Novena’s property has come a long way. Long before private homes sprung up on the neighbourhood, the place was home to Catholic priests who travelled all the way from Australia to Singapore in 1935.
They eventually settled down at what is Novena Church today.
This early property rental story is just the first of many in the 70 years of this estate’s existence. Let’s take a look at what makes Novena such a stalwart performer in Singapore’s property market.
Novena is populated by some great amenities, but the greatest boon for residents is the proximity to nearby Balestier and Thompson.
From Novena MRT, a short bus ride would put you in the Balestier neighbourhood, meaning Combat Durians and Whampoa Hawker Centre. Go another direction, and you’ve got great picks for schools in the Thompson area, with CJC and SJI within a 30-minute commute.
Choice HDBs Gems
Novena does not have too many HDBs available, but what is available is a great set of gems.
This HDB apartment at Kent Road, for example, is a great pick for buyers looking for a location for convenience and comfort. The 3 bedroom unit is situated a short walk from Novena MRT and is right next door to the popular Pek Kio Market.
All this convenience means that this 1,000 sqft apartment comes at a premium of $577,800, or $577 psf.
Another fantastic pick in the area are units in the Gloucester Road area. While they’re a little bit older than most other HDB flats, homes along Gloucester Road are incredibly well placed.
They’re a stone’s throw to Farrer Park MRT and very near food options in the Jalan Besar and Little India neighbourhood. One of the 979 sqft 3-room Gloucester Road units is going for a very nice $498,000, which comes in at a lower $508 psf.
Great Private Property Choices
Private property choices are abundant in this neighbourhood and span a wide range of sizes. Some of the more recently listed properties come at a steal, like this 2 bedrooms en-suite unit at the Novelis @ Novena.
It’s right next to Novena MRT, meaning direct access to multiple malls like United Square and Novena Square.
This 839 sqft apartment carries a $1.48 million, $1,764 psf price tag. However, its centralised location and built-in amenities make it well worth the price of entry.
Another popular listing is the Pavilion 11 project by UOL. The property developer’s 33 floor, 180 unit Akyab Road building’s main draw is its freehold status and superb location. This means that a 3 bedroom apartment at this development is priced much higher.
For example, a recent listing has shown that a 1,485 sqft apartment comes with a price tag of $2.55 million. This boils down to a $1,717 psf price tag, which is still not ultra high considering its freehold potential.
Great Amenities in Novena
Novena’s connectedness isn’t the only secret to its demand. It is the neighbourhood’s built-in convenience that residents really appreciate.
Within a 5-minute walking radius of Novena MRT, there is United Square Mall, Velocity Mall, Novena Square and Novena Square 2. When you combine all of them together, that is not a single living need that they do not cover.
The malls might not be super attractive to investors, but when you couple the malls with the fact that Tan Tock Seng Hospital, HealthCity Novena and Novena Specialist Centre lie within that same 5-minute radius, investors have suddenly got a certain level of potential rental demand built-in to their property purchases in this area.
All said and done, Novena is a great place for property investors who want to tap on rentals as well as families that are looking for a place with great schools and convenient access to necessities.
It looks like Novena will continue to build on its 70-year heritage for years to come!