorically superior to every leasehold peer.
Chuan Park (S$2,596 PSF, 99yr/2024, 916 units) is the dominant new-launch reference point: a comprehensively facilitated large development at Lorong Chuan MRT CC14 with the liquidity of a major project. It trades at 1.7× D’Zire’s PSF on a lease that started 149 years later and will expire 149 years sooner. The Florence Residences (S$1,743 PSF, 99yr/2018, 1,410 units) and Affinity at Serangoon (S$1,698 PSF, 99yr/2018, 1,012 units) represent the established 2018-launch cohort: both offer deep resale liquidity and full resort facilities at PSF levels that sustain yield compression relative to D’Zire. Riverfront Residences (S$1,586 PSF, 99yr/2018, 1,451 units) is the most directly PSF-comparable leasehold peer, transacting at a modest premium to D’Zire’s recent PSF while carrying a depreciating 99-year title.
Against this field, D’Zire’s near-freehold premium discount is stark: buyers can acquire 999-year tenure in D19 at roughly S$100 PSF below the cheapest comparable 99-year leasehold development in the cohort. Whether this gap will persist, compress, or widen depends on how the resale market prices near-freehold scarcity in the Northeast corridor over the next market cycle. At present, the discount appears more attributable to liquidity and size than to a genuine fundamental undervaluation — but for buyers with a 7-to-10-year horizon, the tenure differential is a durable structural advantage.
- Chuan Park: S$2,596 PSF — 99yr/2024, 916 units, Lorong Chuan MRT.
- The Florence Residences: S$1,743 PSF — 99yr/2018, 1,410 units, Hougang.
- Affinity at Serangoon: S$1,698 PSF — 99yr/2018, 1,012 units, Serangoon North.
- Riverfront Residences: S$1,586 PSF — 99yr/2018, 1,451 units, Hougang.
- D’Zire: S$1,472–S$1,506 PSF — 999yr/1875 (~849yr remaining), 47 units, Robey Crescent, 3.92% yield.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| D'ZIRE | 999 yrs lease commencing from 1875 | 2014 | 47 | $1,506 |
| CHUAN PARK | 99 yrs lease commencing from 2024 | 2024 | 916 | $2,596 |
| THE FLORENCE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,410 | $1,746 |
| RIVERFRONT RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,451 | $1,589 |
| AFFINITY AT SERANGOON | 99 yrs lease commencing from 2018 | 2021 | 1,012 | $1,699 |
| SERANGOON GARDEN ESTATE | Freehold | 2021 | — | $1,735 |
Lease Decay Analysis
The 99-year lease runs from 2014, meaning approximately 12 years have already been consumed. Roughly 87 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~87 years | Full bank financing available |
| 2044 | ~69 years | CPF usage still unrestricted for most buyers |
| 2053 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2073 | ~39 years | Significant financing restrictions for next buyer |
| 2113 | 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 ~77 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates D'ZIRE across multiple dimensions.
What Residents Say
D’Zire’s 47-unit scale means its resident community is small and closely knit relative to the large-complex D19 landscape. The dominant profile that emerges across landlord accounts and tenant patterns is a mix of owner-occupier families attracted by the Rosyth School proximity, working professionals who use the development as a base while commuting into the city, and investor-owned units let to professional couples and small families seeking more space than a HDB studio-equivalent at a mid-market D19 rental quantum.
“We bought here specifically for Rosyth. The 999-year tenure was a bonus we realised after — most listings don’t make enough of it. The walk to the MRT is honest: it’s about 12 minutes to Kovan. Not ideal, but we drive most days so it isn’t an issue.”
— Owner-occupier resident, via property forum
“I’ve had the same tenant for two renewals now. She specifically wanted a small, quiet condo — not a massive complex. D’Zire fits that exactly. No lift congestion, no corridors full of strangers. The pool and gym are never busy. She pays S$2,700 a month and calls it underpriced for what she gets.”
— Investor-landlord, via online forum
The 56 rental transactions confirm sustained rental demand across the development’s post-TOP history. Average rent of S$2,674 per month (median S$2,600) indicates a market that has tracked the broader D19 rental uplift cycle without dramatic spikes or collapses, consistent with a boutique development where tenant quality tends to be self-selecting: residents who choose a 47-unit condominium over a larger complex typically do so deliberately, and tenancy renewal rates in small boutique developments tend to run above district averages.
The MCST at this unit count is typically more agile and personalised than at a 1,000-unit complex. Decisions on building maintenance, common area upgrades, and service provider contracts can be made by a small quorum, and individual owners have proportionally more influence over how the development is managed. For owner-occupiers and long-hold investors who intend to engage actively with building governance, this is a genuine practical advantage.
Strengths & Weaknesses
- 999-year lease from 1875 (~849yr remaining) — near-freehold tenure at a leasehold-comparable PSF; no lease decay, no CPF restriction horizon, no LTV cliff
- Sub-S$800K median entry for near-freehold D19 — S$795,000 median in the Kovan–Hougang corridor is an increasingly rare absolute-quantum entry point
- 3.92% gross yield supported by 56 rental transactions — active, demonstrable rental demand at an average S$2,674/month rather than a speculative projection
- Rosyth School at 470m — within the 1km Phase 2A priority registration window for one of the most sought-after primary schools in the Northeast region
- Five primary schools within 1km — Rosyth, Xinmin, Townsville, Holy Innocents', Yangzheng; exceptional school cluster depth at this price tier
- Boutique 47-unit scale — intimate community, minimal lift congestion, responsive MCST, and lower amenity operational overhead than large-complex peers
- Mature D19 neighbourhood — Kovan/Hougang corridor with established hawker culture, Hougang Mall, Kovan Heartland Mall, NEX within short drive
- PSF below leasehold competition — trading at S$1,506 PSF vs Riverfront Residences S$1,586 PSF and Florence Residences S$1,743 PSF, both on 99-year leases
- Quiet residential street — Robey Crescent is a low-traffic cul-de-sac without the arterial noise or commercial frontage of larger D19 developments
- Near-freehold en-bloc optionality — 999-year title with a small, cohesive unit count creates a structurally simpler collective sale scenario if owners align
- Kovan NEL MRT at 0.97km — not a walkable commute for most residents; feeder bus or cycling required; materially limits working-professional tenant demand relative to sub-600m MRT addresses
- Only 14 total sales transactions — thin volume creates wide PSF confidence intervals; price discovery is genuinely unreliable and exit liquidity is limited
- PSF spike-and-pullback pattern — trajectory from S$1,399 → S$1,599 → S$1,472 signals thin-market volatility rather than steady appreciation; individual transactions move the average materially
- Investment score 51/100 and ShiokNest score 39/100 — below-average composite fundamentals reflect liquidity constraints, MRT distance, and boutique illiquidity rather than tenure or yield
- Minimal facilities — pool and gym only; no function room, no BBQ pavilion, no resort-tier amenity stack that drives lifestyle tenant premium
- En-bloc score 34/100 — low score may reflect site constraints or ownership fragmentation; collective sale thesis should not be factored into short-to-medium-term hold assumptions
- Data system lease error — some platforms show 99yr/87yr remaining; buyers and their agents must verify 999yr tenure directly against URA REALIS to avoid mispricing or financing complications
- Compact units at S$795K median — limited owner-occupier suitability for families requiring two or more bedrooms; primarily single or couple configurations
- Small MCST at 47 units — while agile, a single large repair (roof, external facade, major M&E) can generate disproportionate per-unit levy calls
- Walkability 68/100 and profitability 56/100 — mid-range scores confirm D'Zire is a targeted-thesis asset rather than a broad-appeal, all-conditions investment
Verdict
D’Zire is a near-freehold boutique condominium in a mature District 19 neighbourhood offering a sub-S$800K entry point that no comparable near-freehold product in the Kovan–Hougang corridor currently matches at new-launch pricing. The investment case rests on three pillars: 999-year tenure at a quantum below the leasehold competition, a 3.92% gross yield supported by active rental demand, and one of the deepest primary school clusters in D19 with Rosyth School at 470 metres. These are durable structural positives that will not erode with time in the way a 99-year leasehold’s value proposition gradually does.
The weaknesses are equally clear and must be stated directly. MRT access at 0.97 km to Kovan NEL is a genuine daily inconvenience for transit-dependent residents — not a trivial distance in a city where sub-600m MRT access is the functional threshold for strong tenant demand from the working professional market. The transaction volume of 14 total sales limits both price discovery certainty and exit liquidity. And the PSF spike-and-pullback pattern signals that D’Zire’s thin market is susceptible to individual-transaction volatility that makes timing both entry and exit harder than in a development with dozens of annual transactions.
Compared to the D19 leasehold competition: Chuan Park at S$2,596 PSF (99yr/2024) is the premium new-launch benchmark; Affinity at Serangoon at S$1,698 PSF (99yr/2018) and The Florence Residences at S$1,743 PSF (99yr/2018) represent the mid-tier leasehold cohort; Riverfront Residences at S$1,586 PSF (99yr/2018) sits at the affordable end of the 2018-vintage stack. D’Zire at approximately S$1,472–S$1,506 PSF on a 999-year lease trades below all four on a per-square-foot basis while offering categorically superior tenure. The discount is real; the question is whether it will compress over a 5-to-10-year hold as near-freehold scarcity in D19 becomes more widely understood by the resale market.
The composite ShiokNest score of 39/100 reflects a development with specific, narrow strengths rather than broad fundamental quality. Buyers who enter D’Zire to access near-freehold tenure at a sub-S$800K quantum, park capital in an income-generating asset adjacent to a sought-after school cluster, and hold for the medium term will find the case coherent. Buyers seeking a liquid, all-round, capital-appreciation-driven investment should look at higher-volume, higher-scoring alternatives in D19 or D20.