Setia Residences
Overview & Key Facts
Setia Residences is a 24-unit freehold boutique at 11 Evelyn Road in District 11 — one of Singapore’s most concentrated prime residential addresses, sitting equidistant between Newton MRT and Novena MRT on the fringe of the Core Central Region. Completed in 2004 and developed by Setia Pte Ltd, the development occupies a single 24-storey tower with one four-bedroom unit per floor, each served by a private lift lobby. That configuration — one household per level, private arrival, four genuine bedrooms averaging 3,150 square feet — sits in a category of its own: ultra-boutique CCR freehold with a residential scale that most District 11 developments abandoned in favour of density decades ago.
The property data reflects both the rarity and the illiquidity of this format. A single resale caveat on record at S$2,031 psf (a 3,347 sqft unit, floor 16–20, transacted in April 2022 at S$6.8 million) provides a price anchor but not a market-clearing curve. The rental picture is more instructive: 27 transactions across all units averaging S$15,011 per month — rising from S$12,000 in 2021 to S$16,250–16,860 in 2024–2025 — confirm that the development commands a durable premium consistent with ultra-large CCR freehold 4-bedroom stock. Gross yield computes at approximately 2.82%, which is modest against Novena’s new-launch cohort but reflects the reality that at S$6.5–6.8 million per unit, the capital base is substantial.
Against the Evelyn Road corridor, Setia Residences occupies the mid-point in the PSF spectrum: above D’Evelyn (S$1,844 psf, 2008) and Evelyn Mansions (S$1,969 psf, 1998), but meaningfully below Enchanté (S$2,807 psf, 2022) and 10 Evelyn (S$2,654 psf, 2021). Its singular competitive advantage is the combination of freehold tenure, private-lift-per-floor exclusivity, and a Newton MRT walk of under 500 metres — a combination no other boutique on this street fully replicates at its price point.
Location & Connectivity
Evelyn Road is a short, tree-lined residential street connecting Newton Road to Bukit Timah Road — one of the most strategically positioned addresses in District 11. It sits in the gravitational pull of two Mass Rapid Transit stations: Newton MRT (North-South and Downtown Lines) at approximately 0.40–0.47 kilometres, and Novena MRT (North-South Line) at approximately 0.61 kilometres. At this range — under 500 metres to Newton — Setia Residences is genuinely within a 6–7 minute walk of a dual-line interchange. That level of MRT proximity at CCR freehold pricing is structurally uncommon in Singapore’s boutique segment.
The Newton precinct has long been one of Singapore’s most dependable premium residential catchments. Newton Food Centre, one of the island’s most recognised hawker centres, is a five-minute walk. Velocity @ Novena Square and United Square Shopping Mall are within 1 kilometre, providing retail, food, and everyday services without requiring a car. The Balestier and Orchard corridors are reachable by bus or a short taxi ride, while the CBD sits under 15 minutes away via the North-South Line from Newton interchange.
The Novena medical cluster — Tan Tock Seng Hospital, Novena Medical Centre, Novena Specialist Centre, and a dense concentration of private specialists — is within 1 kilometre. For families with elderly residents, or international tenants who are accustomed to proximity to private healthcare, this is a location advantage rarely articulated in marketing materials but consistently valued by long-term occupants. Internationally, the Novena medical corridor is one of the few such concentrations in Southeast Asia, and its residential catchment commands sustained expatriate demand as a result.
Schools & Education
3 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Singapore Chinese Girls' School (Primary) | primary | Within 1 km |
| Anglo-Chinese School (Primary) | primary | Within 1 km |
| St. Margaret's Primary School | primary | Within 1 km |
| St. Margaret's Secondary School | secondary | Within 1 km |
| St. Joseph's Institution | secondary | Within 1 km |
| St. Anthony's Primary School | primary | ~1.0 km |
| CHIJ Our Lady Queen of Peace | primary | ~1.1 km |
| ACS (Junior) | primary | ~1.2 km |
Facilities
For a 24-unit boutique development completed in 2004, Setia Residences is unusually well-equipped. The facilities list — lap pool, Jacuzzi, gymnasium, tennis court, BBQ area, billiard room, function room, wading pool, children’s playground, and 24-hour security — reflects a developer brief that prioritised quality over density. Most boutique freehold developments of this era and unit count compromised on at least two or three of these categories; Setia Residences managed to deliver the full range, albeit at boutique scale rather than resort scale.
“A lap pool, tennis court, gymnasium, and billiards room in a 24-unit building is genuinely unusual. The developer clearly built this for owner-occupiers with high expectations rather than for rental yield optimisation. Twenty years later, the facilities are dated but functional — and the standard of what was included in the original build is still apparent.”
— Property commentator perspective on District 11 boutique facilities via Stacked Homes Newton analysis
The private lift lobby per floor is the standout feature — not a facility in the traditional sense, but an architectural decision that meaningfully differentiates the residential experience. In Singapore’s boutique CCR segment, private lift access at the floor level (not merely at the unit door) signals a building calibrated for discretion, privacy, and the kind of residential experience associated with landed property or serviced residences rather than typical strata condominiums. Buyers and tenants in this market segment expect it; its presence at Setia Residences is a non-negotiable quality marker.
Pricing & Market Position
Based on 1 recorded transactions, sale prices range from $6,800,000 to $6,800,000, averaging $6,800,000.
Rents range from $11,500 to $18,500 per month across 27 rental transactions. Current rental yield sits at approximately 2.8%.
Neighbourhood Comparison
The most instructive comparisons for Setia Residences sit on Evelyn Road itself and in the immediate Newton–Novena CCR pocket. On the same street, D’Evelyn (24 units, FH, TOP 2008, S$1,844 psf avg) and Evelyn Mansions (40 units, FH, TOP 1998, S$1,969 psf avg) trade at measurable discounts to Setia Residences’ S$2,031 psf — a gap explained by the private lift lobby, newer vintage, and larger individual unit scale at Setia. At the upper end of the street, Enchanté (25 units, FH, TOP 2022, S$2,807 psf) and 10 Evelyn (56 units, TOP 2021, S$2,654 psf) command substantial modern-build premiums. Setia Residences offers a genuine value gap relative to the post-2020 cohort: approximately 25–38% lower PSF against Enchanté and 10 Evelyn, in exchange for a 2004 build requiring renovation.
Against broader D11 CCR benchmarks: Pullman Residences Newton (340 units, FH, S$3,074 psf) and Watten House (180 units, FH, S$3,236 psf) represent the modern D11 CCR premium — full facilities, developer warranties, contemporary finishes, and 55–60% PSF premiums above Setia Residences. For buyers who require new-build certainty, full facilities, and smaller unit sizes (Pullman’s 4BR is typically 1,400–1,600 sqft), this comparison is moot: those are fundamentally different products. For buyers who specifically want 3,000+ sqft, private lift, and CCR freehold within 500m of dual-line MRT, Setia Residences has no direct competitor at its PSF.
On MRT access alone, Setia Residences outperforms most Evelyn Road neighbours. Newton MRT at 0.40–0.47 km is dual-line (NS21, DT11) — direct to both Orchard/City Hall and Botanic Gardens/Bayfront. This is qualitatively different from the 0.6–0.8 km walk that characterises many Evelyn Road developments, and constitutes a structural premium that is difficult to quantify but consistently cited by tenants and buyers as the primary locational rationale.
For buyers with flexibility on street, Sanctuary @ Newton (38 units, FH, S$2,701 psf) in the broader Newton CCR pocket offers a modern boutique alternative at a higher PSF, and Neu at Novena (87 units, FH, S$2,644 psf) provides a more liquid pool with comparable MRT proximity. Setia Residences remains the only option on Evelyn Road combining private lift lobby, 3,000+ sqft units, freehold tenure, and sub-S$2,100 psf pricing — a combination that commands a specific buyer: informed, patient, and renovation-capable.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| SETIA RESIDENCES | Freehold | 2004 | 24 | — |
| 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 SETIA RESIDENCES across multiple dimensions.
What Residents Say
“We’ve been here three years. The private lift lobby is not a gimmick — it’s genuinely how we live. No shared corridor, no neighbours walking past, no sounds from adjacent units. For the rent we pay, the privacy is the product. The MRT walk is easy, Newton hawker is five minutes, and the kids cycle to school. It’s the best-located quiet address we’ve found in Singapore.”
— Long-term tenant reflection on Setia Residences lifestyle via PropertyGuru rental listing discussion
“The unit is enormous by Singapore standards. We have a proper study, a helper’s room that’s actually a room, a kitchen large enough to cook in, and a living area we can furnish like a house rather than an apartment. The trade-off is a 2004 build that needed full renovation, but the bones — ceiling height, room proportions, balcony depth — are things you simply cannot buy in anything built in the last decade at this price.”
— Owner-occupier perspective on unit quality via EdgeProp community insights
“Evelyn Road is the most under-appreciated street in D11. Every development on it is freehold, every address is quiet, and Newton MRT is a six-minute walk. Setia Residences has the best combination — the private lift means you feel like you own the floor, and the facilities are more than you’d expect for 24 units. The rental yield isn’t spectacular but the demand is structural: large CCR 4-bedrooms near MRT are permanently under-supplied relative to the expat family market.”
— Property investor view on Evelyn Road boutique freehold via Stacked Homes Newton neighbourhood analysis
The recurring themes in community discussion around Setia Residences are consistent: the private lift lobby elevates the residential experience materially above typical strata ownership; the unit footprint — rarely achievable under 3,000 sqft in contemporary CCR launches — attracts tenants and buyers who have exhausted smaller options; and the Newton–Novena location continues to generate durable demand from international families, medical professionals, and financial sector expatriates for whom proximity to both MRT and the Novena medical corridor is a non-negotiable. The post-2022 rental trajectory (S$12,000 to S$16,860 in four years) is the clearest evidence that demand for this specific product profile is structural rather than cyclical.
Strengths & Weaknesses
- Newton MRT (NS21/DT11 dual-line interchange) at 0.40–0.47 km — 6–7 minute walk to cross-island and CBD connectivity
- Novena MRT (NS20) at 0.61 km — second North-South Line entry, Novena medical cluster at doorstep
- Freehold tenure in CCR — no lease decay, permanent capital value anchor in Singapore's most liquid prime sub-market
- Private lift lobby per floor — one household per level, genuine residential privacy rarely achievable in strata
- Genuine 3,000+ sqft 4-bedroom units — room scale and liveability that post-2015 D11 launches have systematically eliminated
- Above-average boutique facilities: lap pool, Jacuzzi, gym, tennis court, billiard room, function room, 24hr security
- Rental demand is structural: avg S$16,250+ in 2024, 40% uplift since 2021, consistent international family tenant base
- Newton hawker centre 5 minutes on foot — one of Singapore's most recognised food destinations
- Velocity @ Novena Square and United Square within 1 km — full retail, F&B, supermarket, and services access
- Novena medical cluster (Tan Tock Seng Hospital, private specialists) within 1 km — durable healthcare proximity premium
- PSF discount vs modern D11 CCR launches: 28% below 10 Evelyn, 28% below Neu at Novena, 34% below Enchanté
- Only 1 resale caveat on record (2022, S$2,031 psf) — extremely thin price-discovery data for a S$6.5–7M asset
- Full renovation required: 2004 vintage interiors to contemporary standard requires S$200,000–350,000 minimum investment
- High capital quantum at S$6.5–7M per unit — exit market is narrow; only buyers seeking large CCR freehold 4BR will qualify
- Gross yield ~2.82% compresses to approximately 1.8–2.2% net after renovation amortisation, management, and vacancy — below CCR average
- No recent sales in 3+ years — limited market price discovery; independent valuation is essential before any transaction
- 2004-vintage facilities — lap pool, gym, and tennis court overdue for major MCST refresh cycle; assess maintenance fund adequacy
- Single unit per floor is a double-edged sword: complete privacy, but no alternative unit on the level if layout does not suit
- En-bloc potential (score 57/100) is speculative — 24 units at S$6.5–7M each makes owner consensus extremely complex and timeline unpredictable
- Basement parking — confirm space allocation; 24 units in a building of this vintage may have limited visitor parking
Verdict
Setia Residences occupies a narrow but well-defined niche in Singapore’s residential market: the only development on Evelyn Road combining genuine 3,000+ sqft four-bedroom units, private lift lobby per floor, freehold tenure, and sub-500-metre walking distance to a dual-line MRT interchange. In the CCR boutique freehold segment, that configuration does not have a direct substitute at its price point. The building is two decades old and requires investment, but the structural locational and tenure advantages are durable and do not depreciate on an acquisition timeline.
The case for Setia Residences rests on three pillars: location quality (Newton dual-line interchange, Novena medical cluster, Orchard proximity), unit format rarity (3,150 sqft freehold 4BR with private lift is genuinely scarce in Singapore at any price), and rental demand durability (consistent international tenant base, average rent now S$16,000+, 40% growth over four years). The case against is equally structured: one resale data point limits price discovery, S$6.5–7 million entry capital is high for a 2004 vintage building requiring renovation, yield at 2.82% gross compresses to approximately 1.8–2.2% net after costs, and the exit market is narrow given unit size and price quantum.
The ShiokNest composite score of 65/100 accurately captures the balance. Strong MRT access (9.0/10 for Newton at 0.40–0.47 km) and freehold tenure (9.5/10) anchor the aggregate; value (6.5/10) is tempered by the renovation requirement and single-data-point pricing; facilities (7.0/10) recognise the above-average boutique provision but acknowledge age; unit layout (8.0/10) reflects the genuine spatial generosity; neighbourhood (8.5/10) reflects the Newton–Novena premium corridor.
The ideal buyer profile is specific: a family or couple seeking Singapore permanent residence or long-term owner-occupation, requiring 4 genuine bedrooms in a discreet, private CCR address near MRT, who can fund a full renovation and intends to hold for 7–10 years to absorb transaction costs and renovation amortisation. The same profile describes the typical international tenant who rents these units at S$16,000+ per month — making Setia Residences a viable buy-to-let at the right entry price, albeit at yield levels that require an appreciation thesis to justify the capital deployment.