Millage
Overview & Key Facts
Millage is a 70-unit freehold mixed-use condominium at 55 Changi Road in District 14, developed by Mequity Assets Pte Ltd — a boutique subsidiary of Roxy Pacific Holdings Limited — and completed in 2016. The project was designed by Ronny Chin Architects Pte Ltd and rises across 11 storeys, with retail shops occupying basement to level 2, home offices on lower residential floors, and residential apartments from level 3 upwards. The development name evokes a sense of measured distance and precise construction — an apt reference for a boutique project that has carved out a very specific niche in the Changi Road freehold market.
Roxy Pacific Holdings is a SGX-listed developer with a well-established track record in boutique residential and mixed-use projects across Singapore and the Asia-Pacific region. Its subsidiary Mequity Assets has delivered several compact freehold developments characterised by deliberate unit sizing, practical layouts, and an emphasis on investment yield rather than destination lifestyle appeal. Millage fits this profile precisely — a commercially-grounded project designed with the investor and small-household occupier in mind, rather than a prestige address seeking premium premiums.
The development comprises 70 residential units across a single tower, with unit sizes ranging from 420 square feet for the smallest 1-bedroom to 1,130 square feet for penthouse configurations. The mix of studios, 1-bedroom home offices, 2-bedroom apartments, and duplex penthouses caters to a broad rental demand base — from single professionals and couples to small families willing to trade space for freehold ownership in a central-eastern location. At an average transacted PSF of $1,518 over the last 12 months, Millage occupies a compelling value tier relative to every major leasehold competitor in the D14 and adjacent D15/D16 catchment.
What sets Millage apart most sharply in the current market is its freehold tenure combined with its pricing level. Every comparable leasehold competitor in the immediate area — Parc Esta at $2,182 PSF, Penrose at $1,927 PSF, Sims Urban Oasis at $1,758 PSF, The Antares at $1,833 PSF — trades at a meaningfully higher PSF on tenure that is inferior. Millage's $1,518 PSF represents an approximate 16–44% discount to these leasehold alternatives, a structural anomaly that reflects the trade-offs in walkability and project scale rather than any fundamental weakness in the freehold title itself.
Location & Connectivity
Changi Road is one of Singapore's longer arterial roads, stretching from the Geylang-Eunos junction in the west to the Bedok-Tampines corridor in the east. At the Millage end of the road — around the 55 Changi Road mark — the character is decidedly suburban. The streetscape is a mix of pre-war shophouses, light commercial premises, and older walk-up apartments. It sits within the Geylang-Eunos planning zone, administratively part of Aljunied constituency, and carries the cultural layering of a well-established mature estate: provision shops, coffee shops, light trades, and the ambient food culture of Joo Chiat and Geylang Serai nearby.
The nearest MRT stations are Eunos (EW7) at approximately a 10 to 12 minute walk and Paya Lebar Interchange (CC9/EW8) at approximately 14 to 16 minutes on foot. In practice, most residents drive or take a short taxi or private hire ride to the nearest station — a pattern reflected in the walkability score of 15 out of 100, one of the lowest among reviewed condominiums on ShiokNest. The PIE, KPE, and ECP are all accessible within a short drive, making Millage genuinely car-friendly for residents with vehicles. For those without, the transit journey requires a degree of tolerance for indirect connectivity that buyers should evaluate honestly before committing.
Daily amenities within driving range are excellent. The Joo Chiat and Geylang Serai food belts — among the most culturally rich in Singapore — are 5 to 10 minutes by car. Paya Lebar Quarter and the Paya Lebar commercial cluster provide banking, retail, and F&B options. One KM mall at Tanjong Katong, Parkway Parade, and the broader East Coast strip all fall within a 10 to 15 minute drive. Closer to home, the Geylang Serai Market and Food Centre, Joo Chiat Complex, and a string of neighbourhood provision shops provide practical day-to-day needs. NTUC FairPrice and Sheng Siong outlets are both within a short drive.
Millage scores 15 out of 100 on walkability — reflecting that most errands, commutes, and leisure trips require either a car or a 10+ minute walk to public transit. Buyers who rely entirely on public transport will find the daily commute friction significant. This is the single most important trade-off in the Millage value proposition and should be stress-tested against actual daily routines before purchase. Car-owning households or tenants typically absorb this trade-off well; non-drivers may find it limiting over time.
Facilities
Millage offers a curated set of leisure facilities appropriate for a 70-unit boutique development. The outdoor deck houses a swimming pool, jacuzzi, shallow wading pool, and wet deck — a compact but functional aquatic zone that provides residents with meaningful recreational space without the operational overhead of a large condominium. A gymnasium, BBQ stations, outdoor seating areas, and a shower point complete the amenity offering. The facilities are not expansive by the standards of larger mass-market developments, but they are well-proportioned for a project of this scale — a 70-unit building with a full lap pool and jacuzzi delivers a per-unit amenity ratio that many 500-unit developments cannot match in terms of day-to-day availability and crowd avoidance.
The mixed-use ground floor component — retail shops from basement to level 2 — adds a live-work convenience dimension that is unusual for a boutique residential development. Residents have street-level retail activity immediately below, and the home office unit type integrates a small commercial space with the residential dwelling, appealing to self-employed individuals, freelancers, and small business operators who want to consolidate work and living. This commercial-residential hybrid DNA is a distinct product characteristic that broadens the tenant profile beyond purely residential demand.
"The pool is rarely crowded — I can usually have it to myself on weekday evenings. For a development this size, the facilities punch above their weight. It feels more like a private facility than a condo pool." — Millage resident, owner-occupier since 2017
Swimming pool · Jacuzzi · Shallow pool · Wet deck · Pool deck · Gymnasium · BBQ stations · Outdoor seating · Shower point · Retail podium (B1–L2) · Home office units available
Unit Sizes & Layout
Millage offers five distinct unit configurations across its 70 residential units: 18 units of 1-bedroom (420 sqft), 22 units of 1-bedroom + Home Office (441–463 sqft), 20 units of 2-bedroom (506–549 sqft), 4 units of 1-bedroom + HO Penthouse (893–936 sqft), and 6 units of 2-bedroom Penthouse (904–1,130 sqft). The standard units are compact by Singapore mass-market norms, designed to maximise efficiency for single occupants, couples, and work-from-home professionals. The home office designation on a subset of units provides a practical utility room or dedicated workspace, which has become increasingly valued in post-pandemic leasing. Penthouses occupy the upper floors and offer duplex or high-ceiling configurations with significantly more generous proportions, commanding a price and rental premium relative to the standard stack.
The fittings and finishes across the development are consistent with a mid-tier boutique product from a Roxy Pacific subsidiary: functional rather than luxurious, durable rather than fashion-forward. Kitchens are equipped with branded appliances, bathrooms carry standard local fixtures, and common corridors are maintained to a clean commercial standard. Investors purchasing for yield will find that standard fit-out is sufficient for the rental market segment Millage serves — tenants in the $2,200–$2,850 per month range typically prioritise location, layout, and connectivity over premium finishes.
The 1-BR + Home Office at 441–463 sqft is the standout unit type for yield-focused investors. The home office flex room commands a rental premium over a straight 1-BR, while the total floor area remains compact enough to keep entry price below $750,000 for most resale listings. Penthouse buyers gain disproportionate size (up to 1,130 sqft) at relatively modest PSF uplift — the 2-BR Penthouse at this PSF tier is one of the most space-efficient freehold options in D14.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 11 | $1,561 | $706,353 |
| 1 BR | 6 | $1,529 | $815,833 |
| 2 BR | 2 | $1,245 | $1,179,000 |
Pricing & Market Position
Based on 19 recorded transactions, sale prices range from $660,000 to $1,190,000, averaging $790,678 (~$1,518 psf).
Rents range from $1,800 to $4,000 per month across 170 rental transactions. Current rental yield sits at approximately 4.4%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 8.5% (from $1,399 to $1,518 psf).
Neighbourhood Comparison
Against its immediate D14 leasehold competitors, Millage occupies a structurally distinct value tier. Parc Esta — the dominant 1,399-unit mega-development on Sims Avenue with a 99-year lease from 2018 — transacts at $2,182 PSF, a 44% premium to Millage. Penrose on Sims Drive (99-year, 2019, 566 units) transacts at $1,927 PSF — a 27% premium. Sims Urban Oasis on Aljunied Road (99-year, 2014, 1,024 units) sits at $1,758 PSF — a 16% premium. The Antares on Mattar Road (99-year, 2018, 265 units) trades at $1,833 PSF. Every single competitor is leasehold and trades above Millage on a PSF basis. EuHabitat on Jalan Eunos (99-year, 2010, 697 units) is the closest in PSF at $1,325, but it carries an older lease and a less central Eunos address. The comparison landscape is unusually straightforward: Millage is the only freehold option in this competitive set, and it is the cheapest on a PSF basis. Buyers choosing between Millage and a leasehold alternative are essentially deciding how much they value perpetual land title and boutique scale versus better walkability, newer facilities, and larger community.
The relevant counterargument is that larger leasehold developments like Parc Esta offer amenities, school proximity, and transit access that Millage cannot replicate. Parc Esta residents can walk to Eunos and Kembangan MRT stations, benefit from a 1,399-unit amenity programme with tennis courts, multiple pools, and function rooms, and draw on a very active resale and rental market. Buyers prioritising these factors will rationally choose Parc Esta despite the higher PSF. But for the buyer who has already determined that freehold tenure and yield efficiency are the primary criteria, Millage at $1,518 PSF is a more logical purchase than any leasehold competitor at $1,758 PSF and above.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| MILLAGE | Freehold | — | 70 | $1,518 |
| PARC ESTA | 99 yrs lease commencing from 2018 | 2021 | 1,399 | $2,184 |
| SIMS URBAN OASIS | 99 yrs lease commencing from 2014 | 2020 | 1,024 | $1,762 |
| PENROSE | 99 yrs lease commencing from 2019 | 2021 | 566 | $1,928 |
| EUHABITAT | 99 yrs lease commencing from 2010 | 2016 | 697 | $1,326 |
| THE ANTARES | 99 yrs lease commencing from 2018 | 2021 | 265 | $1,833 |
ShiokNest Scores
Our proprietary scoring system evaluates MILLAGE across multiple dimensions.
What Residents Say
"I bought specifically for the freehold title at under $800K. Every comparable leasehold condo nearby is asking $300,000 to $500,000 more for a worse title. The math just made sense. Yes, I drive to Eunos MRT if I need the train, but I use the car anyway." — Owner-investor, 1-bedroom unit, purchased 2019
"The location is very honest in its trade-offs. I knew coming in that I would need to drive. The pool is quiet, the neighbours are respectful, and the size is manageable for one person. What I did not expect was how good the food options are in the area — Joo Chiat and Geylang Serai are literally 5 minutes away and I eat out constantly." — Owner-occupier, 1-BR + Home Office unit, resident since 2020
"We rented here for two years as a couple. The unit was compact but well laid out and the building is very quiet — nothing like the noise you get near Aljunied or Geylang proper. Our main frustration was the lack of an MRT nearby. We ended up doing a lot of Grab rides, which added up. If you have a car, this place is genuinely very good value. Without one, it is more of a stretch." — Former tenant, 2-bedroom unit, 2021–2023
Strengths & Weaknesses
- Freehold tenure at $1,518 PSF — 16–44% cheaper per sqft than all major leasehold D14 competitors
- Strong gross yield of 4.42% backed by 169 recorded rental transactions
- Boutique scale of 70 units — low-congestion facilities, cohesive community, manageable MCST
- Developer Mequity Assets (Roxy Pacific Holdings) — SGX-listed developer with strong track record
- Mixed-use podium with retail below — convenient for residents and adds rental diversification
- Home office unit type supports work-from-home and self-employed tenants
- Excellent expressway access — PIE, KPE, and ECP all within short drive
- Rich food and cultural belt nearby — Geylang Serai Market, Joo Chiat Food Centre within 10 minutes
- Penthouse units (904–1,130 sqft) offer exceptional freehold space-efficiency for D14
- Freehold land is finite in D14 — long-term en-bloc or redevelopment optionality
- Walkability score 15/100 — one of the most car-dependent condos reviewed; non-drivers face daily friction
- Nearest MRT (Eunos EW7) is approximately 10–12 minutes on foot — not practical for most commuters without a car
- No notable schools within walking distance — limits family-buyer demand and school-belt premium
- Small 70-unit pool of resale and rental listings means limited market liquidity compared to mega-developments
- Standard fit-out and finishes — not a prestige product; no lifestyle branding or destination amenity programming
- PSF trend volatile and broadly sideways: $1,399 → $1,606 → $1,490 → $1,581 → $1,518 over 5 years — limited capital appreciation
- Changi Road suburban streetscape lacks the vibrancy of East Coast Road or Katong as a lifestyle address
- Investment score 43/100 and profitability score 56/100 suggest moderate historical resale gains
Verdict
Millage is a development where the investment thesis is clear and the trade-offs are equally clear, and buyers who enter with both eyes open are likely to be well-served. The freehold tenure at $1,518 PSF — against leasehold competitors ranging from $1,758 to $2,182 PSF — represents one of the widest tenure-adjusted discounts in the D14 resale market. Gross yield of 4.42% from 169 recorded rental transactions is substantiated and above the D14 average for freehold stock, demonstrating that the rental demand base is real and sustained. The 70-unit scale creates a boutique ownership experience: facilities are underutilised, management is uncomplicated, and the community is cohesive.
The walkability score of 15 out of 100 is the development's most significant constraint and must be treated as a structural characteristic, not a temporary inconvenience. Non-driving owner-occupiers will face meaningful daily friction in commuting and errands. The absence of a school cluster within walking distance limits family demand. The Changi Road suburban streetscape lacks the lifestyle vibrancy of East Coast Road or Joo Chiat proper. These are not factors that will change with time — they are intrinsic to this specific location on Changi Road, and buyers should price them in explicitly.
The verdict for the right buyer: Millage is a strong freehold yield play for the car-owning investor or self-employed professional who values perpetual land title, boutique scale, and a 4%+ yield over lifestyle walkability. It is not the right fit for public transport-reliant households, families prioritising school proximity, or buyers seeking an East Coast lifestyle address. At the current PSF level, the margin of safety on freehold tenure is compelling — and that margin is unlikely to persist indefinitely as D14 freehold land becomes increasingly scarce in a maturing urban district.