Space @ Kovan

Overview & Key Facts

SPACE @ KOVAN sits on Yio Chu Kang Road in District 19 — a quiet, established residential corridor that straddles the Kovan and Serangoon neighbourhoods in Singapore’s north-east. Developed by Roxy-Pacific Developments, one of Singapore’s most recognisable boutique-luxury homebuilders, it was completed in 2014 and comprises just 140 residential units spread across two five-storey blocks. That low-rise profile is the defining first impression: in a district increasingly dominated by taller mass-market condominiums, SPACE @ KOVAN feels deliberate in its intimacy.

Roxy-Pacific has built a distinct niche by developing compact, high-quality projects that prioritise individual unit quality and resident experience over scale. SPACE @ KOVAN is a textbook expression of that philosophy. The project also incorporates 56 commercial units at the podium level — a mixed-use arrangement that brings ground-floor F&B and retail convenience directly to residents without the noise footprint of a larger mall. The brand name is not accidental: unit sizes here trend more generously than most new-build equivalents, and the development markets itself on the idea that residents gain genuine living space rather than compromising it.

On tenure, SPACE @ KOVAN holds freehold status — a rarity in District 19 where most comparable developments are 99-year leasehold. At a recent average transacted PSF of approximately S$1,514, it represents one of the more accessible freehold entry points in the Serangoon–Kovan corridor. For buyers who think in multi-generational terms, or those evaluating OCR freehold assets against the long-run lease decay of nearby leasehold condos, the tenure distinction carries meaningful weight.

Location & Connectivity

The headline location asset at SPACE @ KOVAN is proximity to Serangoon MRT interchange — roughly 700 metres on foot. Serangoon is a dual-line interchange station serving both the North-East Line (NEL) and the Circle Line (CCL), which is a connectivity profile that significantly outperforms a single-line station. From Serangoon, residents can reach Dhoby Ghaut (and the rest of the NEL) within about 15 minutes, while the CCL provides cross-island reach to Bishan, Bartley, Paya Lebar, and Marina Bay without transferring at City Hall. For a non-central development, this dual-line access is a genuine competitive advantage.

The 700-metre walk is straightforward along Yio Chu Kang Road, and while Singapore’s heat makes any outdoor walk a consideration, the distance falls within a range that most residents will walk on a daily basis rather than defaulting to a bus or car. For those who prefer to drive, the CTE is easily accessible, putting the CBD approximately 20 minutes away in off-peak conditions. Kovan MRT (one stop north-east on the NEL) is also reachable on foot in about 10–12 minutes for residents who prefer a shorter walk to a single-line station.

Day-to-day amenities are well-served. Heartland Mall Kovan and the Kovan MRT commercial cluster are within a 10-minute walk, offering supermarkets, clinics, F&B, and a range of everyday services. NEX at Serangoon — one of Singapore’s better suburban malls, anchored by FairPrice Xtra and housing a library and cinema — is reachable by bus or a short drive. The ground-floor commercial units within SPACE @ KOVAN itself provide a further layer of convenience without requiring residents to leave the development for basic needs. For families, Zhonghua Secondary School is close by, and the broader Serangoon – Kovan corridor is well-stocked with primary schools for the P1 balloting cycle.

The neighbourhood character of Kovan is best described as quietly aspirational heartland: predominantly private housing with a strong local owner-occupier base, good food options, and a walkable street-level environment that feels more village-like than the denser HDB towns to the north. Hougang and Serangoon offer further dining, wet markets, and recreational options a short bus or drive away, giving residents both proximity to urban infrastructure and a sense of residential calm.

Schools & Education

2 primary schools within the 1 km Priority Phase balloting radius.

Facilities

SPACE @ KOVAN offers a curated but well-considered facilities package appropriate for a 140-unit boutique development. The centrepiece is a swimming pool with adjacent pool deck and Jacuzzi — a social and leisure core that feels proportionate to the development’s size. A sky lounge on the upper floors provides panoramic views of the surrounding low-rise neighbourhood, a feature that is both a practical amenity and a subtle architectural statement about the development’s positioning. Additional facilities include a gym, function room, wading pool, water feature, and BBQ area — a complete suite that covers the practical needs of most residents without overreaching.

In the context of boutique condominiums, SPACE @ KOVAN’s facilities represent a fair balance: generous enough to support daily use without the booking bottlenecks that afflict larger developments, and maintained more easily given the smaller resident population sharing the load. Roxy-Pacific’s projects are generally well-regarded for landscaping quality and material selection at the podium level, and SPACE @ KOVAN upholds that standard with lush planted surroundings and a pool area that photographs well and holds up in person. For residents who use facilities daily, the boutique scale means pool lanes are rarely contested and gym equipment is almost always available.

“The development feels like a proper boutique hotel rather than a standard condo. Small number of units means the pool and gym are never crowded — a real luxury for somewhere in this area.”

— Resident review via SingaporeExpats.com

Unit Sizes & Layout

The unit mix at SPACE @ KOVAN spans 1-bedroom through 4-bedroom configurations, with floor plan types covering a broad range of household profiles. The designation “SPACE” in the development name is a deliberate signal: Roxy-Pacific sized units here more generously than typical new-build OCR condominiums of the same era, with layouts designed to feel usable rather than just technically compliant with bedroom-count definitions. Two-bedroom units include a study variant, and three-bedroom configurations offer a guest-room option — details that add flexibility for growing families or households with regular visitors. Penthouses with multi-storey layouts round out the top of the stack.

The two-block, five-storey format keeps floor plates low and maximises the sense of space and privacy at the unit level. Lower-storey units benefit from the landscaped podium and greenery without sacrificing ventilation, while upper floors on the five-storey blocks command clear views over the surrounding low-rise Kovan neighbourhood. As a freehold OCR development, SPACE @ KOVAN occupies an interesting value position: buyers are acquiring perpetual tenure in a stable, established neighbourhood at PSF levels that sit meaningfully below comparable freehold assets in more central districts. For buyers who want the certainty of freehold without paying the Buona Vista or Clementi premium, this corridor offers a rational alternative.

Pricing & Market Position

Across 40 recorded transactions (all-time), sale prices range from $595,000 to $1,745,000, averaging $896,689.

Over the last 12 months, transactions averaged $1,611 psf.

Rents range from $1,200 to $5,000 per month across 327 rental transactions. Current rental yield sits at approximately 3.9%.

Rental Yield by Bedroom Type

Blended yield hides the spread between unit sizes — smaller units at SPACE @ KOVAN typically rent harder per dollar of purchase price. The final column shows monthly rent per $100,000 invested, so unit sizes compare on equal capital:

Price Appreciation

From 2021 to 2026, the average PSF has appreciated by 20.4% (from $1,308 to $1,575 psf).

Neighbourhood Comparison

Against The Florence Residences (99-year leasehold, 1,410 units, Kovan), the contrast is sharp: Florence offers a mega-development experience with resort-scale facilities and a 10-minute walk to both Hougang and Kovan MRT, but carries a ticking lease clock and a high-density environment that is the opposite of SPACE @ KOVAN’s boutique proposition. Florence transacts at broadly similar PSF levels, making the freehold premium at SPACE @ KOVAN relatively modest on a per-square-foot basis. Buyers who value tenure certainty and low-density living will favour SPACE @ KOVAN; buyers who want the amenity breadth of a large development and the social energy of a bigger community will find Florence more compelling. Against Affinity at Serangoon (99-year leasehold, seven 14-storey blocks, currently PSF S$1,534–S$1,800+), SPACE @ KOVAN’s freehold status again stands out as a structural differentiator. Affinity’s facilities are limited for its unit count, and the leasehold tenure means buyers are paying similar or higher PSF for an asset with a defined end date.

More broadly, SPACE @ KOVAN competes with a cohort of smaller freehold condominiums along the Yio Chu Kang Road and Upper Serangoon Road corridors — including Spazio @ Kovan and older developments like Kovan Grandeur. Of these, SPACE @ KOVAN occupies the middle ground: newer than legacy developments (2014 TOP preserves marketability for another decade before age discounting becomes significant), better located than projects further from the interchange, and more intimate than the large-scale leasehold launches that have dominated District 19 new supply in recent years. For buyers running a long-term hold strategy in the OCR, it remains one of the cleaner freehold propositions in the sub-market.

ShiokNest Scores

Our proprietary scoring system evaluates SPACE @ KOVAN across multiple dimensions.

What Residents Say

“Quiet and peaceful neighbourhood with easy access to both Serangoon and Kovan MRT. The condo is small but that’s a plus — never have to queue for the pool or gym. Roxy-Pacific did a good job with the finishings.”

— Resident review via PropertyGuru

“Great location between Kovan and Serangoon. NEX is just a short bus away. The units are more spacious than I expected for an OCR condo — the 2-bedroom layout actually has a proper dining area. Would recommend for young families.”

— Resident review via 99.co

“Freehold in this area at this price is still good value. Management is professional and the grounds are well-maintained. The sky lounge view is surprisingly nice for a 5-storey building.”

— Resident review via SingaporeExpats.com

Strengths & Weaknesses

Verdict

SPACE @ KOVAN makes a coherent case as an OCR freehold holding. At approximately S$1,514 psf, buyers are acquiring perpetual tenure within walking distance of one of Singapore’s better-connected interchange stations — a combination that is harder to find than the number of listings might suggest. Comparable freehold condominiums in District 19 either sit further from the MRT network or command a steeper PSF premium that narrows the yield arithmetic. For own-stay buyers who want a stable, low-density address with genuine MRT walkability and a developer pedigree they can rely on, SPACE @ KOVAN occupies a compelling niche.

The investment case is supported by a gross yield estimate of approximately 2.5–3.0% (based on recent average rents of ~S$3,104/month and the current PSF range), which is reasonable for a freehold asset without the lease-decay discount applied to 99-year equivalents. The gross yield will not headline-grab alongside higher-yielding leasehold assets in the OCR, but the absence of lease decay adjusts the risk profile differently. Renters are drawn to the Serangoon corridor for exactly the connectivity reasons described above, providing a reasonably liquid rental market. The boutique scale also means that when units do come to market — for sale or rent — they face limited direct competition within the same block, which tends to support pricing discipline.

The ideal buyer profile is an owner-occupier household that values a quiet, low-density environment, freehold tenure for long-term planning, and MRT access without the trade-offs of a high-rise mass-market development — or an investor willing to accept a moderate yield in exchange for the structural security of perpetual tenure in a land-scarce city. Buyers who are MRT-agnostic and primarily car-dependent may find the price premium over nearby leasehold alternatives harder to justify on pure yield terms, but for most buyers evaluating the Kovan corridor, the freehold status will remain the single most defensible differentiator.