The Springs
Overview & Key Facts
The Springs occupies a quiet stretch of Moulmein Rise in District 11 — a freehold enclave in the heart of Singapore’s most coveted Core Central Region. Developed by Land Resources Holdings Pte Ltd and completed in 2003, it is a boutique development of just 62 units, a scale that feels almost out of place in an era of mega-developments yet entirely consistent with the private, understated character of the surrounding Moulmein neighbourhood.
The development sits within what is often called the Novena-Newton corridor — a stretch of District 11 defined by good schools, mature greenery, and walkable access to one of Singapore’s most connected MRT interchanges. At 0.34 km from Novena MRT, The Springs is among the closest freehold condominiums to a Thomson-East Coast Line and North-South Line interchange station in Singapore, a locational advantage that underpins the development’s appeal to owner-occupiers, expats, and long-term investors alike.
With only 62 units on the register, the buyer profile skews toward professional households and families who value privacy, school proximity, and lease permanence over resort-scale amenities. The rental market is active — 95 recorded rental transactions from 62 units reflects a high turnover rate and a sustained expat and corporate tenant base drawn to Novena’s proximity to Orchard Road, the medical cluster, and the international schools corridor.
Location & Connectivity
The Springs’ single greatest locational asset is the walk to Novena MRT station at just 0.34 km — a distance that translates to approximately four minutes on foot even in Singapore’s heat. Novena is served by the North-South Line, putting Orchard Road two stops south and City Hall three stops south. With the Thomson-East Coast Line also operational at Novena, residents gain direct access to Gardens by the Bay, Marina Bay, and the eastern corridor without a transfer. For a freehold development in the CCR, this level of MRT connectivity is uncommon.
For drivers, Moulmein Rise feeds directly onto Thomson Road and thence onto the CTE, making Orchard (8 min), the CBD (12 min), and the Raffles Place financial district (15 min) easily reachable in off-peak traffic. Newton Circus is the nearest major intersection for the PIE westbound. Farrer Park MRT at 1.12 km provides a secondary transit option, and Newton MRT at 1.12 km offers access to the Downtown Line for Buona Vista and one-north.
Daily amenities are well served. Velocity @ Novena Square is a short walk up Thomson Road and houses a FairPrice, food court, and a broad mix of F&B. United Square (also known as Velocity) is another option along the same stretch. The Novena medical cluster — Mount Elizabeth Novena, Tan Tock Seng Hospital, and a dense concentration of specialist clinics — is effectively a neighbourhood amenity for residents. Moulmein Road’s shophouses offer casual dining and neighbourhood provision shops.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| CHIJ Our Lady Queen of Peace | primary | Within 1 km |
| St. Margaret's Secondary School | secondary | Within 1 km |
| St. Margaret's Primary School | primary | Within 1 km |
| Singapore Chinese Girls' School (Primary) | primary | ~1.2 km |
| Farrer Park Primary School | primary | ~1.3 km |
| St. Joseph's Institution | secondary | ~1.3 km |
| Anglo-Chinese School (Primary) | primary | ~1.3 km |
| Beatty Secondary School | secondary | ~1.5 km |
Facilities
As a 62-unit boutique completed in 2003, The Springs offers the standard complement of facilities expected of its era and scale: a swimming pool, gymnasium, and landscaped common areas. This is not a resort-style development, and buyers should calibrate expectations accordingly — the draw is location, lease, and privacy, not a clubhouse with a water-park wing. The pool and gym are sized appropriately for the unit count, which means they are rarely crowded — a practical advantage over larger developments where amenity contention is a genuine quality-of-life issue.
The compact facilities footprint also translates to lower maintenance fees relative to mega-developments with extensive amenity infrastructure. For owner-occupiers and landlords who are willing to use external gyms and the nearby Moulmein-Kallang park connector, the trade-off is favourable. Residents consistently note that the development feels well-maintained and private, with a managed environment that reflects the character of a boutique condominium rather than a large-scale community.
“Small development, very quiet and private. The pool area is never crowded and the management keeps everything in good condition. Would not swap the location for a bigger condo with more facilities.”
— Resident review via EdgeProp
Unit Sizes & Layout
Units at The Springs reflect the more generous sizing conventions of early-2000s construction before developer efficiency ratios tightened through the 2010s. Typical layouts for 2- and 3-bedroom units offer living and dining areas with clear functional separation, and master bedrooms that accommodate a king bed with wardrobe clearance — dimensions that feel roomy against the compact configurations now common in new launches. Buyers upgrading from a newer, smaller unit will likely notice the difference immediately. That said, the development has been lived in for over two decades, and buyers should factor renovation budgets into their acquisition cost: kitchens, bathrooms, and flooring will typically need refreshing in resale units.
Stack orientation within the development affects both noise exposure and views. Units facing away from Thomson Road benefit from the quieter Moulmein Rise frontage and the greenery of the surrounding landed enclave. The neighbourhood context — bounded by mature trees, low-rise housing, and school campuses — provides view protection that is unlikely to be eroded by high-rise infill given the conservation and school-zone constraints in the immediate area.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 3 BR | 4 | $1,933 | $1,959,500 |
| 4 BR | 2 | $1,842 | $2,550,000 |
Pricing & Market Position
Based on 6 recorded transactions, sale prices range from $1,750,000 to $2,800,000, averaging $2,156,333 (~$2,027 psf).
Rents range from $2,900 to $6,000 per month across 95 rental transactions. Current rental yield sits at approximately 2.4%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 20.5% (from $1,682 to $2,027 psf).
Neighbourhood Comparison
The clearest comparator is Pullman Residences Newton at $3,074 psf — a newer freehold development with branded hotel servicing and a more polished finish profile, but at a 52% premium to The Springs. Watten House ($3,236 psf, freehold, 180 units) occupies the ultra-luxury tier and is not a direct competitor in the same buyer pool. Peak Residence at $2,489 psf and freehold offers a more direct comparison point: it trades at a 23% premium to The Springs with a newer build date and likely better finishings, but without The Springs’ school corridor advantage or the 0.34 km walk to Novena MRT.
Soleil @ Sinaran ($1,970 psf, 99-year leasehold from 2006, 417 units) sits below The Springs on PSF but introduces leasehold tenure — a meaningful distinction for buyers with a long investment horizon. Amaryllis Ville ($1,899 psf, 99-year leasehold from 1997, 311 units) shows the cost of an older leasehold in the same neighbourhood, where the lease clock has been running for nearly three decades. For buyers who are choosing between freehold-at-a-premium and leasehold-at-a-discount in the CCR, The Springs’ positioning — freehold, MRT-close, school-doorstep, below $2,100 psf — remains structurally attractive relative to both.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE SPRINGS | Freehold | 2003 | 62 | $2,027 |
| 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 | $1,899 |
ShiokNest Scores
Our proprietary scoring system evaluates THE SPRINGS across multiple dimensions.
What Residents Say
“Location is unbeatable for the price. Four-minute walk to Novena MRT, CHIJ school literally around the corner. The Springs is old but the area around it never gets old — Velocity, the medical cluster, everything is within reach without getting into a car.”
— Owner-occupier review via PropertyGuru
“Good freehold option in D11. Tenant quality is high because of the Novena hospitals and embassies nearby. We’ve had the unit tenanted continuously for seven years — very little vacancy. Facilities are basic but that is not why you buy here.”
— Landlord review via EdgeProp
“Quiet, small development, very different from the new launches nearby. The only downside is the age — bathrooms and kitchen need work. But the bones are solid and the location is genuinely hard to replicate at this price point in District 11.”
— Buyer review via 99.co
Across review platforms, the pattern is consistent: residents and landlords prize the locational trifecta of MRT proximity, school access, and CCR freehold tenure. The most common criticism is the age of the building and the need for renovation investment on resale units — feedback that is expected for a 2003 development and that is addressable through the renovation budget that the PSF discount to neighbours makes feasible.
Strengths & Weaknesses
- Novena MRT (NSL + TEL interchange) at 0.34 km — genuine 4-minute walk
- Freehold tenure in Core Central Region — no lease decay on capital
- CHIJ Our Lady Queen of Peace at 0.26 km — doorstep school proximity for P1 balloting
- Three more top primary schools within 1.0–1.3 km radius
- PSF ~33–60% below immediate new-build neighbours (Pullman, Watten House)
- Active rental market — 95 rentals from 62 units signals near-full tenant demand
- Boutique scale (62 units) delivers genuine privacy, no amenity crowding
- En-bloc potential 57/100 on freehold D11 site — land value optionality
- 25% PSF appreciation in most recent year reflects market re-rating
- Novena medical cluster, Velocity mall, and Orchard Road all within short drive
- 2003 build — bathrooms, kitchen, and finishings likely require renovation investment
- Facilities limited to pool and gym — not suitable for buyers expecting resort-scale amenities
- Only 6 sales transactions in the measured period — thin volume means high PSF volatility
- Gross yield of 2.36% modest — CCR income play, not a yield-driven investment
- No in-compound retail or F&B — daily conveniences require walking out to Thomson Road
- Small unit count (62) makes MCST special levies a larger per-unit burden if major works arise
- PSF already re-rated sharply — entry at $2,027 psf captures some of the prior appreciation
- Limited unit mix visibility — 6 transactions make psf benchmarking less reliable than high-volume peers
Verdict
The Springs presents a clear and consistent value proposition: freehold tenure, one of the shortest walks to a CCR MRT station in its price bracket, a school corridor that is almost unmatched for primary school proximity, and a boutique scale that delivers genuine privacy. The PSF at $2,027 represents a discount of 33–60% to immediate new-build neighbours — Pullman Residences Newton at $3,074 psf and Watten House at $3,236 psf. For buyers who do not require resort-scale facilities and who weight location permanence over development prestige, the calculus is compelling.
The 25% PSF jump from $1,626 to $2,027 in the most recent year-on-year comparison signals a market re-rating rather than noise. In the CCR, thin-volume boutique developments can move sharply on a handful of transactions, and The Springs’ 6 sales over the period means individual deal dynamics influence the average meaningfully. Buyers should read the trend as directional confirmation rather than a precise valuation anchor. The gross yield of 2.36% is modest but consistent with CCR freehold norms where capital appreciation, not income, drives total return. Ninety-five rental transactions from 62 units — a ratio that implies near-complete unit turnover through the rental pool — confirms strong tenant demand, anchored by the Novena medical cluster, Orchard Road proximity, and the international school belt.
The en-bloc potential score of 57/100 on Moulmein Rise adds a land value dimension that is worth understanding. At 62 units on a freehold site in D11, the per-unit land cost of a successful collective sale could be material, and the low unit count makes the 80% consent threshold structurally more achievable than at larger developments. Buyers with a longer horizon should be aware that en-bloc processes can be disruptive and are not guaranteed, but the site’s characteristics — land area, freehold tenure, CCR zoning — make it a credible candidate if surrounding land values continue to rise.