What’s on offer and why this “10 Evelyn Starbuy” matters
The remaining units at 10 Evelyn are currently being offered at Starbuy promotional prices. In this analysis, we will focus on two one-bedroom units (Type A3(d), 495 sq ft) that are now being marketed at significantly lower prices than their previously transacted levels.
- #03-08 (495 sq ft): $1,290,000 (~$2,606 psf) vs prior $1,432,000 (~$2,893 psf) → ~9.9% lower on price.
- #04-08 (495 sq ft): $1,310,000 (~$2,646 psf) vs prior $1,442,000 (~$2,913 psf) → ~9.2% lower on price.
Why this matters is simple: for small-format 1-bedders, the investment thesis is usually yield + liquidity + defensible exit, and the single most powerful lever for yield is entry price. A ~9–10% drop in price (with rents roughly unchanged at the building level) can improve gross yield by a similar order of magnitude.
Project positioning also matters. 10 Evelyn is a 56-unit, freehold boutique condo in District 11, with vacant possession in 2022. This puts it in a “newer, small-scale, prime-fringe” bucket—very different from larger suburban projects and closer to the buyer/tenant pool seeking Newton/Novena convenience.
The specific layout: Type A3(d) liveability in 495 sq ft
The 1-Bedroom Type A3(d) layout measures approximately 495 sq ft and features a bedroom, an integrated living, dining, and kitchen area, a bathroom, an air-conditioning ledge, a household shelter, and a balcony.
A few practical implications (and why this layout can rent well in real life):
- Household shelter = functional storage in a compact unit. In a 495 sq ft one-bedder, storage is often the difference between “tight but workable” and “messy fast.”
- The plan is the classic “integrated living/dining/kitchen” format—typical for modern small units. Whether this is “good” depends on the tenant profile: singles/couples who eat out often don’t mind; heavy cookers may prefer a separate kitchen (more on this when we compare Newton 18).
- A balcony can be a plus for tenant appeal (especially for smokers or people who want a small outdoor corner), but it can also reduce the internal usable area if the balcony is sizable relative to the unit.
The benchmark set: comparable boutique freehold projects around Newton/Novena
To ensure an “apples-to-apples” comparison, we will focus on freehold boutique developments with approximately 100 units or fewer located within a 1 km radius. Below are the key project details for each selected comparable.
- Newton 18: Freehold, 81 units, District 11, Vacant Possession: 2002; 1-bedroom: 570 to 614 sq ft. Floor plans indicate one-bed layouts with a separate kitchen and yard (e.g., 570/614 sq ft plans).
- Suites @ Newton: Freehold, 67 units, District 11, Vacant Possession: 31 Dec 2016; 1-bedroom: 484 to 624 sq ft. The 1BR Type A1 at 484 sq ft features an open-plan layout with living/dining, kitchen, bedroom, bath, AC ledge, and balcony.
- L’viv: Freehold, 147 units, District 11, Vacant Possession: 2013; 1-bedroom + Study: 614 to 657 sq ft. Comes with a distinct study area and “gallery kitchen” concept in the 1BR+Study layouts.
- The Atelier: Freehold, 120 units, District 09, Vacant Possession: 01 March 2024; 1-bedroom: 549 sq ft (30 units).
Even though L’viv (147 units) is a bit above the “~100+ or less” ideal, it’s still a useful Newton/Novena-area freehold benchmark, and it sits in the same broad tenant catchment.
What the attached ProTrend charts say about prices and rents
The PropNex Investment Suite “ProTrend” charts (generated on 10 March 2026) provide a side-by-side comparison of the historical sale psf and rental psf for the developments in our selected comparison set.
Key takeaways from the ProTrend “Overall” tables shown in the charts:
Latest Sale (2023–2024) prices shown in the chart – Newton 18: Avg 2024 sale psf ~$2,151 – L’viv: Avg 2024 sale psf ~$2,248 – Suites @ Newton: Avg 2024 sale psf ~$1,944 – The Atelier: Avg 2023 sale psf ~$2,735 – 10 Evelyn: Avg 2024 sale psf ~$2,988
Rental (2025–2026) averages shown in the chart – Newton 18: Avg 2026 rent psf ~$5.85/month – L’viv: Avg 2026 rent psf ~$6.15/month – Suites @ Newton: Avg 2026 rent psf ~$6.89/month – The Atelier: Avg 2026 rent psf ~$7.09/month – 10 Evelyn: Avg 2025 rent psf ~$7.38/month
Two nuances we should not ignore:
First, 10 Evelyn’s rent psf is the highest among the comps on this dataset, which is exactly what you want to see if you’re paying a higher psf quantum.
Second, the rent chart visually suggests peak-ish rents around 2023 for the Newton-area small-unit segment, followed by some moderation into 2024–2025. That general direction is consistent with broader market commentary that private rents dipped in 4Q 2025 after earlier gains.
For macro context, URA’s official rental index series (published on data.gov.sg) explains that the private residential rental index is derived from IRAS tenancy return filings and (from 2015-Q1) uses a stratified hedonic regression methodology to control for attributes like age and size. This matters because it helps explain why “rents peaking then easing” can happen even as individual condos diverge.
Rental yield comparison: 10 Evelyn vs the boutique freehold set
The cleanest way to compare yields across different unit sizes
Because our comparison set has different one-bedroom sizes (495 vs 549 vs 570+), the cleanest “apples-to-apples” yield estimate uses the per-sq-ft figures from the ProTrend tables:
This cancels out unit size and highlights how efficiently “renting power” is priced in.
Implied gross yields using ProTrend averages
Using the ProTrend average rental psf from 2025–2026 and the average sale psf from 2023–2024 (as there have been few or no recent transactions due to the boutique nature of these developments), we can derive the following figures based on the chart tables.
| Development | Avg sale psf (2023 -2024) | Avg rent psf / month (2025 – 2026) | Implied gross yield (rent psf × 12 ÷ sale psf) |
| Newton 18 | 2,151 | 5.85 | ~3.26% |
| L’viv | 2,248 | 6.15 | ~3.28% |
| Suites @ Newton | 1,944 | 6.89 | ~4.25% |
| The Atelier | 2,735 | 7.09 | ~3.11% |
| 10 Evelyn | 2,988 | 7.38 | ~2.96% |
Now we plug our Starbuy entry prices into the same rent benchmark:
- 10 Evelyn at $2,606 psf: ~3.39% gross
- 10 Evelyn at $2,646 psf: ~3.34% gross
What this means in plain English
Based on the ProTrend dataset, the current pricing at 10 Evelyn indicates the lowest rental yields within this boutique freehold comparison set. However, with the Starbuy discount, the implied gross yield increases to approximately 3.3–3.4%, placing it ahead of most comparable developments in the dataset, except for Suites @ Newton.
This represents a meaningful improvement, as gross yields in prime and near-prime central locations typically compress when property prices rise faster than rental growth.
So… is it a good buy? The investment case and the risks you should respect
Why the Starbuy pricing looks compelling relative to your benchmarks
From a numbers-first perspective (using the charts as the comparison base), the case for “yes, it’s a good buy” is strongest on three points:
First, 10 Evelyn offers a stronger yield relative to its peers despite being a relatively new freehold project. Based on the same ProTrend comparison set, the Starbuy pricing improves 10 Evelyn’s implied gross yield to around 3.3–3.4%, outperforming projects such as The Atelier (newer, District 9, with an implied yield of about 3.1%) and L’viv (around 3.28%).
The charts also show that 10 Evelyn commands the highest average rental psf among the comparables, which is an important factor when purchasing at a higher price per square foot quantum.
The second is that you are buying below the project’s own recent pricing context. The Starbuy psf (~$2,606–$2,646) is meaningfully below the project’s earlier indicated pricing (~$2,893–$2,913 psf based on the old $1.432m–$1.442m figures). It’s also below the upper end of what the ProTrend sale chart shows for recent years (the chart’s “max avg psf” for 10 Evelyn is $2,988). In practice, this is what investors mean by “improving margin of safety.”
The third is the rentability features in a small unit. A 495 sq ft one-bedroom lives or dies on storage and practicality. The A3(d) layout explicitly includes a household shelter, a balcony, and an integrated living/dining/kitchen zone. For tenants, that can be “just enough function” to justify paying a premium psf rent.
The risks that could make it a “good buy” on paper, but disappointing in reality
Even if the Starbuy looks attractive versus this small peer set, there are real risks you should price in:
Rental softness is the big one. The ProTrend rental chart suggests a post-2023 moderation across multiple projects, which aligns with broader market reporting that private rents dipped in late 2025. If rents drift down further (even 5–10%), your implied yield advantage narrows quickly—especially because your purchase quantum is still ~$1.29m–$1.31m.
Boutique liquidity can cut both ways. A 56-unit development can feel exclusive, but it also means fewer transactions, potentially wider bid-ask spreads, and sometimes “lumpy” pricing because one or two caveats can move perceived averages. In a slower market, smaller projects can take longer to clear resale inventory.
Exit demand is more local now. Singapore’s ABSD regime meaningfully reduces foreign investors’ participation in mass-market condo units: IRAS states that foreigners buying any residential property pay an ABSD of 60% (on or after 27 Apr 2023), while Singapore citizens pay 20% ABSD on a second property and 30% on a third and subsequent. This doesn’t “kill” demand in District 11—but it does tilt your likely buyer pool toward owner-occupiers and local investors, which can be more price-sensitive on small one-bedroom units.
Financing matters because your gross yield is in the 3% range. If your loan cost + holding costs approach your gross yield, the investment becomes more of a “capital preservation + optional upside” play than a cashflow play.
Bottom line
If your objective is yield-focused investing in a freehold, Newton/Novena-area boutique condo, the Starbuy 10 Evelyn Type A3(d) at ~$2,606–$2,646 psf looks meaningfully more attractive than its previous pricing, and it compares very favourably on implied gross yield against the specific freehold boutique set we selected from the ProTrend charts.
It is most likely a “good buy” when you can accept two realities: the rental market is no longer in the peak environment of 2023, and boutique-project resale liquidity can be slower. If those risks are acceptable—and especially if you value the ability to rent immediately in an immediate-occupation freehold project—the Starbuy discount materially improves the investment proposition.
Disclosure: This post is intended for educational and analytical purposes only and does not constitute financial advice. Rental figures are derived from the average values shown in the provided ProTrend 1-bedroom graph, based on indicative star-buy prices of $1,290,000 to $1,310,000 at the time of writing. Actual rents, yields, and unit characteristics—including facing, floor level, and other attributes—may vary for individual units.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
