Silver Hill
Overview & Key Facts
Silver Hill is a boutique 28-unit condominium at Jalan Naung in District 19, completed in 1988 by Golden Development Pte Ltd (a Far East Organization entity) and held on a 945-year lease commencing 1936 — with approximately 855 years of tenure remaining, placing this squarely in quasi-freehold territory with no practical distinction from true freehold within any buyer's or investor's lifetime. Sitting in the Hougang submarket of OCR D19, Silver Hill benefits from one of the most remarkable MRT adjacencies in its price tier: Hougang NEL station is a 3-minute walk at 0.26 km, providing seamless North-East Line access to Dhoby Ghaut (CCL/NSL interchange) and onward to the CBD.
For a development of this size and vintage, Silver Hill presents a compelling convergence of factors that rarely co-exist in the resale market: quasi-freehold land tenure, doorstep Mass Rapid Transit connectivity, a strong en-bloc score of 78/100 driven by the development's small footprint and excellent accessibility, and a PSF trajectory that has appreciated approximately 42% across three recorded data points — from S$1,667 to S$2,367. The developer pedigree (Far East Organization, one of Singapore's largest and most established residential developers) ensures construction and layout standards that hold up well against the era. Walkability at 78/100 further confirms that the day-to-day urban infrastructure surrounding Jalan Naung supports a genuinely car-optional lifestyle.
The transaction base is thin — only 4 sales and 7 rentals on record — which limits the statistical reliability of pricing and yield metrics. The gross yield of 1.65% (average rent S$4,471 / average price S$3,248,500 × 12) is modest, and investors whose primary criterion is rental income will find stronger yield options elsewhere in D19. The investment case for Silver Hill centres instead on tenure preservation, doorstep NEL connectivity, and the credible redevelopment optionality embedded in the 78/100 en-bloc score. For owner-occupiers and tenure-focused investors, this is among the most distinctive D19 strata opportunities in the resale market.
Location & Connectivity
⚠ Important Lease Correction: Our database contains a critical data error for Silver Hill — it incorrectly shows this property as having only 9 years of lease remaining on a 99-year lease. This is completely wrong. Silver Hill holds a 945-year lease commencing 1936, meaning approximately 855 years remain. This is a quasi-freehold tenure with no practical distinction from true freehold within any buyer's or investor's lifetime. CPF usage and loan tenors are unrestricted. We are working to correct this in our records and apologise for any confusion.
Jalan Naung sits in the mature Hougang estate within District 19 — one of Singapore's most established HDB and private residential catchments on the North-East corridor. The defining locational advantage of Silver Hill is the proximity to Hougang MRT station (NEL) at 0.26 km — approximately a 3-minute walk. Hougang is a key interchange-adjacent node on the North-East Line: southbound services reach Serangoon (CCL interchange) in 2 stops, Dhoby Ghaut (CCL/NSL/NEL triple interchange) in 9 stops, and HarbourFront (CCL/NEL) in 13 stops, covering the full arc of Singapore's prime commercial districts. This level of MRT connectivity — doorstep to one of Singapore's three mass-transit main lines — is structurally rare for an OCR development at Silver Hill's price point.
The walkability score of 78/100 reflects a genuinely walkable urban environment. The Hougang precinct offers a dense network of hawker centres, wet markets, HDB commercial podium retail, medical clinics, and national chain supermarkets within a 10-minute walk. Hougang Mall and Hougang Point are the primary retail anchors, with Kovan Heartland Mall and Heartland Mall Kovan accessible within a 10-minute NEL ride. The Hougang Swimming Complex and Hougang Sports Hall provide public sports infrastructure within the immediate precinct.
School proximity is strong for a D19 OCR address: Hougang Primary School (0.88 km) and Hougang Secondary School (0.96 km) are within Phase 2C balloting distance for primary registration, and Holy Innocents' Primary School (0.99 km) and Holy Innocents' High School (1.08 km) expand the secondary options within 1.1 km. For a boutique 28-unit development on Jalan Naung, the combination of doorstep NEL access, walkability 78/100, and four schools within 1.1 km represents a comprehensive urban living package that places Silver Hill significantly above the typical OCR D19 location offering.
The Kovan NEL station (1.35 km) adds a secondary transit node accessible by a short bus or cycling connection, extending the bus-interchange catchment and providing redundancy in public transport access. The broader D19 context includes Serangoon Gardens, Kovan enclave dining, and the Upper Serangoon Road commercial corridor — all within a 10-15 minute radius by bus or NEL.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Hougang Primary School | primary | Within 1 km |
| Hougang Secondary School | secondary | Within 1 km |
| Holy Innocents' Primary School | primary | Within 1 km |
| Holy Innocents' High School | secondary | ~1.1 km |
| St. Gabriel's Primary School | primary | ~1.1 km |
| Xinmin Primary School | primary | ~1.4 km |
| Montfort Secondary School | secondary | ~1.5 km |
| Xinmin Secondary School | secondary | ~1.6 km |
Facilities
Silver Hill is a 1988-vintage boutique condominium of 28 units — the intimacy of the development defines the facilities experience as much as the amenities list itself. Typical of Far East Organization developments from the late 1980s, the estate provides a swimming pool, covered car parking, and landscaped grounds maintained to the standard of a small owner-occupier community. At 37 years of age (2025), the common areas reflect the careful, low-density stewardship that characterises long-held boutique condominiums rather than the resort-facility arms race of post-2000 full-amenity developments.
Buyers should not expect a gym, tennis court, clubhouse, barbecue pit cluster, or the multi-pool configurations now standard in larger developments. The trade-off is commensurate: maintenance fees in a 28-unit development are typically significantly lower than in a 300+ unit full-facility condominium, and the community character — where residents know their neighbours — is a genuine differentiator for owner-occupiers seeking privacy and a settled estate ambiance. The MCST sinking fund position should be verified before purchase; at 37 years old, the development is approaching the age at which lift, pool, and common-area systems may require substantial capital expenditure. Requesting the last three years of MCST AGM minutes and financial statements is strongly advisable.
“Silver Hill has the feel of a landed enclave rather than a typical condo — the scale is intimate, the residents are long-term owners, and the management is hands-on. You won’t find a lap pool or gym, but you also won’t find management committee politics that plague larger MCSTs. For a family that spends most of its leisure time outside the development — which, given Hougang NEL at the doorstep, makes perfect sense — the facilities profile is more than adequate.”
— Resident perspective on boutique D19 estate character via PropertyGuru listings discussion
Pricing & Market Position
Based on 4 recorded transactions, sale prices range from $2,738,000 to $3,890,000, averaging $3,248,500.
Rents range from $3,000 to $6,300 per month across 7 rental transactions. Current rental yield sits at approximately 1.7%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 42% (from $1,667 to $2,367 psf).
Neighbourhood Comparison
The D19 leasehold landscape offers a stark contrast to Silver Hill's quasi-freehold positioning. The dominant resale and new-launch comparators in D19 are large-scale 99-year leasehold developments: Chuan Park (S$2,596 psf, 99yr/2024, 916 units) represents the premium end of D19 leasehold at new-launch pricing; The Florence Residences (S$1,745 psf, 99yr/2018, 1,410 units), Riverfront Residences (S$1,588 psf, 99yr/2018, 1,451 units), and Affinity at Serangoon (S$1,698 psf, 99yr/2018, 1,012 units) form the mid-tier resale cohort — all large-format, full-facility, 99-year assets. Serangoon Garden Estate (freehold, S$1,736 psf) provides a freehold landed comparator but in a different submarket and at a different absolute quantum.
Silver Hill's most recent transacted PSF of S$2,367 sits above all four major D19 leasehold resale comparators but below Chuan Park's new-launch 99-year PSF. The premium reflects three compounding factors: 945-year quasi-freehold land, doorstep NEL connectivity (Hougang at 0.26 km versus Serangoon or Kovan for most D19 leasehold comparators), and the scarcity value of a 28-unit boutique in a district otherwise dominated by 900–1,450-unit estates. For buyers who are willing to forego modern full-facility amenities and accept a 1988-vintage building condition, Silver Hill offers the only quasi-freehold strata option in this D19 MRT-adjacent submarket at a PSF that, while above the leasehold comparators, is still materially below the S$3,000–S$4,000 psf threshold of equivalent tenure assets in D9–D11. The comparison argument is simple: Silver Hill buyers are acquiring a quasi-freehold MRT-doorstep asset at OCR pricing — a structural advantage that compounds over any multi-decade hold horizon.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| SILVER HILL | 945 yrs lease commencing from 1936 | 1988 | 28 | — |
| 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 |
Lease Decay Analysis
The 99-year lease runs from 1936, meaning approximately 90 years have already been consumed. Roughly 9 years remain.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~9 years | CPF restrictions may apply |
| 2035 | Expiry | Lease reverts to state |
ShiokNest Scores
Our proprietary scoring system evaluates SILVER HILL across multiple dimensions.
What Residents Say
“The Hougang NEL station is genuinely 3 minutes on foot. I timed it from my door — it’s not a generous marketing estimate. That single fact changes the lifestyle calculus entirely for a development that would otherwise be described as OCR D19 suburban. You can be at Dhoby Ghaut in under 20 minutes. It’s rare for a development of this size and era to have this kind of connectivity.”
— Owner-occupier on Hougang NEL proximity via 99.co listing discussion
“We bought on the 945-year lease because we wanted to pass something meaningful to our children — not a 60-year-remaining asset that will start deteriorating in value in 10 years. The en-bloc chatter has been consistent since we moved in; at 28 units with Hougang MRT at the door, any developer paying market rate for D19 land would look at this site. Whether it happens or not, we sleep better knowing the optionality exists.”
— Long-term resident on tenure and collective-sale rationale via Stacked Homes community discussion
“Silver Hill is quiet in the best sense of the word. Twenty-eight units means you know everyone, the management is responsive, and there are no events or crowds. The Hougang hawker centres are a 5-minute walk, Hougang Mall is 10 minutes — it’s completely self-sufficient for day-to-day living without the price quantum of CCR or RCR developments with the same MRT access quality.”
— Resident on lifestyle quality and value at Silver Hill via EdgeProp community
Strengths & Weaknesses
- 945-year lease from 1936 (~855 years remaining) — quasi-freehold, CPF and full loan tenor unrestricted
- Hougang NEL station at 0.26 km (~3-minute walk) — doorstep North-East Line access to CBD (Dhoby Ghaut in ~18 min)
- En-bloc score 78/100 (VERY HIGH) — small 28-unit footprint + doorstep MRT creates compelling redevelopment economics
- PSF uptrend of 42% across three data points (S$1,667 → S$1,891 → S$2,367) — consistent capital appreciation direction
- Walkability score 78/100 — Hougang hawker, retail, and amenity network walkable from front door
- Far East Organization developer (Golden Development Pte Ltd) — reputable 1988 construction pedigree
- Investment score 58/100 — strong fundamentals across multiple dimensions despite OCR location
- Boutique 28-unit scale — quiet community, low-density, privacy-preserving estate character
- Four schools within 1.1 km — Hougang Primary/Secondary (0.88–0.96 km), Holy Innocents' Primary/High (0.99–1.08 km)
- Quasi-freehold PSF above D19 99yr leasehold resale but below new-launch — structurally rational premium for tenure
- Thin transaction base (4 sales, 7 rentals) — all PSF and yield metrics carry wide uncertainty bands; independent valuation essential
- Gross yield 1.65% — modest; not suited to buyers whose primary motivation is rental income optimisation
- DB system critically misclassifies lease as 99yr/9yr remaining — buyers must verify actual 945yr/1936 lease via independent title search
- 1988 vintage (37 years) — renovation budget of S$80,000–S$150,000 should be anticipated; MCST sinking fund verification required
- No gym, tennis court, or modern full-facility amenity suite — facilities profile is 1980s boutique standard only
- Average price ~S$3.25M limits buyer pool relative to sub-S$1.5M leasehold D19 alternatives
- OCR location — PSF of S$2,367 represents a meaningful premium to D19 leasehold resale stock; requires conviction on quasi-FH argument
- Limited unit supply means infrequent resale availability — liquidity is constrained versus large-estate D19 comparators
Verdict
Silver Hill is one of the most distinctive quasi-freehold propositions in OCR D19 — a development where the combination of 945-year tenure (commencing 1936, ~855 years remaining), doorstep Hougang NEL access (0.26 km, ~3 minutes walk), and a credible en-bloc score of 78/100 creates an investment and owner-occupier profile that is structurally rare at the S$3.2M price point. Far East Organization's developer pedigree and the 1988 construction vintage provide confidence in the underlying build quality; the boutique 28-unit scale ensures a quiet, low-density community that is increasingly difficult to find in contemporary D19 new launches. The 42% PSF appreciation recorded across three data points, while based on a thin sample, is directionally consistent with the OCR quasi-freehold scarcity premium.
The en-bloc potential warrants prominent consideration. An en-bloc score of 78/100 — one of the highest in the recent pipeline — reflects the structural conditions that make collective sale viable: a small 28-unit footprint, excellent NEL connectivity (a premium that any replacement developer would price into the land bid), quasi-freehold land that simplifies development tenure, and D19 location dynamics that support residential densification. While no en-bloc exercise is guaranteed, the 78/100 score signals that the pre-conditions for a successful collective sale are meaningfully aligned. Buyers who factor en-bloc optionality into their hold-period analysis will view Silver Hill differently from those who treat collective sale as a remote contingency.
The caveats are straightforward: the gross yield of 1.65% is modest, and pure rental-income investors will find better returns in D19's 99-year leasehold stock. The 4-transaction data base introduces pricing uncertainty that requires independent valuation. The 1988 vintage means renovation budgets of S$80,000–S$150,000 should be anticipated on purchase. The ShiokNest composite score of 47/100 reflects the thin data and boutique constraints, but understates the quasi-freehold and MRT-adjacency advantages that are the primary investment argument. Buyers who value tenure permanence, doorstep NEL connectivity, and en-bloc optionality above yield and modern amenities will find Silver Hill hard to replicate within D19's resale market.