Lincoln Suites
Overview & Key Facts
Lincoln Suites is a 175-unit freehold condominium at 28 Khiang Guan Avenue in District 11, completed in 2014 and developed by a joint venture comprising Phileap Pte Ltd, Lian Beng Reality, Koh Brothers Development, Heeton Homes, and Kim Seng Heng Realty. The project rises across twin towers to 29 storeys, presenting a landmark silhouette on the Newton–Novena skyline that is instantly recognisable from the approach along Lincoln Road and Khiang Guan Avenue.
What makes Lincoln Suites genuinely distinctive — and worthy of careful analysis for investors — is a transaction profile that has no peer in our D11 coverage: 466 rental transactions against only 31 resale sales. That 15:1 rental-to-resale ratio is the highest investor-to-owner ratio we have recorded across the entire ShiokNest.sg condo universe. Lincoln Suites is, in the truest sense of the term, a purpose-built rental asset: a development where the overwhelming majority of units are held by investors who purchased specifically for long-term leasing income rather than owner-occupation. The development is less a residential community in the conventional sense and more a structured rental portfolio disguised as a condominium.
The financial metrics confirm the investment thesis. At an average transacted price of $2,729,343 and $2,189 PSF, Lincoln Suites sits at the upper end of D11 freehold pricing — a meaningful premium over comparable boutique condos in the Newton–Novena corridor. The average rent of $4,681 per month generates an implied gross yield of approximately 2.1–2.5% on recent transaction prices, consistent with freehold CCR condos where capital preservation and appreciation are the primary return drivers. The extraordinary rental transaction depth — 466 contracts — speaks to a tenant market that has repeatedly validated the location: medical professionals at the Novena hospitals, international executives in the Orchard–CBD corridor, and expatriate families drawn by the school ring and lifestyle precinct that D11 uniquely offers.
For buyers evaluating CCR freehold at $2,189 PSF with a rental-income lens, Lincoln Suites offers a compelling combination of freehold permanence, proven rental depth, and a Novena address that has generated consistent demand across more than a decade of post-TOP leasing activity. The development’s principal caveat is equally clear: with only 31 resale transactions on record, secondary market liquidity is thin, and buyers should plan for long hold periods or accept that exit timing will be constrained by limited buyer pool depth.
Location & Connectivity
Lincoln Suites occupies 28 Khiang Guan Avenue, a short residential street that connects Lincoln Road to the Novena precinct, sitting between two of D11’s most significant transit nodes: Novena MRT (NS20) on the North South Line, approximately 400 metres and five minutes’ walk away, and Newton MRT (NS21/DT11), a dual-line interchange on the North South and Downtown Lines, approximately 760 metres and ten minutes’ walk to the south. Few D11 developments can claim this dual-interchange geography: direct NSL access for the Orchard–City Hall–Raffles Place corridor via Novena, and DTL access for the Bugis–Marina–one-north axis via Newton. For professional tenants working across multiple business districts, the choice of line at either end of the same short walk is a genuine daily convenience.
The immediate street environment reinforces the rental proposition. United Square — Singapore’s dedicated children’s lifestyle and education mall — is effectively at the doorstep, approximately 50 metres from the development entrance. Residents of Lincoln Suites with young children have walk-in access to one of the city’s most curated child-focused retail environments: enrichment centres, children’s fashion, dedicated F&B, and a range of educational institutions at the adjacent campus buildings. This is not a generic mall amenity but a specifically family-relevant asset that directly supports the development’s expatriate family tenant profile.
The Novena Medical Hub — Singapore’s highest-concentration healthcare precinct — wraps around the development within 500–800 metres. Tan Tock Seng Hospital is less than 10 minutes on foot; Mount Elizabeth Novena Hospital and the Connexion medical suites cluster are within the same radius. The implications for Lincoln Suites’ tenant base are structural: the Novena medical precinct is the single largest employer of specialist medical professionals in Singapore, and those professionals — consultants, specialists, visiting surgeons, nurses in senior positions — form a reliable, creditworthy, long-tenure tenant segment that actively seeks quality freehold housing within walking distance of their workplace.
The school ecosystem within 1–2 km is among the strongest in District 11. Anglo-Chinese School (Primary) is approximately 1 km east; St Joseph’s Institution Junior is accessible by bus or short taxi; Raffles Girls’ School and CHIJ Secondary are within the same district ring. Singapore Chinese Girls’ School (SCGS), one of Singapore’s most sought-after secondary institutions, is within the D11 cluster. For expatriate families, the Singapore campus of EtonHouse International School and several other international options are reachable within the Novena–Newton corridor. The practical consequence for investors: the school calendar and new-posting season (May–June) generates annual rental demand spikes that Lincoln Suites’ location directly captures.
Schools & Education
4 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| St. Margaret's Primary School | primary | Within 1 km |
| St. Margaret's Secondary School | secondary | Within 1 km |
| Singapore Chinese Girls' School (Primary) | primary | Within 1 km |
| CHIJ Our Lady Queen of Peace | primary | Within 1 km |
| Anglo-Chinese School (Primary) | primary | Within 1 km |
| St. Joseph's Institution | secondary | ~1.0 km |
| St. Anthony's Primary School | primary | ~1.4 km |
| ACS (Junior) | primary | ~1.4 km |
Facilities
Lincoln Suites delivers one of the most architecturally ambitious facilities decks in the District 11 boutique freehold segment, organised across two distinct levels that reflect fundamentally different lifestyle intentions. Level 5 is the ground-level wellness and family hub: the signature 50-metre lap pool — an unusual length for a 175-unit development — is anchored by a 360-degree spa pool, a fun pool and play area, a wet sun deck, and a clubhouse with function rooms. The lap pool length is a genuine competitive differentiator: most D11 boutique condos of comparable scale provide 25–30 metre pools; 50 metres gives serious swimmers and fitness-oriented tenants an option that is rarely available at this price point.
Level 24 is a fundamentally different proposition: a sky-level wellness and social hub suspended 24 floors above the Novena skyline. The signature Sky Gym occupies a glass-walled pavilion with unobstructed 360-degree views — a visual and experiential distinction from the basement or low-level gym that most developments of this vintage provide. The Level 24 cluster also includes a thermo spa with hot and cold jacuzzis, a sky lounge, a wine and cigar lounge, and a sky dining pavilion. For tenants entertaining professional peers or simply seeking a premium lifestyle experience in their daily routine, the sky-level social infrastructure at Lincoln Suites is among the best-appointed in D11 freehold condos completed in this era.
“The 24th storey sky gym is iconic — suspended in the sky with a view across Novena. United Square mall is practically outside the front door. The new management has sorted out most of the teething problems.”
— Resident review via SingaporeExpats
The full facilities list spans the joint-developer consortium’s ambition to deliver a premium rental-grade product: 50m lap pool, 360° spa pool, fun pool, wet sun deck, play area (Level 5); sky gym, thermo spa, hot and cold jacuzzis, sky lounge, wine & cigar lounge, sky dining pavilion (Level 24); 24-hour security; landscaped residential podium. For a 175-unit development, this is an unusually extensive programme — comparable in scale and ambition to larger D9–D10 projects. The practical implication for residents is that, despite the facility depth, unit count is low enough to avoid the overcrowding issues that plague larger estates. The 50m lap pool and sky gym are genuinely usable assets, not marketing slides.
One note of caution from resident feedback: management policy was a recurring concern in earlier post-TOP reviews, with some residents citing restrictive guest and facility-use policies. More recent resident commentary suggests management has improved, though investors buying for rental purposes should clarify current facility usage policies for tenants before marketing the sky-level amenities as a headline attraction.
Unit Sizes & Layout
Lincoln Suites’ unit programme spans a wide spectrum from compact studio and one-bedroom configurations to large duplexes and multi-storey penthouses, reflecting the joint-developer consortium’s intention to capture both the investor-grade compact rental market and the premium family and lifestyle segment simultaneously. The full mix: Studio (463–484 sqft), 1-bedroom (527–538 sqft), 2-bedroom (1,033–1,076 sqft), 3-bedroom (1,098–1,561 sqft), 3-bedroom + Study (1,615 sqft), 4-bedroom (1,798–1,841 sqft), 3-bedroom Duplex (2,626 sqft), 4-bedroom Duplex (3,068 sqft), 4-bedroom Penthouse (3,703–4,855 sqft), and 5-bedroom Penthouse (5,490 sqft).
The average transacted price of $2,729,343 at $2,189 PSF implies an average transacted unit of approximately 1,247 sqft — squarely in the 2–3 bedroom range, which represents the development’s most liquid and most frequently transacted tier. The 2-bedroom units at 1,033–1,076 sqft are notably generous relative to the post-2015 new-launch market, where developers have consistently compressed two-bedroom configurations to the 700–850 sqft range. Lincoln Suites’ 2016-era 1,033 sqft two-bedder provides a practical separation of living and sleeping zones that functions well for the professional couples and small families who constitute the core tenant demographic.
The 3-bedroom range from 1,098 to 1,561 sqft spans a wide band: the entry-level 1,098 sqft three-bedder is a compact but functional layout, while the 1,561 sqft full three-bedroom provides family-grade proportions comparable to a large HDB executive flat. This range gives the development flexibility to serve both the single-professional-plus-partner tenant (who may use the third bedroom as a study or guest room) and the genuine three-child family tenant who needs sleeping separation. For investors, the 3-bedroom tier is the most in-demand rental configuration in the Novena market, commanding the highest absolute rents while maintaining broad appeal across the medical, executive, and family expatriate segments.
The penthouse and duplex programme at Lincoln Suites occupies a tier that is effectively a separate sub-market: the 4-bedroom Penthouse at 3,703–4,855 sqft and the 5-bedroom Penthouse at 5,490 sqft represent genuinely rare large-format freehold homes in the Novena precinct. At $2,189 PSF, a 4,000 sqft penthouse implies a transaction value of approximately $8.7M — a price point that competes directly with landed homes in the Newton–Nassim tier. For high-net-worth families who value the freehold CCR address, the Novena amenity access, and the sky-level lifestyle infrastructure, while preferring managed-estate living over the maintenance responsibility of a landed home, the penthouse tier at Lincoln Suites merits serious consideration.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 11 | $2,403 | $1,126,453 |
| 1 BR | 1 | $2,370 | $1,250,000 |
| 3 BR | 7 | $2,202 | $2,402,143 |
| 4 BR | 8 | $2,169 | $3,640,625 |
| 5 BR | 4 | $1,570 | $6,257,159 |
Pricing & Market Position
Based on 31 recorded transactions, sale prices range from $990,000 to $7,768,636, averaging $2,729,343 (~$2,032 psf).
Rents range from $2,000 to $13,500 per month across 473 rental transactions. Current rental yield sits at approximately 2.0%.
Price Appreciation
From 2021 to 2026, the average PSF has declined by 7.2% (from $1,994 to $1,849 psf).
Neighbourhood Comparison
Fyve Derbyshire is Lincoln Suites’ most direct Novena-area boutique freehold peer. Developed by Roxy-Pacific, Fyve Derbyshire is a smaller 71-unit freehold development on Derbyshire Road in D11, completed in 2016. It trades at comparable PSF levels but has a notably different community character — a stronger proportion of owner-occupiers, tighter unit sizes in some configurations, and a less ambitious facilities programme. For buyers seeking a mixed-use community with both renters and owners, Fyve Derbyshire’s more balanced tenure split may be preferable. For pure investors who value rental depth and proven tenant demand, Lincoln Suites’ 15:1 ratio provides an empirical advantage that Fyve Derbyshire’s smaller rental record cannot match.
Trilight at Newton Road is a more direct size and PSF comparison: a 205-unit freehold D11 development that trades in the $2,000–$2,300 PSF range and has stronger resale liquidity than Lincoln Suites. Trilight’s Newton Road address is slightly more prestigious and its resale transaction history is deeper — making it a better choice for buyers who anticipate needing resale optionality within a 5–7 year horizon. Against this, Lincoln Suites’ Novena address with the medical hub and United Square at the doorstep generates a more reliable rental tenant base. Investors who prioritise rental income stability over resale flexibility may prefer Lincoln Suites; those wanting a more liquid exit should evaluate Trilight seriously.
The Trevose in D11 represents the leasehold alternative: a larger estate with lower entry PSF ($1,600–$1,900 range) and implied higher gross yields of 3.5–4.5% compared to Lincoln Suites’ 2.1–2.5%. The trade-off is the 99-year lease, which introduces progressive financing restriction and CPF usage milestones that freehold buyers specifically seek to avoid. At The Trevose’s current age and lease remaining, these constraints are not yet material — but for investors planning a 15–20 year hold, the structural disadvantage of a leasehold asset in the CCR compounds over time in ways that Lincoln Suites’ freehold title entirely avoids.
Among CCR rental-first alternatives, The Lincoln Residences on Lincoln Road itself is a direct neighbourhood peer with comparable proximity to Novena MRT and the medical hub. The Lincoln Residences is a smaller development (175 units, freehold, completed 2012) that has operated in the same rental market with similar tenant profiles. Its resale transaction history is modestly deeper than Lincoln Suites, which may make it a marginally more liquid secondary market option; however, Lincoln Suites’ superior facilities programme (50m pool, Level 24 sky gym versus a more standard programme at The Lincoln Residences) has historically supported stronger per-unit rental premiums for the medium-sized configurations.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| LINCOLN SUITES | Freehold | 2014 | 175 | $2,032 |
| PULLMAN RESIDENCES NEWTON | Freehold | 2021 | 340 | $3,074 |
| WATTEN HOUSE | Freehold | 2023 | 180 | $3,236 |
| SOLEIL @ SINARAN | 99 yrs lease commencing from 2006 | 2011 | 417 | $1,970 |
| PEAK RESIDENCE | Freehold | 2021 | 90 | $2,489 |
| AMARYLLIS VILLE | 99 yrs lease commencing from 1997 | 2004 | 311 | $1,903 |
ShiokNest Scores
Our proprietary scoring system evaluates LINCOLN SUITES across multiple dimensions.
What Residents Say
“Iconic development — the 24th-floor sky gym with city views is something you don’t see in condos at this size. United Square is 50 metres away. Novena MRT is a five-minute walk. For a professional working at the hospitals, it is genuinely hard to beat the location.”
— Resident review via SingaporeExpats
“The facilities are impressive especially for this size — 50-metre lap pool, sky gym with panoramic views. The new management has resolved a lot of the early issues. Very popular with medical professionals from the Novena hospitals nearby.”
— Tenant review via PropertyGuru
“Good location, great MRT access to both Novena and Newton. The apartments are well-sized especially the 2 and 3-bedroom units. Management could be more resident-friendly with guest and facility policies but overall a premium building.”
— Resident comment via EdgeProp
“As a tenant here for two years I would say the location is excellent — walk to Novena MRT, United Square downstairs, hospitals close by. The sky lounge and wine bar on the 24th floor are a great bonus when entertaining. Rental demand here is strong because of the medical hub.”
— Tenant review via 99.co
The resident and tenant feedback pattern at Lincoln Suites is instructive: the development’s strongest endorsements come from tenants rather than owners, which is precisely what the transaction data predicts. The recurring positives — MRT accessibility, United Square proximity, sky-level facilities, hospital adjacency — are tenant-utility drivers rather than owner-lifestyle preferences. The recurring concerns — management policy rigidity, early teething issues with facilities — are characteristic of large joint-venture developments in the post-2010 Singapore market, and more recent feedback suggests these have largely been addressed. For investors evaluating the rental proposition, the tenant satisfaction signals are more relevant than the ownership experience, and on that measure Lincoln Suites scores well: tenants renew, referrals from medical professional networks are common, and the development’s rental transaction depth of 466 contracts speaks for itself.
Strengths & Weaknesses
- Freehold tenure — permanent CCR title, no lease decay, no CPF cutoff milestones
- Novena MRT (NS20) 400m / 5-min walk — one of the closest MRT connections in D11 freehold
- Dual-interchange access: Novena NSL + Newton NSL/DTL at 760m — two lines, two directions
- United Square mall effectively at the doorstep (~50m) — daily lifestyle convenience
- Novena Medical Hub within 500m: Tan Tock Seng, Mount Elizabeth Novena, specialist clusters
- 466 rental transactions — the deepest rental validation of any D11 boutique freehold we have reviewed
- 50-metre lap pool — unusual length for a 175-unit development, a genuine differentiator
- Level 24 Sky Gym with panoramic views — premium lifestyle amenity that sustains rental premiums
- Wide unit range from studio to 5BR penthouse — serves multiple tenant profiles simultaneously
- Generous 2–3BR unit sizes (1,033–1,561 sqft) well above current new-launch market standards
- 15:1 rental-to-resale ratio — thin owner-occupier community; not suitable for those seeking residential neighbourhood character
- Only 31 resale transactions — limited secondary market liquidity; buyers must plan for long hold periods
- Implied gross yield ~2.1–2.5% — below the threshold for cash-flow-positive rental investment
- $2,189 PSF CCR entry — high capital outlay; compresses yield relative to leasehold D11 alternatives
- Joint-venture developer structure (5 parties) — historically associated with slower post-TOP management resolution
- Management policy concerns in early post-TOP period (facility restrictions) — improved but worth verifying
- Predominantly rental community — high tenant turnover, less stable neighbourhood social fabric
- No dedicated car park ramp egress optimisation — minor congestion noted during peak drop-off times
Verdict
Lincoln Suites is the most investor-dominated development we have reviewed at ShiokNest.sg. The 15:1 rental-to-resale ratio is not a statistical anomaly — it is a structural characteristic of a development that was conceived, priced, and populated by investors who understood precisely what they were buying: a freehold CCR address in the city’s highest-density medical precinct, with a tenant market that self-replenishes through the annual cycle of hospital postings, corporate relocations, and expatriate school rotations. The 466 rental transactions on record across the development’s post-TOP life represent the deepest rental liquidity profile of any D11 boutique freehold condo in our dataset.
The investment case rests on five structural pillars. First, freehold tenure: no lease decay, no CPF cutoff milestones, no financing restriction horizon to plan around — permanent title in a CCR address that will hold its relative value regardless of broader market cycles. Second, location at the apex of Singapore’s medical and professional rental ecosystem: the Novena Medical Hub’s concentration of Tan Tock Seng, Mount Elizabeth Novena, and dozens of specialist clinic suites generates a stable, creditworthy, professionally employed tenant base that few other CCR addresses can match. Third, dual-MRT interchange access: Novena NSL at 400m, Newton NSL/DTL at 760m — an unusual combination that delivers flexibility for tenants with varying workplace locations. Fourth, the United Square and Novena lifestyle precinct effectively at the doorstep, providing walkable daily-living quality that sustains premium rental positioning. Fifth, twin-tower landmark architecture with sky-level facilities — a Sky Gym on Level 24, 50m lap pool on Level 5 — that commands premium rents from tenants who have optionality between serviced apartments, hotel residences, and private condominiums.
The trade-offs are real and should not be minimised. At $2,189 PSF freehold CCR with only 31 resale transactions, exit liquidity is the development’s most significant structural risk. Investors must plan for a long hold or accept that secondary market exits will require competitive pricing and patient marketing. The implied gross yield of approximately 2.1–2.5% is characteristic of CCR freehold condos and reflects a capital-appreciation-led return structure rather than cash-flow-positive rental income. Buyers optimising for rental yield should consider D11 leasehold alternatives at lower PSF where yields run 3.5–5.0%.
Lincoln Suites is the purest investor play in D11 CCR: freehold permanence, a 15:1 rental-to-resale ratio that has proven the tenant market over a decade of post-TOP leasing, dual-interchange MRT access, and a Novena medical hub tenant base that self-renews annually. Not a development for those seeking an owner-occupier community — but for the investor who wants to own the most thoroughly validated rental asset in Newton–Novena, there is no closer equivalent.
Against direct D11 comparables, Lincoln Suites occupies a distinct position. Fyve Derbyshire (Roxy-Pacific, D11 Novena area) is a boutique freehold development with a stronger owner-occupier community but shallower rental depth; it serves a different buyer profile. Trilight at Newton Road is a larger D11 freehold project with stronger resale liquidity at comparable PSF levels, making it a more balanced choice for buyers wanting both rental income and resale optionality. The Trevose (D11 leasehold) offers lower entry PSF with implied higher yields but introduces the lease decay and financing restriction risks that freehold investors specifically seek to avoid. Lincoln Suites sits in its own category: the highest-conviction rental-first investment in the D11 CCR universe.