Iresidences
Overview & Key Facts
iResidences is a small, freehold boutique development tucked along Irrawaddy Road in District 12 — a short walk from Novena MRT and within the wider Novena-Thomson medical and residential belt. With just 70 units, it sits firmly in the boutique end of the private condo spectrum, where scale is traded for exclusivity, lower density, and a more intimate living environment.
The development occupies a compact footprint in what is effectively the fringe of the Core Central Region. Buyers in this pocket are typically paying for three things: freehold tenure, proximity to the Novena medical hub and Orchard shopping belt, and the relative quiet of a residential side road that is still minutes from major arteries. iResidences delivers on the first two decisively; the third depends heavily on stack selection.
Transaction data tells the story of a thinly-traded but well-priced asset. Over the past 12 months, average PSF has printed around S$1,970, with 13 total sale transactions on record — a low turnover that reflects both the small unit count and owners who tend to hold. Rental demand, by contrast, is notably active: 112 rental contracts tracked, with median rents clearing S$4,500 per month and a gross yield around 2.6%.
Location & Connectivity
Location is iResidences’ strongest card. Novena MRT (North-South Line) is roughly 580 metres away — a genuine 7 to 8-minute walk, not the “technically walkable” 15-minute stretch that many developments in the area claim. Toa Payoh MRT sits about 840 metres in the other direction, and the future Mount Pleasant MRT on the Thomson-East Coast Line will add a third station within 1.2 km once the TEL extension matures.
For drivers, the PIE and CTE are both within minutes. Orchard Road is 10 to 12 minutes off-peak; the CBD and Marina Bay are reachable in around 15 to 18 minutes by car. Paya Lebar, Tampines, and the eastern employment cluster take longer due to the cross-island crawl, but nothing in the central catchment is out of comfortable reach.
Day-to-day amenities are well-covered. United Square and Novena Square (Velocity @ Novena Square) are the closest malls, both under a kilometre on foot, with a FairPrice Finest, eateries, and a cinema at Square 2. The Novena medical cluster — including Mount Elizabeth Novena, Tan Tock Seng Hospital, and a dense cluster of specialist clinics — is a defining neighbourhood feature and directly supports the area’s strong rental demand from medical professionals and patient families.
The surrounding residential context along Irrawaddy, Thomson, and Moulmein roads is a mix of older low-rise condos, walk-up apartments, and a scattering of landed. The immediate street is quiet, but Thomson Road carries real traffic — units on higher floors facing Thomson will hear it. Units oriented inward or toward the landed pockets behind are the quieter picks.
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 |
| New Town Primary School | primary | Within 1 km |
| Beatty Secondary School | secondary | Within 1 km |
| St. Joseph's Institution | secondary | ~1.0 km |
| CHIJ Secondary (Toa Payoh) | secondary | ~1.1 km |
| School of Science and Technology | jc | ~1.1 km |
| St. Margaret's Secondary School | secondary | ~1.4 km |
| St. Margaret's Primary School | primary | ~1.4 km |
Facilities
At 70 units, iResidences offers a boutique-scale amenity set rather than the sprawling clubhouse-and-three-pools formula of mega-developments. Expect the essentials executed cleanly: a lap pool, a gym, a children’s pool, BBQ pavilion, and landscaped common areas. There is no badminton dome, no tennis court, no onsen spa — this is not that kind of development, and buyers drawn to iResidences typically aren’t looking for one.
The trade-off is positive on two dimensions: low crowding (facilities are rarely oversubscribed at this unit count), and lower maintenance fees than facility-heavy mega-condos. For working professionals, couples, and small families who use a condo’s pool and gym a few times a week rather than treating the compound as a resort, this is arguably the better configuration.
The downside is the absence of “destination” amenities that keep children occupied on weekends or impress visiting family — a real factor for buyers with young kids. Families weighing iResidences against a mid-sized or larger development in the same district (such as Gem Residences or Eight Riversuites) will feel the facilities gap most acutely.
Unit Sizes & Layout
iResidences’ unit mix skews toward compact 1-bedroom and 2-bedroom configurations typical of boutique developments targeting singles, couples, and investor-tenant buyers. Layouts are efficient rather than generous — which is reasonable given the location premium and the tenant-rental focus that many owners adopt. Expect usable, rectangular floor plates with limited wasted circulation space.
Orientation matters more than usual here. Stacks facing Thomson Road on higher floors capture skyline views but pay in traffic noise; stacks facing the inner landed pockets offer quieter, low-rise outlooks that are unlikely to be obstructed given surrounding plot ratios. For own-stay buyers prioritising tranquillity, the interior-facing stacks are clearly the better pick.
Interior finishing reflects the development’s positioning: functional, neutral, and ready for tenant occupancy without major rework. Own-stay buyers who want designer fittings should budget for a kitchen-and-bathroom refresh; investors renting to medical or corporate tenants can typically operate the unit as-is with minor touch-ups.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 3 BR | 12 | $1,668 | $1,978,167 |
| 5 BR | 1 | $1,193 | $4,470,000 |
Pricing & Market Position
Based on 13 recorded transactions, sale prices range from $1,520,000 to $4,470,000, averaging $2,169,846 (~$1,970 psf).
Rents range from $2,900 to $10,000 per month across 113 rental transactions. Current rental yield sits at approximately 2.6%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 23.9% (from $1,477 to $1,829 psf).
Neighbourhood Comparison
Within District 12, iResidences competes across two dimensions: freehold versus leasehold, and boutique versus mega-development. Against The Orie (new launch, 99-year from 2024, ~S$2,730 psf), iResidences offers freehold tenure at roughly 30% lower PSF — a compelling value trade for buyers who don’t need the newness premium. Against Verticus (freehold, ~S$2,122 psf, 162 units), the two developments are peer freehold boutiques; Verticus trades at a modest PSF premium for a newer build and slightly larger unit count.
Against mid-sized leasehold comparables — Gem Residences (~S$1,832 psf, 578 units) and Trevista (~S$1,698 psf, 590 units) — iResidences trades at a noticeable PSF premium. The premium is the price of freehold and Novena-adjacent walkability; whether it is worth paying depends on holding horizon. Buyers planning to hold 15-plus years, pass to children, or retain optionality for en-bloc upside generally come out ahead on the freehold side. Short-horizon buyers may find better entry economics in the leasehold alternatives.
On a yield basis, iResidences’ ~2.6% gross return is competitive within the freehold D12 set, supported by sturdy Novena medical-cluster rental demand. Leasehold comparables in the same district typically clock slightly higher gross yields due to lower entry PSF — but part of that yield premium is compensation for lease decay, not free alpha.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| IRESIDENCES | Freehold | — | 70 | $1,970 |
| THE ORIE | 99 yrs lease commencing from 2024 | 2025 | 52 | $2,730 |
| EIGHT RIVERSUITES | 99 yrs lease commencing from 2011 | 2016 | 843 | $1,643 |
| GEM RESIDENCES | 99 yrs lease commencing from 2015 | — | 578 | $1,838 |
| TREVISTA | 99 yrs lease commencing from 2008 | — | 590 | $1,702 |
| VERTICUS | Freehold | 2021 | 162 | $2,122 |
ShiokNest Scores
Our proprietary scoring system evaluates IRESIDENCES across multiple dimensions.
What Residents Say
Resident sentiment across property portals clusters around a consistent narrative: quiet street, convenient MRT walk, responsive management given the small scale, and a tenant-friendly location that makes leasing straightforward. Owners who bought for own-stay typically cite the Novena MRT walk and freehold tenure as the decisive factors; investors highlight the reliable tenant pipeline from the medical and corporate rental market.
“Small development, easy to manage, and the walk to Novena MRT is genuinely under 10 minutes. Facilities are basic but clean and rarely crowded — which is actually what we wanted.”
— Paraphrased resident sentiment via PropertyGuru listings
Common criticisms are predictable for a boutique development: limited amenity range, some traffic noise on Thomson-facing stacks, and the absence of in-compound retail that mega-developments offer. None of these are deal-breakers for the target buyer, but they are worth weighing honestly against larger alternatives.
Strengths & Weaknesses
- Freehold tenure — no lease decay, full bank financing forever
- Walkable to Novena MRT (~580m, under 10 minutes)
- Strong rental demand from Novena medical cluster
- Boutique scale (70 units) — low crowding, responsive management
- Fair PSF vs new launches (~30% discount to The Orie)
- Proximity to Mount Elizabeth Novena & Tan Tock Seng Hospital
- United Square & Velocity @ Novena Square within walking distance
- Quiet Irrawaddy Road address, away from Thomson traffic on interior stacks
- Future Mount Pleasant MRT (TEL) adds a third station within 1.2 km
- Low floor-plate count — quicker lift access, less queueing
- Thin resale liquidity — only ~13 sale transactions per year
- Limited facilities vs mid-sized condos (no tennis, no clubhouse)
- PSF premium over leasehold D12 alternatives (Gem, Trevista)
- Thomson-facing stacks exposed to arterial road noise
- Compact unit layouts — less generous than older 99-year stock
- Gross yield (~2.6%) moderate vs leasehold comparables
- Smaller amenity catalogue for families with young children
- No in-compound retail (vs mega-developments)
Verdict
iResidences is a specific product for a specific buyer. If you are a professional, couple, or small investor looking for a freehold unit walking distance to Novena MRT, with a compact but well-managed amenity set, on a reasonably quiet street, at a PSF that is materially below the latest new launches in District 12 — this development makes a lot of sense. The ~2.6% gross yield is moderate but in line with CCR-fringe freehold norms, and the tenant pipeline from the medical cluster is one of the most resilient in Singapore.
The trade-off is scale and amenity breadth. At 70 units, you are not buying a resort, and resale liquidity is thinner — 13 transactions in 12 months means you may wait for the right buyer when you exit. If you need a big facility catalogue for children, or prefer the deeper resale market of a 500-plus-unit development, The Orie, Gem Residences, or Eight Riversuites are closer fits despite their leasehold tenure.
For pure investment calculus, the freehold tenure is the anchor. Unlike the 99-year leasehold comparables, iResidences does not face lease-decay headwinds in the 2040s and beyond — which meaningfully widens the pool of future buyers (bank financing stays full, CPF usage remains flexible, en-bloc optionality persists). At current PSF in the high S$1,900s, you are paying fair freehold pricing for a walkable Novena address.