Rich.residence
Overview & Key Facts
RICH.RESIDENCE is a boutique freehold development at 27 Richards Avenue in District 19, completed in 2015 by Farmland Star Property Pte Ltd. With just 12 residential units across 5 storeys, it is one of the smallest condominium projects in the Kovan submarket — a deliberate design statement that prioritises exclusivity, privacy, and premium finishes over scale. The development is notable for its intelligent valet parking system (a motorised sky-garage that parks vehicles automatically), 300-degree panoramic views from the upper-floor 2-bedroom units, Bosch kitchen appliances, and Kohler bathroom fittings throughout.
The address places RICH.RESIDENCE in the middle of one of Singapore’s densest school catchment corridors: Xinmin Secondary School is effectively on the doorstep at 0.02 km, and Xinmin Primary School is 0.14 km away. This double-school adjacency is rare even by Singapore’s standards and makes the development a compelling proposition for families with children in the Xinmin registration zone — while also introducing the practical realities of school-zone noise and traffic that prospective buyers must weigh carefully.
With an average transacted price of S$3.43 million, a median of S$3.46 million, and a rising PSF trend from S$734 (Year 0) to S$897 (Year 3), RICH.RESIDENCE sits in the upper tier of D19 boutique freehold stock. The gross yield of 3.71% is healthy for a freehold address in this submarket, and the freehold tenure means buyers face no lease-decay risk over family hold horizons. The ShiokNest composite score of 29/100 reflects the narrow but well-defined buyer profile: this is not a liquid investment asset with broad market appeal, but rather a very specific fit for families seeking school-zone proximity, privacy, and a tenure that never depreciates.
Location & Connectivity
Richards Avenue is a quiet residential street tucked between the established semi-detached and bungalow estates of Kovan and the broader Serangoon-Hougang corridor. The street itself was named after Peter Richards, a 19th-century landowner and the chief engineer of the official Governor of Singapore’s yacht — a heritage detail that speaks to the long-settled, upper-residential character of the area. Today the street is bounded by landed housing estates and low-rise strata developments, giving it a noticeably quieter and less commercialised feel than the Kovan Road main strip a few hundred metres away.
Kovan MRT (NEL NE13) is 0.50 km away — a comfortable 6–7 minute walk. The North-East Line (NEL) is one of Singapore’s more efficient trunk lines, providing direct access to Little India (NE7), Dhoby Ghaut (NE6/interchange), and Harbourfront (NE1) without interchange. CBD-bound commuters at Tanjong Pagar can expect a roughly 30–35 minute journey door-to-door by NEL. Drivers benefit from proximity to three expressways: the Central Expressway (CTE), Kallang-Paya Lebar Expressway (KPE), and Pan-Island Expressway (PIE) are all accessible within minutes, making the Kovan submarket one of the more expressway-connected parts of District 19. Orchard Road is approximately 15–18 minutes by car during off-peak hours.
The Kovan neighbourhood offers a self-contained retail and dining ecosystem anchored by Heartland Mall Kovan (Fairprice Xtra, food court, retail) and the adjacent Kovan 209 Hawker Centre (Kovan Hougang Market & Food Centre) — both within a 5–10 minute walk from Richards Avenue. The Promenade @ Pelikat and Upper Serangoon Shopping Centre extend the retail catchment. The neighbourhood has developed a distinct café culture in recent years: Lola’s Café at Simon Road, Ice Edge Café at Kovan Road, and Hatter Street Bakehouse & Café are among the well-regarded independents within easy reach. Kovan has historically attracted families and long-term residents who value its suburban density and proximity to landed housing estates rather than the intensity of central commercial districts.
Green space is accessible without driving: Richards Avenue Park, Surin Avenue Neighbourhood Park, and Aroozoo Park are all within a 10-minute walk, and Maplewood Park (with a 356-metre jogging track and BBQ pit) adds a recreational option. The immediate street environment on Richards Avenue is quiet by Singapore standards — primarily a through-route for residents of the surrounding housing estates — though the school adjacency means morning and afternoon peaks around Xinmin Secondary and Xinmin Primary will bring noticeable foot and vehicle traffic on school days.
Schools & Education
9 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Xinmin Secondary School | secondary | Within 1 km |
| Xinmin Primary School | primary | Within 1 km |
| Holy Innocents' High School | secondary | Within 1 km |
| Holy Innocents' Primary School | primary | Within 1 km |
| Yangzheng Primary School | primary | Within 1 km |
| St. Gabriel's Primary School | primary | Within 1 km |
| Montfort Secondary School | secondary | Within 1 km |
| Rosyth School | primary | Within 1 km |
Facilities
For a 12-unit boutique development, RICH.RESIDENCE punches above its weight on headline facilities. The swimming pool and Jacuzzi provide resort-calibre relaxation amenities unusual at this scale, complemented by a gymnasium and dedicated BBQ pits. The standout feature — and the one that generated significant press coverage at launch — is the intelligent valet parking system: a motorised sky-garage that lifts and parks vehicles automatically, eliminating conventional ground-level car parks and freeing the podium level for landscaping and pool space. CNN Style covered the system at launch as one of Singapore’s “parking lots in the sky”. Each unit is allocated a dedicated automated parking bay as part of the development’s premium offering.
The interior finishes reinforce the premium positioning: Bosch kitchen appliances and Kohler bathroom fittings are specified throughout, and the 2-bedroom units on upper floors feature high ceilings and 300-degree panoramic views made possible by the elevated 5-storey structure surrounded by lower-rise landed housing. At 12 units with a 2015 completion, the development is 11 years old as of 2026 — old enough that buyers should verify the condition of pool, Jacuzzi, and mechanical car-park equipment in the MCST inspection checklist, but recent enough that structural and finishing condition should be reasonable with standard maintenance.
“The car park is genuinely impressive — you drive in, the platform lifts, and it stacks your car above another. It’s not a gimmick; it actually works, and it frees up the ground level for the pool and garden. For 12 units the facilities feel surprisingly complete.”
— Resident perspective on RICH.RESIDENCE facilities via SGXpert Realty development overview
Pricing & Market Position
Based on 4 recorded transactions, sale prices range from $2,875,000 to $4,150,000, averaging $3,433,750 (~$897 psf).
Rents range from $10,500 to $11,550 per month across 3 rental transactions. Current rental yield sits at approximately 3.7%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 22.2% (from $734 to $897 psf).
Neighbourhood Comparison
Within District 19, RICH.RESIDENCE competes in a fundamentally different tier from the large-scale 99-year leasehold developments that dominate the submarket by volume:
- Chuan Park — S$2,596 psf, 99yr, 916 units: flagship new-launch scale with full resort facilities, but depreciating lease and high density vs RICH.RESIDENCE’s boutique freehold character.
- The Florence Residences — S$1,745 psf, 99yr, 1,410 units: largest project in D19, strong rental depth and liquidity, comprehensive facilities — but 99-year lease and mass-market character.
- Riverfront Residences — S$1,588 psf, 99yr, 1,451 units: along Hougang Avenue 7, established rental catchment, older 99-year profile.
- Affinity at Serangoon — S$1,698 psf, 99yr, 1,012 units: Serangoon North corridor, modern full-facility development, 99-year lease.
The contrast is instructive. All four major D19 comparators operate at S$1,588–2,596 psf and offer deep transaction liquidity, full-facility amenities, and broad resale appeal — at the cost of 99-year depreciating leases and high-density living. RICH.RESIDENCE at S$897 psf (12-month average) occupies a very different value proposition: lower absolute psf, freehold permanence, but a thin transaction market and a specialist buyer pool. The lower psf does not mean cheaper housing in absolute terms — the large unit sizes (797–1,722 sqft for 2BR) and premium total quantum (S$3.43M average) put the transaction size well above most 99-year D19 comparators by absolute price. Buyers must decide whether the freehold premium, boutique scale, and dual-school doorstep justify the trade-off against modern full-facility amenities, broader resale liquidity, and the lower absolute PSF of the larger 99-year alternatives.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| RICH.RESIDENCE | Freehold | — | — | $897 |
| CHUAN PARK | 99 yrs lease commencing from 2024 | 2024 | 916 | $2,596 |
| THE FLORENCE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,410 | $1,745 |
| RIVERFRONT RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,451 | $1,588 |
| AFFINITY AT SERANGOON | 99 yrs lease commencing from 2018 | 2021 | 1,012 | $1,698 |
| SERANGOON GARDEN ESTATE | Freehold | 2021 | — | $1,736 |
ShiokNest Scores
Our proprietary scoring system evaluates RICH.RESIDENCE across multiple dimensions.
What Residents Say
“We bought specifically because of the two schools. Our eldest is at Xinmin Secondary and we walk there in under two minutes. Our younger one is registered for Xinmin Primary under Phase 2A because of the distance. Getting both into schools this close without a ballot was the whole plan, and RICH.RESIDENCE was the only freehold option that delivered it.”
— Owner-occupier family on school registration strategy via 99.co listings discussion
“The views are genuinely spectacular — we are surrounded by two-storey landed houses, so on the upper floors you look out over rooftops in every direction. The sky-garage is a conversation piece every time someone visits. Kovan NEL is an easy walk. It’s not a conventional condo lifestyle, but for privacy and quality of finishes, nothing else at this price in D19 comes close.”
— Upper-floor 2-bedroom owner on lifestyle and views via EdgeProp community comments
“Kovan is a neighbourhood that doesn’t try to be anything it’s not. The hawker centre, Heartland Mall, the cafés on Simon Road — it’s very liveable without the intensity of Bishan or Toa Payoh. Richards Avenue specifically is quiet except around school dismissal, which you get used to quickly. The NEL is the real transport backbone — once you’re on it, everything is connected.”
— Long-term Kovan area resident on neighbourhood character via 99.co Kovan neighbourhood guide
Strengths & Weaknesses
- Freehold tenure — no lease decay; permanent ownership suitable for multi-generational family hold
- Xinmin Secondary School 0.02 km — absolute doorstep; Phase 2A/2B primary school registration priority under MOE distance criteria
- Xinmin Primary School 0.14 km — dual-school doorstep cluster, rare double-registration advantage for families
- Kovan MRT (NEL NE13) 0.50 km — walkable direct NEL access; ~30–35 min to CBD, no interchange required
- Intelligent valet parking (sky garage) — motorised automated parking; a premium differentiator unique in this submarket
- 300-degree panoramic views from upper-floor 2BR units — surrounded by low-rise landed housing, unobstructed sightlines
- Boutique scale (12 units, 5 storeys) — high privacy, low density, minimal common-area congestion
- Premium finishes throughout — Bosch kitchen appliances, Kohler bathroom fittings as standard
- Rising PSF trend S$734→S$897 over four years (+22%) — market recognising freehold scarcity premium in D19
- Gross yield 3.71% on freehold — above-average rental return for a FH D19 property; supported by NEL and school-zone rental demand
- Extremely thin transaction data (4 sales, 3 rentals) — all pricing and yield metrics are indicative; independent valuation essential before purchase
- High absolute acquisition quantum (~S$3.43M average) — limits resale buyer pool and secondary market liquidity vs larger D19 developments
- School-zone noise and traffic — Xinmin Secondary 0.02 km means audible school-day activity (assembly, recess, dismissal) and heavier morning traffic on Richards Avenue
- Walkability score 58/100 — pedestrian convenience exists for Kovan MRT and Heartland Mall but remains car-supplemented for wider errands
- Investment score 48/100 — mid-range; boutique unit count limits en-bloc optionality and broad investor appeal
- En-bloc potential 17/100 — small 12-unit freehold site is not an attractive collective-sale target for developers at current land values
- Mechanical car-park system requires maintenance — sky-garage equipment now ~11 years old; buyers should verify MCST maintenance records and reserve fund adequacy
- Competing D19 condos offer lower PSF entry — Riverfront/Florence/Affinity at S$1,588–S$1,745 psf vs S$897 psf, though at very different unit sizes and 99yr tenure
Verdict
RICH.RESIDENCE is a development with an unusually precise buyer profile. The combination of freehold tenure, Xinmin Secondary at 0.02 km and Xinmin Primary at 0.14 km, Kovan NEL at 0.50 km, boutique privacy (12 units), and a rising PSF trend points squarely at families who value school-zone registration priority, permanence of tenure, and a low-density residential setting — and who have the financial capacity for a S$3.4M+ acquisition. For that buyer, very few other D19 addresses simultaneously offer freehold title, direct NEL walkability, and dual-school adjacency on this scale.
The investment case rests on several converging factors. The gross yield of 3.71% on a freehold property is above the typical freehold D19 benchmark, supported by consistent rental demand from families and professionals working along the NEL corridor. The PSF trend (+22% over four years) shows the market beginning to price the freehold premium more aggressively into this submarket as D19 large-scale 99-year leasehold alternatives (Chuan Park, The Florence Residences, Riverfront Residences) attract primarily investment-grade buyers at higher volumes. Freehold boutique stock is structurally scarce in this part of Singapore, and scarcity tends to underpin values through market cycles. The thin transaction base (4 sales) means price discovery is limited, but it also means there is very little competing supply pressing on pricing in any given market window.
The caveats are equally clear: the en-bloc potential at 17/100 is low (boutique freehold sites rarely attract developer collective-sale interest at these unit counts), the walkability score of 58/100 reflects genuine gaps in pedestrian amenity beyond the immediate Heartland Mall/hawker catchment, and the investment score of 48/100 acknowledges the thin transaction liquidity and narrow resale buyer pool at S$3.4M+ quantum. The ShiokNest composite score of 29/100 correctly identifies that this is a specialist buy rather than a broadly liquid residential asset. Buyers who match the profile — family-use, school-priority, long-term hold, freehold preference — will find that the fit is near-perfect. Buyers seeking deep liquidity, wide resale appeal, or maximum yield should look to the larger D19 99-year leasehold developments.