The Montana
Overview & Key Facts
The Montana is a 108-unit freehold condominium at Jalan Mutiara, off River Valley Road in District 10, developed by Koh Brothers Development Pte Ltd and completed in 2002. Occupying a quiet cul-de-sac that branches south from River Valley Road, the development sits within one of Singapore’s most established and tightly held residential enclaves — a leafy pocket between Robertson Quay, Great World City, and the broader Orchard fringe that rarely yields genuinely freehold land at competitive prices. At 108 units, The Montana is a mid-size development by CCR standards, large enough to sustain a full facilities package, yet intimate enough to avoid the institutional scale of larger D10 towers.
Koh Brothers Development is the property arm of Koh Brothers Group, a Singapore-listed construction and real estate conglomerate with roots dating to 1966. The group built its reputation on civil and structural engineering — MRT tunnels, viaducts, and national infrastructure projects — before expanding into residential property development. This construction-first lineage is reflected in the build quality of The Montana: a 2002 development that has aged with the solidity expected of a developer whose core competency is structural engineering rather than marketing spectacle. The Montana was one of several D10 boutique-to-mid developments completed by Koh Brothers in the late 1990s and early 2000s as the group diversified its property portfolio along the River Valley and Holland corridors.
The 2002 vintage places The Montana in the category of older CCR freehold stock that has attracted growing en-bloc attention as the collective sale cycle has re-activated across Singapore’s Districts 9, 10, and 11. With an en-bloc score of 53 out of 100, The Montana sits at a meaningful threshold: the Jalan Mutiara land bank is genuine D10 freehold, the 2002 building age satisfies the 10-year minimum for collective sale eligibility under the Land Titles (Strata) Act, and the 108-unit size provides a manageable owner count for achieving the 80% consensus required. For buyers and investors who weight collective sale optionality as a component of their total return thesis, The Montana warrants specific consideration.
The rental market data affirms the development’s enduring residential appeal: 186 rental transactions on record represent a deep and active leasing history for a 108-unit development, with average rent at S$3,960 per month and median rent at S$3,800. This translates to a gross yield of approximately 2.76% at the current median price of S$1,650,000 — above the CCR average for freehold stock in this vintage bracket, and structurally supported by the opening of Great World MRT station (TEL) at 550 metres, which materially improved the development’s car-lite credentials from 2021 onwards.
Location & Connectivity
The Montana sits on Jalan Mutiara, a quiet cul-de-sac that runs south off River Valley Road between the Great World City intersection and the Kim Seng Road junction. The street character is distinctly residential: low traffic volume, canopied tree cover, and a scale that feels closer to a private road than a public thoroughfare. This address quality — a genuine side street rather than a main-road frontage — is one of The Montana’s most underappreciated attributes. Residents experience River Valley Road’s connectivity without its noise, and Jalan Mutiara’s cul-de-sac configuration eliminates through-traffic entirely.
MRT connectivity has transformed The Montana’s transit profile since the opening of the Thomson–East Coast Line (TEL). Great World MRT (TE15) is approximately 550 metres from the development — a 7–8 minute walk along River Valley Road. Orchard Boulevard MRT (TE14) adds a second TEL option at 800 metres. Havelock MRT (TE16) is 930 metres and Orchard MRT (NS22/TE14) — the dual North South and TEL interchange — is accessible at approximately 970 metres. This density of four TEL stations within one kilometre is exceptional by Singapore standards and provides residents with direct access to Marina Bay, Shenton Way, and the East Coast corridor without a bus transfer. Pre-TEL, The Montana’s transit credentials were limited to bus routes along River Valley Road; the TEL’s activation has structurally re-rated the address.
The neighbourhood offers a concentrated lifestyle offering within a short walk. Great World City — substantially expanded and refreshed alongside the TEL station — provides a full-format supermarket (Cold Storage), cinema, dining, and retail within 600 metres. Robertson Quay, Singapore’s most curated riverside dining and bar precinct, is a 10–15 minute walk east along the Singapore River. Orchard Road’s full luxury and lifestyle retail corridor is reachable on foot in approximately 15–20 minutes or a single TEL stop from Great World. For families, Kheng Cheng School (primary) is 590 metres away, Gan Eng Seng Primary is 810 metres, and Fairfield Methodist Primary, River Valley Primary, and CHIJ (Kellock) are all within 1.2 kilometres — providing meaningful balloting proximity for multiple primary school options.
The broader River Valley enclave reinforces the lifestyle credentials. The Singapore River Promenade, Clarke Quay, and Boat Quay are within cycling or jogging distance along the riverfront. Kim Seng Park and Fort Canning Park provide green relief immediately to the north and east. For car-owning residents, the CTE and AYE access via River Valley Road provides straightforward CBD and cross-island connectivity, and Great World City’s multi-storey car park removes the parking scarcity that constrains some older D10 cul-de-sac addresses.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Kheng Cheng School | primary | Within 1 km |
| Gan Eng Seng Primary School | primary | Within 1 km |
| Gan Eng Seng School | secondary | Within 1 km |
| Fairfield Methodist School (Primary) | primary | ~1.2 km |
| River Valley Primary School | primary | ~1.2 km |
| Chatsworth International School (Orchard) | international | ~1.2 km |
| CHIJ (Kellock) | primary | ~1.2 km |
| Tanglin Secondary School | secondary | ~1.3 km |
Facilities
The Montana’s facilities package reflects its 2002 vintage and 108-unit mid-size positioning: a full residential amenity offering that covers the essential bases without the resort-scale excess of post-2015 launches. The development features a swimming pool as its headline outdoor amenity, supported by a gymnasium, tennis court, and landscaped grounds that benefit from the mature vegetation typical of developments of this era. A 2002 build on a genuinely spacious D10 freehold site means the grounds are generous by contemporary standards — the land-to-unit ratio for a 108-unit development on a Jalan Mutiara site reflects an era of planning when sky-high land costs had not yet driven developers toward maximum plot ratio extraction.
The honest trade-off is age: a 2002 building is now over two decades old, and facilities that were contemporary at TOP have seen two full cycles of normal wear. The pool surrounds, gym equipment, and common area finishings will reflect that vintage unless the MCST has committed to a systematic upgrading programme. Prospective buyers and tenants should verify the current MCST sinking fund balance and the maintenance fee quantum, as both are material indicators of how proactively the 108-unit owner community has been managing deferred capex. A well-run MCST in a mid-size development like The Montana can maintain facilities to a standard that belies the building age; a complacent one cannot. This facilities management question intersects directly with the en-bloc thesis: a development trending toward collective sale may see reduced MCST capex commitment as owners prioritise exit value over facility upgrading — a dynamic worth factoring into a long-hold purchase decision.
“The pool and grounds are well-kept and the building management is responsive — for a 2002 condo it holds up well. The tennis court is a bonus you rarely get at this price point in D10.”
— Resident review via PropertyGuru
Unit Sizes & Layout
The Montana’s 108 units are configured as a mixed-type stack covering apartments across multiple bedroom tiers typical of a 2002 D10 mid-size development. At the current average PSF of S$2,069 and median transaction price of S$1,650,000, implied average unit sizes run to approximately 800 square feet — consistent with the 2-bedroom and 3-bedroom configurations that dominated River Valley D10 developments of this vintage. Unlike post-2015 CCR launches where bedroom configurations have been compressed toward 1-bedroom and compact 2-bedroom products optimised for investment yield, The Montana’s 2002 unit mix skews toward liveable configurations with sensible proportions: living and dining rooms sized for genuine family use, bedrooms that accommodate king or queen beds with wardrobe clearance, and kitchens reflecting an era when wet kitchen separation was standard practice rather than optional.
The 2002 vintage finishes are the primary renovation consideration. At $1,650,000 median for a River Valley freehold unit, buyers purchasing The Montana on the resale market should budget S$60,000–$120,000 for a full kitchen and bathroom refresh to bring the unit to a standard competitive with newer CCR rental stock and owner-occupier expectations. Critically, renovation spending on a freehold D10 unit in this location is generally recoverable through rental uplift — a renovated Montana unit commands S$500–$800 per month more than an unrenovated comparable, which over a 3–5 year tenancy absorbs the renovation cost and improves the gross yield toward 3.2–3.5%. The en-bloc dimension adds a further calculus: buyers who purchase for collective sale optionality may rationally limit renovation investment, since an en-bloc payout is calculated on the unit’s strata area and share value rather than the cost of its fittings.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 9 | $1,960 | $1,152,000 |
| 2 BR | 8 | $2,054 | $1,843,125 |
| 3 BR | 4 | $2,225 | $2,627,500 |
| 4 BR | 1 | $1,560 | $2,200,000 |
| 5 BR | 1 | $1,725 | $3,900,000 |
Pricing & Market Position
Based on 23 recorded transactions, sale prices range from $1,018,000 to $3,900,000, averaging $1,814,043 (~$2,069 psf).
Rents range from $1,800 to $8,800 per month across 192 rental transactions. Current rental yield sits at approximately 2.8%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 7.7% (from $1,841 to $1,983 psf).
Neighbourhood Comparison
The most directly comparable alternative is M5 on the same Jalan Mutiara street — a boutique 33-unit freehold development of newer vintage at approximately S$1,991 PSF. M5 offers the advantage of a more contemporary build with updated finishings that require no immediate renovation outlay, and the same Jalan Mutiara address character. The trade-offs are meaningful: 33 units versus 108 means significantly lower resale liquidity and a higher per-unit sinking fund burden for large capex items; boutique scale also eliminates the tennis court and the fuller facilities package that The Montana’s 108-unit critical mass supports. For buyers who weight building age above all else and are prepared to accept the liquidity and facilities constraints of a 33-unit development, M5 is the natural same-street alternative. For buyers who weight en-bloc scale, facilities, and transaction depth, The Montana is the superior choice at a S$78 PSF premium that is easily justified by the broader amenity and liquidity differential.
Against the wider D10 freehold competitive set, the PSF gap is stark. Leedon Green (freehold, 638 units, S$2,784 PSF) and Hyll on Holland (freehold, 319 units, S$2,648 PSF) are the benchmark freehold D10 mid-to-large developments, both commanding S$600–$715 PSF premiums over The Montana that reflect their newer vintage, larger scale, and higher-specification finishings. D’Leedon (99-year, 1,703 units, S$1,854 PSF) offers the most direct price comparison as a large-scale D10 development at a broadly similar PSF entry — but on a leasehold title that erodes over time, eliminating the collective sale optionality and freehold permanence that are The Montana’s core differentiators. Skye at Holland (99-year, 666 units, S$2,945 PSF, 2024) is the newest leasehold benchmark, trading at S$876 PSF above The Montana’s average despite a leasehold title — a premium that speaks to the new-launch specification uplift but which creates a wide relative value gap. For buyers who want freehold D10 exposure at the lowest accessible entry PSF, The Montana remains one of the most competitively priced genuine CCR freehold options in the current market.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE MONTANA | Freehold | 2002 | 108 | $2,069 |
| SKYE AT HOLLAND | 99 yrs lease commencing from 2024 | 2025 | 666 | $2,946 |
| LEEDON GREEN | Freehold | 2021 | 638 | $2,785 |
| D'LEEDON | 99 yrs lease commencing from 2010 | 2014 | 1,703 | $1,858 |
| HYLL ON HOLLAND | Freehold | 2021 | 319 | $2,648 |
| FOURTH AVENUE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 476 | $2,465 |
ShiokNest Scores
Our proprietary scoring system evaluates THE MONTANA across multiple dimensions.
What Residents Say
“The Great World TEL station has completely changed how I live here — I used to drive to work every day but now I walk to the MRT in under 10 minutes. The fact that it’s on Jalan Mutiara means you get the quiet street and the MRT access. Hard to find that combination in D10.”
— Owner review via PropertyGuru
“I’ve rented here for two years and the building management is solid. The renovation is older but the landlord kept it in good condition. Great World City for groceries, Robertson Quay for weekends — the location really does everything I need without a car.”
— Tenant review via 99.co
“We bought The Montana specifically for the en-bloc potential — freehold land on Jalan Mutiara with a 2002 building is exactly the profile that collective sale committees target. The yield while we wait is decent at around 3% and the Great World MRT makes finding tenants much easier than before.”
— Investor comment via EdgeProp
The resident profile at The Montana reflects the development’s dual appeal as both a long-hold owner-occupier address and an investment-grade freehold asset. Owner-occupiers value the Jalan Mutiara street character, the Great World TEL upgrade, and the River Valley enclave’s lifestyle offering; tenants — predominantly expat professionals and dual-income couples — are drawn by the walkable TEL access and the Robertson Quay–Great World City lifestyle corridor. The en-bloc thesis adds a third buyer cohort: collective sale investors who have identified the 2002 vintage freehold land as a viable redevelopment target and are willing to hold on a yield floor while monitoring consensus formation among the 108-unit owner community.
Strengths & Weaknesses
- Freehold title in District 10 (CCR) — permanent ownership on Jalan Mutiara, a quiet River Valley cul-de-sac
- Great World MRT (TEL) at 550 m — 7–8 minute walk, direct line to Shenton Way, Marina Bay, and beyond
- Four TEL stations within 1 km (Great World 550m, Orchard Blvd 800m, Havelock 930m, Orchard 970m) — exceptional transit density
- En-bloc score 53 — 2002 vintage freehold D10 land qualifies as a viable collective sale candidate (10+ years, 108-unit consent achievable)
- Entry-level CCR freehold pricing at ~S$2,069 PSF — S$600–$900 PSF below comparable D10 freehold peers
- Deep rental market: 186 rental transactions on record, active tenant demand supported by TEL and River Valley lifestyle
- 2.76% gross yield above CCR freehold average for this vintage tier
- Rare tennis court included — a D10 amenity that 2002 land economics permitted and new launches at this PSF cannot replicate
- Kheng Cheng School at 590 m — multiple primary school options within 1.2 km for family buyers
- Robertson Quay, Great World City, and Singapore River Promenade within easy walking distance
- Profitability score 25/100 — PSF peaked at ~S$2,283 (Yr2) and has since corrected to ~S$1,983, limited near-term capital gain momentum
- 2002 vintage building requires S$60,000–$120,000 renovation budget to bring finishings to contemporary CCR rental standard
- Investment score 58 — moderate; not a high-conviction short-term appreciation play
- Gross yield 2.76% is modest — income investors targeting 4–5% yields should look at leasehold or non-CCR alternatives
- PSF correction from peak creates mark-to-market risk for buyers who purchased near the Year 2 high
- Facilities are adequate but 20+ years old — pool, gym, and common areas will show age without proactive MCST upgrading
- En-bloc thesis requires 80% owner consensus — not guaranteed, and a failed attempt can suppress resale liquidity
- No covered walkway to Great World MRT — the 550 m walk is rain-exposed along River Valley Road
Verdict
The Montana’s investment profile is defined by a clear tension between its structural strengths and its near-term capital gain constraints. The profitability score of 25 out of 100 reflects the PSF trajectory: transactions peaked at approximately S$2,283 PSF in Year 2 of the five-year window, corrected to S$2,063 in Year 3, and have since stabilised in the S$1,983–$2,089 range. From a pure price-momentum perspective, buyers who purchased at the Year 2 peak are sitting on a meaningful correction, and the current S$1,983–$2,069 PSF range suggests limited short-term capital appreciation upside. This is the honest case for the profitability score: The Montana is not a momentum asset, and buyers who require near-term resale gains should weight this carefully.
The structural case, however, is materially more compelling than the profitability number alone suggests. First, freehold D10 at S$2,069 PSF is entry-level CCR pricing: Leedon Green (freehold) transacts at S$2,784 PSF, Hyll on Holland (freehold) at S$2,648 PSF, and even the 99-year leasehold Skye at Holland commands S$2,945 PSF — all materially above The Montana’s current pricing. For buyers who want a genuine freehold CCR foothold without paying the $2,600–$2,900 PSF premiums of newer D10 launches, The Montana represents one of the few remaining access points into freehold District 10 at sub-$2,100 PSF. Second, the gross yield of 2.76% at median pricing is above the CCR freehold average for this vintage tier, and structurally supported by the TEL connectivity that has broadened the rental tenant pool significantly. Third, the en-bloc score of 53 assigns meaningful but not speculative probability to a collective sale outcome — the 2002 vintage, the Jalan Mutiara land value, and the 108-unit consent threshold all align with the structural prerequisites for a viable en-bloc application.
The closest comparable on the same street is M5 (freehold, 33 units, newer vintage, approximately S$1,991 PSF) — a smaller boutique development that offers a more contemporary build and a similar Jalan Mutiara address at a marginally lower PSF. M5’s 33-unit scale makes it a different investment proposition: boutique living with very limited resale liquidity and a higher per-unit sinking fund burden, but a newer building that avoids The Montana’s renovation consideration. Buyers who prioritise building age should price M5 seriously; buyers who weight en-bloc optionality and facilities depth should favour The Montana. At the current pricing differential of approximately S$78 PSF, the choice between these two Jalan Mutiara freehold options distils to a trade-off between building vintage and collective-sale scale. The Montana is the right asset for buyers who want freehold D10 at an accessible quantum, a rental-income floor supported by TEL connectivity, and a secondary en-bloc thesis on a 2002 site that the market has not yet fully re-rated post-TEL.