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The Belgravia Ace Review

District 28 · OCR · Freehold Strata Landed

The Belgravia Ace

Overview

Belgravia Ace is the final chapter of one of Singapore’s most storied freehold strata-landed enclaves. Developed by Fairview Developments — a 50:50 joint venture between Tong Eng Brothers and Yeap Holdings — the 107-unit project (104 semi-detached and 3 terrace houses) sits on Belgravia Drive off Ang Mo Kio Avenue 5, completing a trilogy that began with Belgravia Villas in 2013 and continued with Belgravia Green in 2018. Together, the three phases will bring 306 strata houses to this corner of District 28 once Belgravia Ace obtains its Temporary Occupation Permit on 31 January 2028. As freehold landed homes built to post-2014 strata-landed guidelines, the development enjoys roughly 15% more communal open space than an equivalent project built under older density rules, alongside condo-style facilities within a gated, 24-hour-secured community.

Belgravia Ace launched in January 2022 and sold briskly, with 77 of 107 units (around 72% of total inventory) taken up over the very first weekend. The developer has since sold out its entire allocation, meaning every unit available today changes hands on the resale market. For buyers who missed the original launch, this shifts the conversation from booking a unit off-plan to evaluating resale value, holding costs, and the project’s track record of price appreciation since 2022 — the focus of this review.

Project at a Glance

Unit Mix

The unit mix is heavily weighted toward semi-detached houses, which make up 97% of the development, with only 3 terrace units rounding out the remaining 3%. All homes are 5-bedroom strata layouts of roughly 3,649–4,370 sqft, each with a private home lift, a 2-car porch, and an EV charger.

Important: As strata-landed housing is classified as landed property under Singapore law, only Singapore Citizens are eligible to purchase Belgravia Ace units. Permanent Residents and foreigners cannot buy into this project, regardless of ABSD standing — a restriction that shapes both the buyer pool and resale liquidity discussed later in this report.

Location & Connectivity

Belgravia Ace sits well outside the immediate radius of any operating MRT station today, a trade-off common to properties near MRT lines versus low-density landed enclaves. Once completed around 2030, the Cross Island Line’s Tavistock station will bring the estate within walking distance of rail access for the first time.

Schools within 2 km

• Rosyth School (~1.42 km)
• Da Qiao Primary School (~1.26 km)
• Fernvale Primary School (~1.43 km)
• Also nearby: Hougang Primary, Jing Shan Primary, Sengkang Green Primary, Ai Tong School, Serangoon Gardens Secondary

Families weighing the estate’s school catchment options will find a strong cluster of well-regarded primary schools within a short drive, a recurring draw for landed housing in this part of District 28.

Pricing & Availability

Belgravia Ace is fully sold by the developer — all 107 units were taken up following the brisk January 2022 launch, where 77 units (about 72% of total inventory) moved over opening weekend alone. Every unit available today therefore transacts on the resale market. Homejourney data spanning 36 resale transactions shows a median price of roughly S$4.41M (~S$1,080 psf), with prices ranging from S$1,012 to S$1,215 psf. The most recent recorded sale, in November 2025, closed at S$4.93M (S$1,215 psf) — up from a launch-era low of S$1,035 psf in March 2022, a gain of roughly 17% over about three and a half years.

This appreciation pattern is consistent across the whole Belgravia trilogy: Belgravia Villas and Belgravia Green have both shown steady price gains since their respective launches, reinforcing the enclave’s reputation as a reliable freehold landed holding. Buyers assessing fair value on a specific unit can cross-check pricing trends using a home value estimate before making an offer.

The Developer

Fairview Developments Pte Ltd, the entity behind Belgravia Ace, is a unit of Tong Eng Group — one of Singapore’s pioneer developers, with a track record stretching back to the 1940s. Belgravia Ace itself is structured as a 50:50 joint venture between Tong Eng Brothers (the Teo family) and Yeap Holdings (the Yeap family), who together have quietly built one of the largest freehold landed land banks in Singapore, having acquired the underlying 40-acre Seletar parcel in the early 1970s.

The partnership’s track record in this specific corner of District 28 is extensive, spanning Poets Villas, Stratton Park, 8 @ Stratton, Belgravia Park, Stratton Green, and — most relevantly — the two earlier phases of this very trilogy: Belgravia Villas (118 strata terraces, launched 2013, fully sold) and Belgravia Green (18 semi-D + 71 terraces, launched 2018, fully sold). Both predecessor projects have gone on to post healthy resale appreciation, lending credibility to the developer’s execution and the enclave’s long-term value trajectory.

Comparable Strata Landed Projects

Against its closest peer set, Belgravia Ace’s freehold tenure is a clear differentiator from the 99-year Nim Collection and Parkwood Collection projects, and its launch PSF sat comfortably above its own predecessor, Belgravia Green, consistent with the general upward drift in strata landed pricing across District 28. Buyers interested in the broader freehold landed segment will find this enclave one of the few remaining freehold strata-landed clusters of scale in Singapore.

Market Context

According to URA’s official flash estimate release, landed property prices fell 1.8% in the first quarter of 2026, a reversal from the 3.4% increase recorded the previous quarter, even as overall private residential prices edged up a modest 0.3%. The finalised Q1 2026 figures softened that decline to −0.4% quarter-on-quarter, while the year-on-year trend for landed properties remained solidly positive at +6.7%. Landed transaction volumes also fell sharply — from 520 units in Q4 2025 to 359 units in Q1 2026 — underscoring how thin and lumpy this segment can be quarter to quarter.

Belgravia Ace’s own resale trajectory has outpaced this broader landed benchmark, and as the final phase of its trilogy, no further Belgravia-branded supply is expected to compete with existing owners — a scarcity factor worth weighing against upcoming new launches topping in 2026 and beyond across District 28’s landed corridor. Cooling measures remain unchanged as of mid-2026: ABSD for Singapore Citizens stays at 0%/20%/30% for first, second, and third-plus properties respectively, but the binding constraint for this project remains the landed-ownership rule that restricts purchases to Singapore Citizens only, regardless of ABSD tier.

Investment Return Analysis

Belgravia Ace has not yet reached TOP, so there are no rental transactions on record for the project itself. Nearby comparable strata landed developments offer the best available proxy. Belgravia Villas, in the same freehold enclave, has recently leased for S$9,000–10,300 per month on 3,500–4,500 sqft units (roughly S$2.11–2.94 psf), while the 99-year Nim Collection next door has fetched S$8,500–9,000 per month on smaller 2,500–3,000 sqft units (S$2.83–3.60 psf).

At these benchmarks, gross rental yield for Belgravia Ace-type strata landed homes lands in the roughly 2.2%–2.7% range — structurally low, as is typical of landed housing in Singapore, where value creation leans more on capital appreciation than income. Landlords considering this asset class should budget for that low-yield profile from the outset. On the appreciation side, the project’s own resale history (S$1,035 psf in March 2022 to S$1,215 psf in November 2025, roughly +17%) and the wider Belgravia series’ steady multi-year gains suggest this is a hold-for-capital-growth proposition rather than a cash-flow play. Owners exploring the landed rental market should also factor in property management costs and potential vacancy periods given the smaller, more specialised tenant pool for landed homes of this size and quantum.

Risks

1. Restricted buyer pool

As strata-landed property, Belgravia Ace can only be purchased by Singapore Citizens. Permanent Residents and foreigners are ineligible regardless of ABSD standing, which structurally narrows the resale buyer pool compared to condominiums open to all buyer classes.

2. Distance from MRT

No MRT station currently serves the estate directly. Existing stations (Ang Mo Kio, Yio Chu Kang) require a 10–11 minute drive, and the nearest planned station, Tavistock on the Cross Island Line, is roughly 1.08 km away and won’t open until around 2030.

3. Low rental yield

Based on comparable strata landed rents in the enclave, gross rental yield sits in the region of 2.2%–2.7% against multi-million-dollar quantums — well below typical condominium yields, making this a less attractive option for income-focused investors.

4. Seller’s Stamp Duty exposure

The July 2025 SSD revision extended the holding period to 4 years and raised rates (16% within year 1, tapering to 4% in year 3–4) for properties bought on or after 4 July 2025, increasing the cost of an early resale exit.

5. High absolute quantum and thin liquidity

Entry prices of S$4.5M and above concentrate risk in a small pool of high-net-worth Singapore Citizen buyers. The broader landed segment also posted a quarter-on-quarter price decline and a steep drop in transaction volumes in Q1 2026, a reminder that landed housing can be more volatile and less liquid than mass-market condominiums.

BuyCondo.sg Verdict

This report is compiled for general informational purposes only and does not constitute financial or investment advice. Figures are based on publicly available transaction data and developer disclosures as of the publication date and are subject to change. Prospective buyers should conduct independent due diligence and consult a qualified professional before making any purchase decision. For more property insights, visit the BuyCondo.sg blog.

Data reference: URA Media Release PR26-26 — Q1 2026 Private Residential Price Index