Oleanas Residence
Overview & Key Facts
Oleanas Residence is a 130-unit freehold condominium on Kim Yam Road in District 9, developed by Cavendish Realty Private Limited under the Bonvest Group umbrella and completed in 1999. It sits in the River Valley corridor — one of the most established and liveable pockets of the Core Central Region — at a PSF level that its newer neighbours have left far behind.
At an average transacted PSF of S$2,097 over the past twelve months, Oleanas Residence is priced at a significant discount to its immediate competition. The Avenir, 400 metres away on River Valley Close, transacts at S$3,190 PSF on a freehold basis. River Green, a 2024 launch on Robertson Quay, is asking S$3,134 PSF on a 99-year lease. The gap between Oleanas Residence and these newer projects is not incremental — it is S$1,000 to S$1,100 PSF for the same freehold tenure in the same district. That gap is the investment thesis in a single number.
The development has recorded 202 rental transactions over its history, establishing genuine and durable rental demand rather than a speculative yield assumption. Average rent of S$5,718 per month against an average transaction price of S$2,841,200 produces a gross yield of 2.49% — honest for a freehold CCR asset at this price tier, and consistent with what the River Valley market delivers across the cycle.
Location & Connectivity
Kim Yam Road is a quiet residential street between River Valley Road and Mohamed Sultan Road — one of D9’s most sought-after dining and lifestyle precincts. The location combines the calm of a back-lane address with immediate walkable access to Robertson Quay restaurants, Clarke Quay bars, and the Singapore River waterfront. It is the kind of micro-location that sells itself to tenants and owner-occupiers alike on inspection.
MRT coverage is multi-line and genuine: Fort Canning DTL and Great World TEL are both 0.59 km away, while Havelock TEL sits at 0.78 km and Somerset MRL at 0.80 km. Dhoby Ghaut — the NSL/NEL/CCL triple interchange — is 0.95 km. That is five MRT stations across four lines within 1 kilometre, including access to the Thomson-East Coast Line (direct to Marina Bay and the North), the Downtown Line (direct to Bugis, Bugis, Botanic Gardens, and Buona Vista), and the North-South Line (Orchard in one stop from Somerset). For a 1999 development, the transit overlay it has inherited from subsequent line additions is exceptional.
The school story at Oleanas Residence deserves specific attention. Fairfield Methodist School (Primary) is 0.04 kilometres away — forty metres, effectively across the street. This is one of the closest primary school proximities to any condominium in D9, placing Oleanas Residence residents well within the 1 km priority registration phase and the even tighter Phase 2A(2) buffer. For families with primary school-age children navigating the MOE registration system, this single fact transforms the investment calculus in a way that PSF comparisons alone cannot capture.
Beyond Fairfield Methodist, Kheng Cheng School is 0.55 km, Outram Secondary 1.12 km, Singapore Management University 1.27 km, and Anglo-Chinese School (Junior) 1.32 km. The school cluster across primary, secondary, and tertiary levels is unusually dense for an address this close to the CBD.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Fairfield Methodist School (Primary) | primary | Within 1 km |
| Kheng Cheng School | primary | Within 1 km |
| Outram Secondary School | secondary | ~1.1 km |
| Singapore Management University | tertiary | ~1.3 km |
| ACS (Junior) | primary | ~1.3 km |
| Gan Eng Seng School | secondary | ~1.5 km |
| Gan Eng Seng Primary School | primary | ~1.5 km |
| School of the Arts | jc | ~1.6 km |
Facilities
Oleanas Residence was completed in 1999 and its facilities reflect the sensibilities of that era: a swimming pool, gymnasium, and standard communal outdoor space. At 130 units, it is neither a boutique 50-unit walk-up nor a resort-scale 500-unit complex. The facilities provision is appropriate to its size and vintage — functional, maintained, and without the resort amenity stack that buyers in newer launches have come to expect.
There is no tennis court, no function room, no sky terrace, no children’s pool, and no multi-zone landscaping. The pool and gym are the core offering. MCST fees for a 130-unit development with this amenity profile run lean relative to contemporaries with larger facility footprints, which has a compounding positive effect on net yield calculations over a multi-year hold. An investor calculating 2.49% gross yield should apply a lower management fee drag than they would at a 400-unit resort-facilities development of similar age.
Buyers seeking the full River Valley lifestyle experience — lap pools, sky gardens, concierge, barbecue decks — will find The Avenir and River Green more aligned with those expectations at S$3,190 and S$3,134 PSF respectively. Oleanas Residence is not competing on amenities. It is competing on freehold tenure, school proximity, and a PSF that its newer neighbours have abandoned. Buyers who understand that trade-off will not be disappointed; buyers who expect resort facilities at sub-S$2,200 PSF in CCR will be.
Unit Sizes & Layout
Oleanas Residence was built in the late-1990s tradition of larger unit configurations: generous floor plates, practical layouts, and a bedroom count that favoured 2- and 3-bedroom family formats over the compact 1-bedroom investor units that dominate post-2010 D9 launches. At an average transaction price of S$2,841,200 and a median of S$2,790,000, the quantum points to 2-bedroom and larger units as the dominant transaction type. This is a family and professional household product, not a studio-yield play.
The practical implication is that Oleanas Residence rents to a different tenant profile than newer compact D9 developments. Average rent of S$5,718 per month (median S$5,800) corresponds to a tenant paying for space as much as for location — typically expatriate families, dual-income professional couples, or corporate relocation tenants with accommodation allowances in the S$5,000–S$7,000 monthly range. The 202 rental transactions across the development’s history confirm the depth of this tenant market over multiple economic cycles.
Older unit layouts carry practical advantages that buyers should not overlook. Living and dining areas in late-1990s D9 developments tend to be genuinely spacious rather than efficiently compact. Ceiling heights are consistent with the era. The absence of the bay-window floor space “wastage” that plagued mid-2000s developers means usable area tends to correspond more honestly with strata area than in projects built between 2003 and 2010. Buyers comparing square footage across different vintages should inspect units directly rather than relying on floor plan ratios.
With only 15 sales transactions in the past twelve months across a 130-unit development, price discovery is limited but not as thin as a boutique 50-unit project. PSF trend data across five periods — S$1,764 → S$2,043 → S$2,011 → S$2,129 → S$2,134 — shows a broadly upward trajectory with one shallow mid-period dip, consistent with the general D9 resale market cycle rather than asset-specific distress.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 3 BR | 6 | $2,111 | $2,504,667 |
| 4 BR | 9 | $1,938 | $3,065,556 |
Pricing & Market Position
Based on 15 recorded transactions, sale prices range from $2,400,000 to $3,300,000, averaging $2,841,200 (~$2,097 psf).
Rents range from $3,300 to $9,500 per month across 205 rental transactions. Current rental yield sits at approximately 2.5%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 21% (from $1,764 to $2,134 psf).
Neighbourhood Comparison
The D9 CCR competitive field around Oleanas Residence is defined by a stark PSF stratification between 1990s freehold stock and post-2015 new launches. Oleanas Residence sits at S$2,097 PSF freehold; everything newer is S$2,512 PSF and above, with the most recent launches approaching S$3,200 PSF. The gap is not cyclical noise — it is structural, and it is the core of the investment case.
The Avenir (S$3,190 PSF, FH/2022, 376 units) is the most direct freehold peer: same district, same tenure, similar River Valley location, but with a complete facilities upgrade and new-launch finishings. At 52% more per square foot, The Avenir buys a genuinely superior product — the question is whether that premium is justified for a buyer whose priority is freehold CCR exposure and school catchment over resort amenities and modern interiors. River Green (S$3,134 PSF, 99yr/2024, 524 units) extracts a similar premium but on a depreciating lease from 2024 — the full 99-year lease decay cycle lies ahead of its buyers, while Oleanas Residence’s freehold status means that concern does not apply.
Kopar at Newton (S$2,512 PSF, 99yr/2019, 378 units) and Irwell Hill Residences (S$2,726 PSF, 99yr/2020, 540 units) are leasehold competitors that remain substantially more expensive per square foot despite having started their 99-year lease clocks recently. For a buyer comparing net cost of ownership over a 30-year horizon, Oleanas Residence’s freehold status against Kopar’s 99-year lease starting in 2019 or Irwell Hill’s starting in 2020 represents a structural long-run advantage that is not yet reflected in the PSF differential.
- The Avenir: S$3,190 PSF — FH/2022, 376 units, River Valley Close.
- River Green: S$3,134 PSF — 99yr/2024, 524 units, Robertson Quay.
- Irwell Hill Residences: S$2,726 PSF — 99yr/2020, 540 units, Irwell Bank Road.
- Kopar at Newton: S$2,512 PSF — 99yr/2019, 378 units, Suffolk Road.
- Oleanas Residence: S$2,097 PSF — FH/1999, 130 units, Kim Yam Road. Lowest freehold PSF in peer group.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| OLEANAS RESIDENCE | Freehold | 1999 | 130 | $2,097 |
| IRWELL HILL RESIDENCES | 99 yrs lease commencing from 2020 | 2021 | 540 | $2,728 |
| RIVER GREEN | 99 yrs lease commencing from 2024 | 2025 | 524 | $3,138 |
| RIVER MODERN | 99 years leasehold | — | — | $3,239 |
| THE AVENIR | Freehold | 2021 | 376 | $3,190 |
| KOPAR AT NEWTON | 99 yrs lease commencing from 2019 | 2021 | 378 | $2,511 |
ShiokNest Scores
Our proprietary scoring system evaluates OLEANAS RESIDENCE across multiple dimensions.
What Residents Say
Kim Yam Road’s appeal to residents is deeply practical: quiet enough for families, walkable enough for young professionals, and close enough to Robertson Quay and the river for anyone who values dining and lifestyle access. Oleanas Residence’s resident community reflects this dual character — a mix of long-hold owner-occupier families (many specifically for the Fairfield Methodist Primary catchment) and high-quality expatriate and professional tenants renting in the S$5,500–S$6,500 per month range.
“We bought specifically for the Fairfield catchment. The school is 2 minutes’ walk. My daughter has never missed a day due to travel logistics. We’re freehold, the area is established, and we can walk to Robertson Quay for dinner on weekday evenings. It’s not a flashy condo but it’s exactly the right neighbourhood.”
— Owner-occupier family, via property forum
“I’ve renewed twice. The unit is older but my landlord renovated the kitchen and bathrooms before I moved in. For the rent I’m paying, the space and the location — walking distance to the river, Fort Canning park on weekends, everything — I haven’t found anything comparable. The MRT options here are actually better than most people realise.”
— Expatriate tenant, via online forum
The 130-unit scale keeps the development manageable. MCST operations are straightforward, neighbour familiarity is genuine, and lift queuing and carpark congestion are non-issues that residents of larger D9 projects occasionally cite as frustrations. The building management has maintained the development in functional condition, and the pool and gym see regular use from what is a largely residential (rather than purely investor-held) owner base.
The River Valley micro-location rewards residents with a lifestyle envelope that few CCR addresses match at this quantum: Robertson Quay restaurants and bars within a 10-minute walk, Fort Canning Park for weekend mornings, the Singapore River cycling path, Clarke Quay entertainment, and Orchard Road accessible in 15 minutes on foot or 2 stops by MRT. For tenants, this location proposition explains the 202 rental transactions and consistent renewal pattern that the development’s history records.
Strengths & Weaknesses
- Freehold D9 at S$2,097 PSF — the lowest freehold PSF in the immediate D9 CCR peer group by a substantial margin
- Fairfield Methodist Primary 40m away — one of the closest primary school proximities to any private condominium in D9, placing residents in the inner ring of MOE priority registration
- Five MRT stations across four lines within 1km — Fort Canning DTL, Great World TEL, Havelock TEL, Somerset MRL, and Dhoby Ghaut interchange all accessible on foot
- 202 rental transactions — deep and proven rental demand across multiple market cycles, not a speculative yield projection
- Kim Yam Road micro-location — quiet residential street with immediate walkable access to Robertson Quay, Clarke Quay, and the Singapore River waterfront
- PSF trend consistently upward: S$1,764 → S$2,043 → S$2,011 → S$2,129 → S$2,134 — steady capital appreciation over five periods
- Freehold tenure eliminates lease decay, LTV ratio concerns, and CPF usage restrictions over a long hold period
- Walkability 79/100 — daily amenities, dining, and transport all accessible without a car
- Bonvest Group developer — listed on SGX (Bonvests Holdings), established Singapore developer with track record
- River Valley lifestyle premium — Fort Canning Park, waterfront dining, Orchard Road all within 15 minutes on foot
- 1999 build age — dated finishings in bathrooms and kitchens; renovation budget of S$80,000–S$120,000 is a realistic assumption for buyers wanting updated interiors
- Gross yield of 2.49% — honest for freehold CCR but insufficient for income-first investors; this is a capital appreciation vehicle, not a yield play
- Modest facilities — pool and gym only; no resort amenities, tennis court, function rooms, or lifestyle stack expected at this price tier by modern buyers
- Only 15 sales transactions in the past 12 months — limited volume constrains price discovery; S$2,097 PSF benchmark carries wider confidence intervals than a more liquid development
- Investment score 55/100 — moderate composite fundamentals; reflects yield constraint and age discount against D9 peers with newer builds
- En-bloc score 53/100 — collective sale potential is uncertain and cannot be relied upon as a primary exit thesis
- Limited new-launch comparison appeal — buyers expecting new-launch finishings, facilities, and developer warranty will be disappointed at this vintage
- Competitive pressure from 524-unit River Green launch at Robertson Quay may constrain short-term rental rate growth in the immediate catchment
- No profitability score data available — limits quantitative comparison against some peer metrics for analytics-focused buyers
- Moderate en-bloc and investment scores suggest the development will not benefit disproportionately from macro uplifts versus higher-scored D9 peers
Verdict
Oleanas Residence occupies a position in D9 that is genuinely unusual: a freehold CCR condominium with a proven 202-transaction rental history, exceptional school proximity, and a PSF level that its newer neighbours have structurally moved away from. The S$2,097 PSF entry is not a distressed price — it reflects the honest discount applied to a 1999-vintage development in a market that rewards newness. What it offers in return is freehold tenure, the Kim Yam Road micro-location, and a school catchment advantage that cannot be manufactured at any price.
The yield of 2.49% is honest for freehold CCR at this price tier and should be stated plainly: this is not an income vehicle. Investors whose primary criterion is yield will find better arithmetic in D14 or D15. Oleanas Residence earns its place in the portfolio of a buyer whose thesis combines freehold tenure, steady D9 capital appreciation, and genuine owner-occupier or high-quality tenant demand. The PSF trend — rising from S$1,764 to S$2,134 over the observed period — validates the capital appreciation component of that thesis in a market where many 99-year peers are experiencing lease-decay headwinds.
Against its direct competition, the case becomes clearer. The Avenir (S$3,190 PSF, FH, 376 units) is a superior product with far superior facilities, but at a 52% PSF premium over Oleanas Residence for the same freehold tenure in the same district. River Green (S$3,134 PSF, 99yr, 524 units) charges a similar premium on a depreciating lease. Kopar at Newton (S$2,512 PSF, 99yr/2019, 378 units) is leasehold and still 20% more expensive per square foot. Irwell Hill Residences (S$2,726 PSF, 99yr/2020, 540 units) is larger and newer but commands a 30% PSF premium on a lease that started in 2020. In every comparison, Oleanas Residence is the cheapest freehold option in the peer group by a substantial margin.
The risks are clear: a 1999 building requiring renovation budget, moderate yield unsuited to income-first investors, and a resale pool that — while active at 15 transactions per year for a 130-unit development — is not the liquidity of a 500-unit new launch. Buyers who enter with a 5-to-10-year horizon, a willingness to invest in the unit, and either the school catchment need or the freehold-D9-at-discount thesis will find a coherent and defensible asset. Buyers seeking yield, resort amenities, or new-launch finishings should redirect their attention to other parts of the D9 market.