The Callista
Overview & Key Facts
The Callista is an 87-unit development at 22 Mar Thoma Road in District 12 — a low-rise residential pocket within the St Michael private estate, sandwiched between the Potong Pasir and Boon Keng MRT catchments. Completed in 2006 by Evansville Investments, this 10-storey apartment carries a 999-year lease from 1882 — effectively near-freehold with approximately 855 years remaining, placing it in the rare category of perpetual-tenure assets that never face lease decay financing penalties.
At a median PSF of S$1,296, The Callista is the cheapest entry point in its District 12 peer group by a significant margin. The Orie launched at S$2,704 psf (99-year), Gem Residences trades at S$1,832 psf (99-year), Eight Riversuites sits at S$1,642 psf (99-year), and Verticus commands S$2,122 psf as a freehold. The Callista undercuts even the leasehold competitors — while holding near-freehold tenure that none of them can match.
The trade-off is transparent: 87 units means limited facilities, the 2006 finishings are showing their age, and the MRT walk to Potong Pasir (0.80 km) or Boon Keng (0.91 km) is functional rather than convenient. But for buyers who weight tenure and value per square foot above all else, The Callista offers a near-permanent D12 address at a PSF that most 99-year developments in the same district have already surpassed. With 57 rental transactions on record and a gross yield of 2.44%, the investment case is modest but anchored by a denominator — the purchase price — that will never inflate through lease decay.
Location & Connectivity
Mar Thoma Road sits within the St Michael private residential estate — a quiet enclave between Serangoon Road and the Kallang River, historically known as a Eurasian neighbourhood with roots dating to the 1950s. The street is lined with low-rise condominiums and walk-up apartments, creating a residential character that feels removed from the density of the surrounding Balestier and Boon Keng corridors. Neighbours include Mar Thoma Mansions (also 999-year), Beacon Heights, and The Elysia — all modest-scale developments that maintain the low-rise streetscape.
MRT connectivity requires a walk. Potong Pasir NEL is 0.80 km away — roughly a 10-minute walk that crosses Sungei Whampoa and the St Michael’s flyover. Boon Keng NEL at 0.91 km offers an alternative on the same North-East Line. Geylang Bahru DTL (1.16 km) adds Downtown Line access but is a 14-minute walk. None of these distances qualify as “MRT doorstep” — residents who commute daily by train should factor in bus connections or a short drive to the station.
For drivers, the CTE is accessible via Serangoon Road, providing a fast corridor to the CBD (10–12 minutes) and the northern suburbs. However, resident feedback consistently flags CTE traffic noise as audible from the development — units facing the expressway direction will want to verify noise levels before committing.
Daily amenities cluster around Serangoon Road and Balestier Road. Shaw Plaza and Balestier Plaza are within walking distance, offering supermarkets, food courts, and basic retail. The Balestier Road heritage shophouse strip — known for its bak kut teh, roast meat, and traditional bakeries — is one of Singapore’s most characterful food corridors, accessible in a 10-minute walk. Whampoa Makan Place hawker centre is nearby for affordable daily meals.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Bendemeer Primary School | primary | Within 1 km |
| Bendemeer Secondary School | secondary | Within 1 km |
| Stamford Primary School | primary | Within 1 km |
| Assumption Pathway School | secondary | Within 1 km |
| Balestier Hill Primary School | primary | ~1.2 km |
| School of Science and Technology | jc | ~1.2 km |
| Beatty Secondary School | secondary | ~1.3 km |
| Hong Wen School | primary | ~1.3 km |
Facilities
At 87 units across 10 storeys, The Callista’s facilities roster is compact but thoughtfully curated for its size. The centrepiece is an infinity-edge swimming pool with a distinctive row of “floating” stones — a design touch that adds visual interest to what could have been a utilitarian pool deck. A spa pool, indoor gym, outdoor fitness station, and BBQ pits round out the recreational offerings.
The infinity pool design is a genuine highlight for a development of this scale. Most sub-100 unit condos from the mid-2000s offer a basic rectangular pool at best; The Callista’s architectural ambition in this regard exceeds its peers. The spa pool provides a secondary water feature that differentiates weekday relaxation from weekend swimming.
“Good stay, a lot of amenities and facilities surrounded by several access points. Peaceful and quiet — recommended for families with children.”
— Resident review, property forum
Where the facilities necessarily fall short is in breadth. There is no tennis court, no function room, and no dedicated children’s playground — amenities that larger developments like Eight Riversuites (862 units) or Gem Residences (578 units) can justify through economies of scale. Buyers expecting resort-style facilities will be disappointed. However, with only 87 units sharing the pool, gym, and BBQ area, overcrowding is never a concern — a practical advantage that larger developments cannot replicate.
Security is 24-hour, and the development is gated with controlled access. The compact footprint means the grounds are easy to maintain, and the MCST fees benefit from the small unit count. Parking is adequate for residents, though visitor lots are limited — a common constraint in boutique developments of this era.
Unit Sizes & Layout
The Callista offers a mix of 1-, 2-, and 3-bedroom apartments across its 10-storey frame. Being a 2006-vintage development, the unit layouts reflect the more generous proportions typical of pre-2010 construction — bedrooms that can fit a queen bed with side tables, kitchens with actual counter space, and living areas that don’t require furniture miniaturisation to function.
At an average transaction price of S$1,334,718 and a median of S$1,425,000, The Callista sits at a price point that is accessible by D12 standards. The PSF trend over recent quarters — S$1,165 → S$1,161 → S$1,234 → S$1,317 → S$1,296 — shows a gradual recovery from a trough around S$1,160, with prices stabilising in the S$1,280–S$1,320 range. The essentially flat trajectory suggests the market has found an equilibrium for this development.
One recurring resident concern is the internal ventilation design. Some units reportedly suffer from limited natural airflow, with the building’s orientation and corridor configuration restricting cross-ventilation. Prospective buyers should physically inspect units for airflow — particularly mid-floor units that may be shielded from prevailing breezes by adjacent buildings in the St Michael estate.
Upper-floor units benefit from unblocked views over the low-rise estate, with some sightlines extending toward the Kallang River and the city skyline beyond. The 10-storey height means even top-floor units sit below the surrounding HDB blocks, but the immediate Mar Thoma Road streetscape remains open.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 3 | $1,295 | $766,667 |
| 3 BR | 12 | $1,221 | $1,476,731 |
Pricing & Market Position
Based on 15 recorded transactions, sale prices range from $710,000 to $1,730,000, averaging $1,334,718 (~$1,296 psf).
Rents range from $1,900 to $4,500 per month across 58 rental transactions. Current rental yield sits at approximately 2.4%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 11.2% (from $1,165 to $1,296 psf).
Neighbourhood Comparison
The competitive landscape reveals The Callista’s pricing outlier status clearly. The Orie (S$2,730 psf, 99-year, 777 units, TOP 2030) is the flagship new launch in D12, offering brand-new finishings and Braddell MRT proximity at more than double The Callista’s PSF — but with a 99-year lease that starts depreciating from day one. The Orie is the aspirational benchmark; The Callista is the value counterpoint.
Verticus (S$2,122 psf, freehold, 162 units, TOP 2024) is the nearest tenure comparison, but at a 64% premium. Verticus offers contemporary finishings and a Balestier Road address with marginally better walkability, but buyers paying S$2,122 versus S$1,296 must decide whether new-build quality is worth S$826 per square foot — a gap that a S$50,000–S$70,000 renovation of a Callista unit would substantially close.
Eight Riversuites (S$1,642 psf, 99-year from 2013, 862 units) and Gem Residences (S$1,832 psf, 99-year from 2014, 578 units) are the leasehold mid-market options. Both offer significantly larger facilities rosters and more units (better liquidity), but both carry 99-year leases now in their 11th–12th year. The Callista’s 999-year lease gives it a structural advantage that compounds over time: when Eight Riversuites hits 60 years remaining and faces financing restrictions, The Callista will still have over 800 years on its lease.
The conclusion is nuanced: The Callista is not the best development in its peer group by any lifestyle metric — it has fewer facilities, older finishings, and weaker MRT access than most competitors. What it offers instead is the lowest PSF combined with the longest tenure, a combination that makes it the mathematically optimal long-term hold for buyers who prioritise value preservation over lifestyle amenities. The market has priced in the age and scale; it may have underpriced the tenure.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE CALLISTA | 999 yrs lease commencing from 1882 | 2006 | 87 | $1,296 |
| THE ORIE | 99 yrs lease commencing from 2024 | 2025 | 52 | $2,730 |
| EIGHT RIVERSUITES | 99 yrs lease commencing from 2011 | 2016 | 843 | $1,643 |
| GEM RESIDENCES | 99 yrs lease commencing from 2015 | — | 578 | $1,838 |
| TREVISTA | 99 yrs lease commencing from 2008 | — | 590 | $1,702 |
| VERTICUS | Freehold | 2021 | 162 | $2,122 |
Lease Decay Analysis
The 99-year lease runs from 2006, meaning approximately 20 years have already been consumed. Roughly 79 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~79 years | Full bank financing available |
| 2036 | ~69 years | CPF usage still unrestricted for most buyers |
| 2045 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2065 | ~39 years | Significant financing restrictions for next buyer |
| 2105 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~69 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates THE CALLISTA across multiple dimensions.
What Residents Say
“Very convenient location next to all the major expressways, in the heart of town with 999 tenure. Peaceful and quiet for families. The pool area is really nice — the infinity edge with the floating stones is a nice touch for a small condo.”
— Owner, property review platform
“Too far from both Boon Keng and Potong Pasir MRT. Takes at least 15 minutes to walk. If you don’t drive, the bus connections along Serangoon Road are your best bet. CTE noise is also noticeable from some units.”
— Former tenant review
“Good stay, a lot of amenities and facilities. The condo is small so the pool and gym are never crowded. Very quiet neighbourhood — St Michael area doesn’t feel like you’re in the middle of Singapore, even though you are. No shops immediately nearby though — need to walk to Serangoon Road or Balestier.”
— Resident review, property forum
The recurring themes across resident feedback are consistent: the 999-year tenure and quiet St Michael estate character are the primary draws, while MRT distance and CTE noise are the primary complaints. The small unit count is viewed positively for facility access and community feel, but negatively for the absence of on-site retail or dining options. The development attracts families and longer-term residents rather than transient tenants — the resident profile skews toward owners who chose the location for its residential calm rather than its urban connectivity.
Strengths & Weaknesses
- 999-year lease from 1882 — near-freehold with ~855 years remaining
- Lowest PSF in D12 peer group at S$1,296 — below even 99-year leasehold competitors
- St Michael private estate — quiet, low-rise residential character
- Infinity-edge swimming pool with distinctive floating stone design
- Only 87 units — never crowded facilities, strong community feel
- Two NEL stations accessible: Potong Pasir (0.80km) and Boon Keng (0.91km)
- Geylang Bahru DTL (1.16km) adds Downtown Line as third MRT option
- Balestier Road heritage food corridor within walking distance
- CTE access via Serangoon Road — CBD in 10–12 minutes by car
- Pre-2010 unit layouts with more generous proportions than contemporary launches
- Renovation investment protected by essentially perpetual lease
- 24-hour security with gated access
- MRT not doorstep — Potong Pasir 0.80km, Boon Keng 0.91km (10–12 min walk)
- CTE traffic noise audible from some unit orientations
- Limited natural ventilation reported in some units — inspect airflow before buying
- Only 87 units — thin resale inventory, transactions can be irregular
- No tennis court, function room, or dedicated playground
- Aged 2006 finishings — budget S$30K–S$60K for kitchen and bathroom refresh
- Gross yield of 2.44% is below the 3% threshold for yield-focused investors
- Flat PSF trend (S$1,165→S$1,296) — limited near-term capital appreciation
- No shops or F&B within the immediate St Michael estate
- Visitor parking limited — common constraint for boutique developments
Verdict
The Callista’s investment thesis rests on a single, powerful fact: it offers 999-year tenure at S$1,296 psf in a district where even 99-year leasehold competitors trade at S$1,642 to S$1,832 psf. That pricing anomaly — near-freehold tenure at a discount to leasehold peers — is the kind of structural mispricing that patient capital exploits. The Callista is not cheap because it is inferior; it is cheap because 87 units on a quiet side street generate less market visibility than 578-unit or 862-unit developments with full marketing campaigns.
The rental story is moderate rather than compelling. With 57 rental transactions and an average rent of S$3,067, The Callista generates a 2.44% gross yield — below the 3% threshold that most yield-focused investors target. However, the critical point is that the yield denominator (purchase price) will never inflate through lease decay. A 99-year competitor bought at S$1,642 psf today will see its effective cost per remaining lease-year increase every year; The Callista’s 855-year remaining lease makes this calculation irrelevant.
The walkability score of 70/100 and MRT access rating reflect the honest truth: this is not an MRT-doorstep development. Potong Pasir at 0.80 km and Boon Keng at 0.91 km are both walkable but not convenient, and the surrounding St Michael estate prioritises quiet residential character over urban connectivity. Buyers who depend on MRT commuting should weigh this carefully.
For buyers seeking a near-permanent D12 address at the lowest PSF in the peer group, with the security of 999-year tenure and the patience to hold through market cycles, The Callista represents a quiet value proposition. It will never be the flashiest development on the block — but it may be the one that, decades from now, proves to have been the most sensible purchase in its competitive set.