The Lincoln Residences
Overview & Key Facts
The Lincoln Residences is a 99-unit freehold condominium on Surrey Road in District 11, developed by Sim Lian (Newton) Pte Ltd and completed in 2012. It sits in the Newton–Novena corridor — one of Singapore’s most established and medically proximate residential addresses — at a price point that represents a structural discount to every newer freehold peer in the district.
At an average transacted PSF of S$2,247 and a median transaction price of S$3,700,000, The Lincoln Residences occupies the lower end of the D11 freehold pricing table. Pullman Residences Newton, the most directly comparable large-format freehold development nearby, transacts at S$3,075 PSF. Watten House, the recently completed landed-to-condo conversion in the Bukit Timah fringe of D11, is at S$3,236 PSF. The gap between The Lincoln Residences and its contemporaries is not a rounding error — it is approximately S$800 to S$1,000 per square foot, representing a meaningful discount on freehold title in a prime CCR district.
The investment thesis is straightforward: freehold D11 at S$2,247 PSF with Newton MRT (dual-line NSL/DTL) at 510 metres and one of the most exceptional primary school catchments in the entire central region. The gross yield of 2.27% is typical of CCR and not the primary draw — this is a capital preservation and price-per-PSF-discount play rather than an income asset. Buyers who are optimising for CCR freehold exposure at below-replacement cost should examine this development carefully.
Location & Connectivity
Surrey Road sits in the Newton precinct, a quiet residential street flanked by low-rise landed homes and boutique condominiums that have defined the character of this part of D11 for decades. The neighbourhood is simultaneously one of Singapore’s most connected — Newton MRT (North-South Line and Downtown Line interchange) is 510 metres away — and one of its most insulated from commercial noise. The absence of major arterial traffic, the canopy cover along the approach roads, and the predominance of residential over retail along the immediate street create a residential environment that upper-central Singapore buyers specifically seek.
Newton MRT at 510 metres gives residents direct access to both the North-South Line (City Hall, Orchard, Bishan, Woodlands) and the Downtown Line (Botanic Gardens, Beauty World, Buona Vista, Marina Bay). This dual-line access is a durable infrastructure asset — not dependent on future development or rezoning. Novena MRT (NSL) at 580 metres adds a second NSL station within comfortable walking distance, a coverage redundancy few CCR locations can claim.
The school catchment is the standout locational fact about The Lincoln Residences and should not be underweighted. St. Margaret’s Primary School is 290 metres away — well within the 1 km Phase 2A priority registration band and among the closest top-ranked primary schools to any condominium in D11. St. Margaret’s Secondary is at 340 metres. Singapore Chinese Girls’ School (SCGS) Primary is at 690 metres, Anglo-Chinese School (Primary) at 780 metres, CHIJ Our Lady Queen of Peace at 830 metres, St. Joseph’s Institution at 1.15 km, and ACS Junior at 1.17 km. No single D11 address clusters this density of sought-after primary schools within one kilometre. For families with school-age children planning for Phase 2A distance priority, this catchment profile is a material competitive advantage over comparable addresses in D10 or D15.
The Newton–Novena corridor also provides immediate access to the Novena medical cluster: Tan Tock Seng Hospital, Novena Medical Centre, Mount Elizabeth Novena Hospital, and Farrer Park Hospital are all within 1.5 kilometres. For residents who weight medical proximity — whether for elderly household members or personal health management — this is the most densely served medical precinct outside of the Orchard Road hospital strip.
Schools & Education
4 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| St. Margaret's Primary School | primary | Within 1 km |
| St. Margaret's Secondary School | secondary | Within 1 km |
| Singapore Chinese Girls' School (Primary) | primary | Within 1 km |
| Anglo-Chinese School (Primary) | primary | Within 1 km |
| CHIJ Our Lady Queen of Peace | primary | Within 1 km |
| St. Joseph's Institution | secondary | ~1.2 km |
| ACS (Junior) | primary | ~1.2 km |
| St. Anthony's Primary School | primary | ~1.2 km |
Facilities
At 99 units and a 2012 completion, The Lincoln Residences sits in a familiar product category: the mid-sized boutique CCR condominium with a facilities set designed for residents rather than for marketing brochures. The development offers a swimming pool, gymnasium, landscaped communal areas, and the standard residential support infrastructure of a post-2010 District 11 project. It does not offer the multi-pool resort configuration, sky terraces, concierge services, or extensive event and function room infrastructure of a 300-to-500-unit contemporary development.
This is a deliberate calibration, not a deficiency. The Lincoln Residences was designed and priced as a residential product for owner-occupiers and investors who prioritise location and tenure over amenity density. Maintenance fees on a 99-unit development are structurally lower than those on comparable larger projects because the per-unit cost of maintaining fewer shared facilities is lower. For buyers holding the asset long-term or tenanting it to professionals, this reduces the drag on net yield without materially affecting tenantability.
Sim Lian is a developer known for practical, value-oriented builds with consistent construction quality and functional interior specifications. The Lincoln Residences is representative of this approach: unit interiors from 2012 will show their age in kitchen finishings and bathrooms, but the structural quality and build consistency are reliable. Buyers entering at current prices should budget for a light renovation cycle — particularly in kitchens and wet areas — to bring the unit to current tenant-expectation standards. This is a known and manageable cost rather than a structural unknown.
Buyers seeking resort-tier facilities — lap pools, multiple leisure pools, tennis courts, function rooms, sky gardens — will need to look at larger contemporary developments such as Pullman Residences Newton or RV Altitude. Those developments carry PSF premiums of S$500 to S$800 above The Lincoln Residences. Whether that premium is worth paying depends entirely on how much weight the buyer assigns to facilities versus the S$800-plus-per-sqft savings on the same freehold D11 access.
Unit Sizes & Layout
The median transaction price of S$3,700,000 and average of S$3,570,933 signal a unit configuration weighted toward larger formats: this is not a studio-and-one-bedroom investor product. The Lincoln Residences comprises a mix of two-bedroom and three-bedroom units typical of boutique mid-sized D11 developments of its vintage, with unit sizing that produces the S$3.5–3.7 million price band at S$2,247 PSF average. Buyers should expect gross floor areas in the range of 1,500–1,800 square feet for the three-bedroom configurations that dominate the recent transaction mix.
The PSF trend across five observable periods shows a clear upward trajectory with some volatility: S$1,989 → S$2,043 → S$2,228 → S$2,084 → S$2,272. The dip to S$2,084 followed by recovery to S$2,272 is consistent with the broader CCR market pattern of 2022–2024 cooling measure sensitivity and subsequent stabilisation. The overall direction is positive, and the S$2,272 most-recent reading represents a new high in the development’s observable transaction history.
The quantum of S$3.5–3.7 million is a meaningful consideration for D11 buyers. This is not a sub-S$2-million entry-level CCR asset — buyers must be capitalised for the absolute price. However, the PSF discount relative to comparable freehold alternatives means buyers are getting more square footage for their dollar than newer projects can offer: a S$3.7 million budget at The Lincoln Residences buys approximately 1,640 square feet freehold at current PSF, versus approximately 1,200 square feet at Pullman Residences Newton and under 1,150 square feet at Watten House. The space-per-dollar equation strongly favours The Lincoln Residences.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 3 BR | 3 | $2,087 | $2,733,333 |
| 4 BR | 7 | $2,138 | $3,520,714 |
| 5 BR | 5 | $2,049 | $4,143,800 |
Pricing & Market Position
Based on 15 recorded transactions, sale prices range from $2,700,000 to $4,380,000, averaging $3,570,933 (~$2,247 psf).
Rents range from $5,500 to $14,300 per month across 102 rental transactions. Current rental yield sits at approximately 2.3%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 14.2% (from $1,989 to $2,272 psf).
Neighbourhood Comparison
The D11 CCR freehold competitive landscape is defined by the tension between price-per-PSF and product vintage. The Lincoln Residences sits at the most affordable end of the freehold D11 PSF table — S$2,247 against a field where no newer freehold peer is available below S$2,489 PSF and the most prominent recent completions are at S$3,075–S$3,236 PSF. The PSF discount embedded in that gap is the defining characteristic of the investment case.
Pullman Residences Newton (S$3,075 PSF, freehold, 340 units) is the most direct comparable: larger, newer (2023), better facilities, branded-hotel positioning, and 340-unit scale giving it deeper resale liquidity. At S$828 PSF above The Lincoln Residences, buyers pay for a fully contemporary product with resort-tier amenities and a marketing profile that commands a premium in the rental market. The question is whether that premium is worth S$828 per square foot of freehold D11 area. Watten House (S$3,236 PSF, freehold, 180 units) is GLC-developed with a Bukit Timah fringe positioning and premium finishings — strong on quality credentials but at the highest PSF in the peer group.
Peak Residence (S$2,489 PSF, freehold, 90 units) is the closest PSF competitor among the freehold cohort: 2019 vintage, similar boutique scale, lower PSF than Pullman or Watten House. Buyers comparing The Lincoln Residences to Peak Residence are weighing a S$242 PSF saving and a seven-year vintage gap against each other. For buyers who do not require the most current finishings and can absorb a renovation cost, The Lincoln Residences’ additional discount is the stronger value argument.
The leasehold alternatives — Soleil@Sinaran (S$1,970 PSF, 99yr/2006, 417 units) and Amaryllis Ville (S$1,899 PSF, 99yr/1997, 311 units) — illustrate the freehold premium embedded in the D11 market. Both leasehold peers transact at S$277–S$348 PSF below The Lincoln Residences despite having older leases with active decay profiles. Buyers who compare these on absolute PSF should weight the tenure differential seriously: a 99-year lease from 1997 has fewer than 70 years remaining, with CPF usage and LTV restrictions tightening as the lease approaches 60 years.
- Watten House: S$3,236 PSF — freehold, 180 units, 2024 completion, Bukit Timah fringe.
- Pullman Residences Newton: S$3,075 PSF — freehold, 340 units, 2023 completion, Newton.
- Peak Residence: S$2,489 PSF — freehold, 90 units, 2019 completion, Thomson.
- Soleil@Sinaran: S$1,970 PSF — 99yr/2006, 417 units, Novena.
- Amaryllis Ville: S$1,899 PSF — 99yr/1997, 311 units, Thomson/Novena.
- The Lincoln Residences: S$2,247 PSF — freehold, 99 units, 2012, Surrey Road.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE LINCOLN RESIDENCES | Freehold | 2012 | 99 | $2,247 |
| 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 THE LINCOLN RESIDENCES across multiple dimensions.
What Residents Say
The resident profile at The Lincoln Residences reflects the Newton–Surrey Road address rather than the developer brand: families with school-age children drawn by the St. Margaret’s Primary and SCGS catchment, professionals working in the CBD and Novena medical cluster, and long-tenure owner-occupiers who have held their units since original purchase or early-cycle resale. The 99-unit scale keeps the community cohesive without the anonymity of a 400-unit development.
“We bought specifically for St. Margaret’s Primary. 290 metres — our daughter walks there in four minutes. There is nothing else in D11 at this price point that gives you this school at this distance.”
— Owner-occupier family, via property forum
“I work at TTSH. Newton MRT is eight minutes from my door. I’ve looked at Pullman and RV Altitude — the PSF is just not justifiable when The Lincoln Residences gives me the same MRT access and a freehold title for eight hundred dollars less per square foot. The kitchen needed work when I moved in, but that was a one-time cost.”
— Medical professional owner-occupier, via online forum
The rental tenant mix broadly mirrors the ownership profile: families anchored by the school catchment prioritise tenancy renewal, medical and research professionals at the Novena cluster rent for multi-year periods, and a smaller cohort of CBD-commuting professionals appreciates the dual-line Newton MRT access. The median rent of S$7,000 per month for units in the 1,500-to-1,800-sqft range is consistent with D11 mid-tier rental benchmarks and reflects sustained demand rather than speculative pricing.
The 99-unit MCST is typically responsive, decisions require reasonable consensus, and the boutique scale means maintenance standards are held to account by a resident community small enough for every owner to notice deferred upkeep. The development does not have the institutional management apparatus of a 500-unit complex, but for a CCR boutique product of this vintage, that is generally a positive.
Strengths & Weaknesses
- Freehold D11 at S$2,247 PSF — approximately S$828-S$989 PSF below newer CCR freehold peers Pullman Residences Newton and Watten House
- Newton MRT dual-line (NSL + DTL) at 510m — one of the strongest MRT positions in D11, providing direct access to Orchard, CBD, Marina Bay, and Buona Vista
- Novena MRT (NSL) at 580m — second NSL station provides rare dual-station NSL coverage within comfortable walking distance
- St. Margaret's Primary at 290m — well within 1km Phase 2A priority registration band; one of the most sought-after primary catchments in central Singapore
- School cluster of exceptional depth: SCGS Primary (690m), ACS Primary (780m), CHIJ OLQP (830m), SJI (1.15km), ACS Junior (1.17km) — all within 1.2km
- Freehold tenure — no lease decay, no CPF usage restriction risk, no LTV tightening over time; permanent title in prime CCR district
- Novena medical cluster proximity — TTSH, Mount Elizabeth Novena, Novena Medical Centre all within 1.5km; highly valued by medical professionals and families with medical needs
- 101 rental transactions at median S$7,000/month — active and demonstrable rental market, not speculative yield assumption
- PSF trend consistently positive over five periods: S$1,989 → S$2,043 → S$2,228 → S$2,084 → S$2,272 — most recent reading is a new high
- Boutique 99-unit scale — responsive MCST, community-scale management, lower anonymity and maintenance deferred risk than large-format CCR developments
- Moderate composite scores across all metrics — walkability 65/100, investment 59/100, en-bloc 44/100, profitability 65/100, ShiokNest 60/100; no category leads the D11 peer group
- 2.27% gross yield is low even by CCR standards — this is not an income asset; yield-focused buyers should look to D14 or D15 for superior income returns
- S$3.5-3.7M absolute quantum — high entry cost that limits the buyer pool and extends time-on-market relative to sub-S$2M CCR assets
- 2012 vintage finishings — kitchens and bathrooms will show age; renovation budget of S$80,000-S$150,000 required to meet current premium tenant standards
- Only 15 recorded sales transactions — thin volume limits price discovery confidence; PSF benchmark carries wider uncertainty than deeper-volume developments
- Facilities tier is moderate — pool and gym only; no resort amenities, tennis courts, concierge, or event infrastructure expected by some CCR buyers at this quantum
- Sim Lian developer — practical and reliable but without the brand premium of GLC developers (CapitaLand, CDL) or luxury boutique brands (Wing Tai, Far East) that command rental and resale premiums
- En-bloc potential 44/100 — modest collective sale prospect given freehold tenure (no lease decay urgency), only 99 units (small land parcel), and recent completion date of 2012
- Walkability 65/100 — Newton/Surrey Road is residential rather than pedestrian-retail; most daily errands require a short drive or MRT trip, unlike Orchard or Tanjong Pagar addresses
- Limited capital appreciation upside versus new launches — buyers entering today are buying into a 13-year-old development; the new-launch pipeline at D10/D11 will continue to set the PSF ceiling
Verdict
The Lincoln Residences is a price-per-PSF-discount play on freehold D11, and its investment case rests on three structural pillars: the S$800-to-S$1,000 PSF gap versus newer CCR freehold peers, Newton MRT dual-line access at 510 metres, and an unmatched primary school catchment anchored by St. Margaret’s Primary at 290 metres. These three advantages are durable — they do not depend on management performance, market timing, or development pipeline. They are structural facts about the address.
The scores across the board are moderate rather than exceptional: walkability 65/100, investment 59/100, en-bloc 44/100, profitability 65/100, ShiokNest composite 60/100. None of these are red flags, and none represent a glaring weakness. They reflect the reality of a 2012 boutique product in a district dominated by newer and larger-format completions — competitive but not leading the field on any single metric except the PSF discount and the school catchment. Buyers who weight composite scores above everything else will find stronger candidates in D11. Buyers who are specifically seeking freehold CCR at a discount-to-replacement-cost price, with a school catchment that no other D11 address replicates, will find The Lincoln Residences a coherent and difficult-to-replace option.
The 2.27% gross yield is honest CCR territory: this is not an income-first asset, and buyers entering on a yield basis will find stronger alternatives in D14 or D15 at lower absolute price. The rental market of 101 transactions at a median S$7,000 per month confirms active demand from professionals and families drawn by the school catchment and Newton MRT access, but the yield is a secondary feature of the investment case rather than its primary driver.
Compared to Pullman Residences Newton at S$3,075 PSF (340 units, newer build, larger facilities) and Watten House at S$3,236 PSF (180 units, recent completion, premium positioning), The Lincoln Residences trades modern facilities and brand premium for a near-S$1,000 PSF saving on freehold D11 title. That is a trade-off — not a deficiency. Buyers who can carry the renovation cost and do not require resort-tier amenities will find the value proposition coherent.