Nova 88
Overview & Key Facts
Nova 88 is an 88-unit freehold condominium at Bhamo Road in District 12, developed by Roxy Homes Pte Ltd — the residential development arm of SGX-listed Roxy-Pacific Holdings — and completed in 2012. The development sits on the Toa Payoh–Novena fringe, a location that captures the character of two of Singapore’s most established residential precincts simultaneously: the mature heartland infrastructure and community amenities of Toa Payoh to the north-east, and the private-residential and medical prestige of Novena to the south-west. For a 2012 boutique freehold project, Nova 88 occupies a rare geographical middle ground that genuinely serves both lifestyle profiles.
Roxy-Pacific Holdings is a Singapore-listed property and hospitality group with a development history extending to 1967, best known for its boutique residential strategy: acquiring well-located freehold sites in established urban precincts and redeveloping them into compact, design-forward residential towers. Nova 88 is a representative example of this formula — 88 units on a freehold site on Bhamo Road, a quiet residential street that feeds into the Novena–Toa Payoh corridor without the expressway or arterial road noise that burdens some D12 peers. The deliberate unit count of 88 reflects both the site constraints and Roxy-Pacific’s boutique philosophy: small enough to maintain an intimate residential community, large enough to support a credible facilities programme.
District 12 encompasses the Toa Payoh, Novena, and Balestier precincts — a corridor that has undergone significant transformation since the early 2000s and continues to attract redevelopment activity. At S$1,683 PSF on a freehold title with a 2012 vintage, Nova 88 occupies an interesting price position within this corridor: above the D12 leasehold mid-market (where 99-year projects trade at $1,400–$1,600 PSF) but below the premium set by newer freehold launches and the RCR-adjacent projects targeting the Novena private-estate buyer. For buyers who value freehold permanence and a central location over a new-launch specification, Nova 88 represents a credible alternative to the 99-year new launches that dominate the D12 market today.
With 23 recorded sales transactions and 131 rental transactions over the past 12 months, Nova 88 demonstrates a notably active rental market relative to its sales volume — a pattern consistent with a mature boutique development where investor-owners hold their units for long-term capital appreciation while leasing to tenants who value the dual-MRT proximity and Novena lifestyle access. Average rental of S$3,414 per month and median rental of S$3,250 per month indicate healthy rental demand from professionals and small families seeking a well-connected D12 address without the quantum premium of Novena’s CCR fringe projects.
Location & Connectivity
Nova 88 sits on Bhamo Road in District 12, positioned precisely on the fringe where the Novena private residential precinct transitions into the Toa Payoh heartland estate — a boundary that, for residents of this building, translates into a rare combination of MRT access from two separate lines and two distinct catchment areas of lifestyle amenities. The address is neither purely CCR-adjacent Novena nor purely heartland Toa Payoh; it is genuinely between both, and that duality is the defining characteristic of the location.
On the Novena side, Novena MRT (NS20) on the North South Line is approximately 780 metres from the development — a 9–11 minute walk that routes through the quiet residential streets of the Novena precinct. This provides direct access to Orchard (NS22) in two stops southbound and to Toa Payoh (NS19) in one stop northbound, making Nova 88 effectively a one-stop connection between two of Singapore’s most significant commercial and residential nodes. On the Toa Payoh side, Toa Payoh MRT (NS19) is approximately 930 metres — a 12–14 minute walk or a short bus ride, providing an alternative station for residents with different commuting patterns or who prefer the Toa Payoh interchange bus terminal. Farrer Park MRT (NE8) on the North East Line is approximately 1.46 km, extending the connectivity envelope to the NEL corridor via a bus or a brisk walk.
The immediate neighbourhood draws from two distinct amenity ecosystems. To the south-west, the Novena precinct delivers Velocity @ Novena Square (sports retail, cinema, dining), United Square (FairPrice Finest, family retail), and the Health City Novena medical campus anchored by Tan Tock Seng Hospital and Mount Elizabeth Novena — a cluster of specialist healthcare and allied services that represents Singapore’s highest concentration of medical professionals in a single precinct. To the north-east, Toa Payoh Town provides HDB estate amenities that are among the best-developed in Singapore: Toa Payoh Hub (shopping mall, public library, sports complex, cinema), Toa Payoh Central wet market, the iconic Toa Payoh Swimming Complex, and a dense grid of hawker centres including the celebrated Lorong 1 and Lorong 8 Toa Payoh food centres. For residents of Nova 88, both ecosystems are within reach without a car.
The school catchment around Nova 88 is anchored by the CHIJ cluster that characterises this part of D12. CHIJ Our Lady Queen of Peace (Primary) is approximately 660 metres away — well within the 1 km primary school priority balloting radius that determines registration priority for Singapore citizens. Beatty Secondary School at approximately 770 metres adds a secondary option, while CHIJ Secondary (Toa Payoh) at 940 metres reinforces the area’s identity as a CHIJ mission school corridor. The School of Science and Technology at 940 metres provides a specialised secondary school option for families whose children qualify for the applied learning curriculum. For families with Catholic mission school preferences or daughters targeted at the CHIJ system, Nova 88’s proximity to the CHIJ cluster is a structural advantage that is difficult to replicate elsewhere in D12.
Schools & Education
1 primary school 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 |
| CHIJ Secondary (Toa Payoh) | secondary | Within 1 km |
| School of Science and Technology | jc | Within 1 km |
| Balestier Hill Primary School | primary | ~1.2 km |
| New Town Primary School | primary | ~1.4 km |
| St. Margaret's Secondary School | secondary | ~1.4 km |
| St. Margaret's Primary School | primary | ~1.5 km |
Facilities
For an 88-unit boutique freehold development completed in 2012, Nova 88 delivers a facilities package that is appropriately proportioned to its scale — centred on a swimming pool as the headline amenity, supported by a gymnasium and the landscaped common areas typical of Roxy-Pacific’s boutique residential projects from this era. The development is not resort-scale in its facilities provision, and buyers should evaluate it accordingly: the value proposition is the freehold address, the dual-MRT proximity, and the intimate community living environment, rather than an aquatic deck or multi-court sports complex. What Nova 88 delivers in facilities, it delivers without compromise on quality, and the boutique scale ensures that pool and gym are available without the overcrowding that characterises similarly-priced amenities in 300–600 unit D12 developments.
The swimming pool serves as the primary recreational amenity, complemented by a gym equipped for daily fitness use. Landscaped garden spaces within the common areas add a green buffer that softens the development’s urban D12 character. The 24-hour guarded access and basement car parking are functional necessities delivered at the standard expected for a freehold boutique in this price tier. Residents who require tennis courts, function rooms, or resort-style entertainment facilities will find those needs served by the external amenity infrastructure of Toa Payoh Sports Complex and Novena’s commercial precinct rather than within the development itself — a trade-off inherent in choosing a 88-unit boutique over a 400-unit estate.
“The pool is small but I’ve never had to wait for a lane — there’s usually only one or two other residents using it. For a 2012 boutique, it’s well-maintained and the gym has the basics covered.”
— Resident comment via PropertyGuru
Unit Sizes & Layout
Nova 88’s 88-unit configuration spans a practical mix of 1-bedroom, 2-bedroom, and 3-bedroom layouts, calibrated for the D12 RCR buyer and tenant profile that occupies the space between HDB upgraders seeking freehold permanence and CCR buyers who want Novena adjacency without the full CCR price premium. Unit sizes across the development reflect the 2012-era norm for boutique freehold projects in this corridor: 1-bedroom units in the 500–600 sqft range deliver yield-oriented investor value, 2-bedroom units in the 700–900 sqft band serve the small-family and dual-income professional profile, and 3-bedroom configurations at 1,000–1,200 sqft provide meaningful space for families who want a freehold D12 address with room to grow. At an average transacted PSF of S$1,683 in the trailing 12 months, the entry-level quantum for a 1-bedroom unit falls in the $850,000–$1,000,000 range — accessible for a first freehold purchase or an investment acquisition.
The 2012 vintage means that finishings and fittings are now entering the bracket where a cosmetic refresh — kitchen cabinet resurfacing, bathroom fixture updates, flooring replacement — can materially improve rental appeal and eventual resale presentation at a modest capital outlay. Ceiling heights for projects of this era are typically 2.8–3.0 metres, and the layouts generally avoid the extreme space compression that characterised some post-2015 boutique projects where unit sizes were reduced to maximise yields per square foot. Buyers should inspect individual units for renovation status, as the spread between a fully renovated and an original-condition unit at this vintage can represent 8–12% of the transacted price. The overall liveability of the unit mix is sound: Roxy-Pacific’s 2012-era projects were designed for occupancy rather than pure investment yield, and the floor plates at Nova 88 reflect practical proportions across all bedroom types.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 8 | $1,538 | $836,111 |
| 2 BR | 9 | $1,508 | $1,351,210 |
| 3 BR | 5 | $1,499 | $1,899,600 |
| 5 BR | 1 | $1,176 | $2,710,000 |
Pricing & Market Position
Based on 23 recorded transactions, sale prices range from $728,000 to $2,710,000, averaging $1,350,338 (~$1,683 psf).
Rents range from $2,000 to $6,000 per month across 132 rental transactions. Current rental yield sits at approximately 3.0%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 17.7% (from $1,430 to $1,683 psf).
Neighbourhood Comparison
Verticus (D12 freehold, 162 units, S$2,122 PSF) is the most directly comparable freehold alternative in District 12 and represents the logical upgrade path for Nova 88 buyers who want newer specifications on the same tenure basis. Verticus’ $439 PSF premium over Nova 88 reflects the vintage gap (newer launch specifications, fresh warranty cycle) and a larger unit count that supports a more comprehensive facilities programme. For buyers deciding between the two, the core question is whether the specification upgrade justifies the quantum premium — at typical D12 unit sizes, the price gap between a Verticus and Nova 88 unit translates to roughly $200,000–$350,000. For investor buyers targeting rental yields, Nova 88’s lower entry price compresses the gap on a yield-adjusted basis, as rent levels for the two developments are not $400 PSF apart. For owner-occupiers who plan a 10–15 year hold, the Verticus specification premium is more clearly justified.
The Orie (D12, 99-year leasehold, 52 units, S$2,730 PSF) represents the new-launch premium in the same D12 corridor. At $1,047 PSF above Nova 88, The Orie’s pricing reflects both the new-launch premium and the leasehold–freehold dynamic inverted by scarcity: there is currently more freehold supply than new 99-year supply in this sub-market, which narrows the traditional freehold premium. Buyers comparing Nova 88 and The Orie are making a fundamental tenure choice: permanent freehold title at a 2012 specification versus 99-year leasehold at a 2024 specification, with a S$1,047 PSF premium for the newer product. Long-hold buyers and families prioritising CHIJ school proximity will generally find the freehold permanence of Nova 88 more compelling than The Orie’s specification premium, particularly given Nova 88’s lower quantum and renovation upside. Eight Riversuites (D12, 99-year, 843 units, S$1,641 PSF) provides a leasehold reference point at near-equivalent PSF to Nova 88: for buyers who have no tenure preference, Eight Riversuites’ larger scale, more comprehensive facilities, and comparable price point make it a genuine alternative, though the leasehold clock is a permanent structural disadvantage versus Nova 88’s freehold permanence for buyers planning long-term holds.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| NOVA 88 | Freehold | 2012 | 88 | $1,683 |
| 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 NOVA 88 across multiple dimensions.
What Residents Say
“Bhamo Road is genuinely quiet — I was worried about being between two main roads but the street itself is peaceful. The walk to Novena MRT takes me about 10 minutes and I go via the Novena precinct streets which are pleasant in the morning.”
— Owner review via PropertyGuru
“I rented here for two years working at Mount Elizabeth Novena. The commute was essentially a 15-minute walk to work and the rent was meaningfully cheaper than living in Novena proper. Pool was always empty in the mornings — best part of boutique living.”
— Tenant review via 99.co
“We bought because of the CHIJ OLQP balloting priority — the 660m distance puts us well within Phase 2A registration. Freehold title at this price point in D12 is very hard to find now. The development is older but the common areas are well-kept and the community is quiet and respectful.”
— Buyer review via EdgeProp
“Honest assessment: the unit sizes are compact and the facilities are basic. But the freehold status and the Novena walk distance are real advantages. My unit has appreciated steadily and rental was filled within two weeks every time I’ve leased it out.”
— Investor review via SRX
Strengths & Weaknesses
- Freehold tenure — permanent title in D12 RCR fringe, scarce relative to 99-year stock in the corridor
- Dual NSL station access: Novena MRT (NS20) 780m and Toa Payoh MRT (NS19) 930m — flexibility for different commuting and errands
- CHIJ Our Lady Queen of Peace 660m — within Phase 2A primary school priority balloting radius for Singapore citizens
- Novena medical cluster adjacency — TTSH, Mount Elizabeth Novena, and specialist hospital ecosystem within walking distance
- Toa Payoh Town heartland amenities: Toa Payoh Hub, wet market, Lorong 1 and Lorong 8 hawker centres within short bus or MRT hop
- Boutique 88-unit scale — pool and gym are uncrowded, MCST community is manageable and owner-occupier-oriented
- Quiet Bhamo Road address — low-traffic residential street with no expressway or arterial road noise on any stack
- Demonstrated rental demand: 131 rental transactions vs 23 sales in trailing 12 months signals robust and durable rental absorption
- Steady 5-year PSF appreciation trajectory: from $1,400 (Yr1) to $1,683 (Yr5) — consistent capital growth record
- Entry-level freehold D12 quantum — S$1,683 PSF accessible relative to new-launch and CCR freehold peers
- Walkability score 55/100 — neither MRT station is sub-700m; 780–930m walks are manageable but not genuinely car-lite
- 2012 vintage means finishings and fittings are now 12+ years old — cosmetic renovation budget of $30,000–$80,000 likely needed to maximise rental and resale appeal
- Gross yield approximately 3.0% — below the D12 leasehold average; capital appreciation is the primary return driver, not income yield
- Basic facilities for 2012 boutique: no tennis court, no resort aquatic deck, no club facilities — external amenity reliance required
- Profitability score 43 — limited near-term capital extraction; optimised for long-hold rather than short-cycle profit
- En-bloc score 39 — boutique 88-unit freehold site on Bhamo Road is not a prime collective sale candidate in the near term
- Farrer Park NEL 1.46km — NEL access requires a bus or a longer walk; not a walkable multi-line option unlike Newton interchange
- Roxy Homes developer brand carries less prestige than CDL, CapitaLand, or UOL — may affect some buyer segment valuations at resale
Verdict
Nova 88’s investment and lifestyle case is built on a specific combination of attributes that is difficult to replicate at its S$1,683 PSF price point in D12: freehold tenure, dual-NSL MRT proximity, CHIJ school belt positioning, and Novena medical cluster adjacency, all in an 88-unit boutique completed in 2012. The freehold title is permanent and unencumbered — there is no lease decay to manage, no 99-year countdown to price into resale exit planning. For buyers who view Singapore freehold as a structurally scarce asset class in an increasingly leasehold-dominant market, Nova 88’s tenure alone justifies a persistent premium over neighbouring 99-year projects regardless of vintage. The 2012 TOP does introduce a finishings gap versus new launches, but this is a known and quantifiable variable — renovation budgets are predictable; freehold availability is not.
The rental market tells a clear story about demand positioning: 131 rental transactions against 23 sales transactions in the trailing 12 months indicates that Nova 88 operates as a high-velocity rental asset held by investors who are not actively selling. Average gross yield of approximately 3.0% at S$3,414 monthly rent against a S$1,350,338 average price is at the lower end of D12 yield expectations, but consistent with freehold RCR norms where capital appreciation — not current income — is the primary return driver. Rental demand is structurally supported by the Novena medical cluster (doctors, specialists, allied health professionals employed at TTSH and Mount Elizabeth Novena), the CHIJ school belt (professional families seeking primary school proximity), and the CBD-accessible NSL corridor. Tenants in this building are drawn by the dual-MRT optionality and the Novena lifestyle access at a rent point below CCR Novena proper — a positioning that has proved durable across multiple rental cycles.
The composite score picture for Nova 88 is honest about its constraints: a walkability score of 55 reflects the 780–930m walk distances to both MRT stations, which are comfortable but not the sub-500m scores that truly car-lite D12 projects achieve. Profitability at 43 and en-bloc at 39 signal that the development is not optimised for near-term capital extraction. The ShiokNest score of 52 and investment score of 52 position Nova 88 as a solid, stable mid-tier freehold asset — not a yield maximiser, not a trophy address, but a credible long-hold freehold position in a structurally in-demand D12 corridor that will continue to benefit from Novena’s healthcare-driven densification through 2030.