The Thomson-East Coast Line (TEL) is not only the newest MRT line, it is also a game changer. The TEL connects the North Region of Singapore with the Central and East Regions. It has not only provided the previously underserved East Region with convenient access to the MRT network, but also spurred the development of more residential projects in the North Region. Furthermore, the TEL offers the North and East Regions direct connectivity to the CBD and Orchard Road.

Thus far, Phases 1 to 4 of the TEL have been completed, and the final phase is expected to be completed next year. Phase 1, comprising only three stations in Woodlands, opened in 2020. This was followed by Phase 2, which consists of six stations stretching from Springleaf to Caldecott, opened a year later.

In 2022, the TEL expanded into the Central Region when 11 stations, from Stevens to Gardens by the Bay, opened. The East Region came onboard last year when seven stations, from Tanjong Rhu to Bayshore, began operating. The entire line is expected to be completed next year with the opening of two stations in Bedok (see Map 1).

Search for the latest New Launches, to find out the transaction prices and available units

Close proximity to an MRT station is often high on the wish list of many homebuyers. Therefore, the presence of a new MRT station is expected to have a positive impact on the demand and prices of nearby condos. In this article, we examine the price growth of leasehold condos near TEL stations, as well as the development of new condos near such stations.

Impact on existing condos

Among the TEL stations completed under Phase 2, only Lentor, Bright Hill, and Upper Thomson MRT Stations have completed 99-year leasehold condos within a 500m radius (see Table 1). At the time of writing, the other three stations —Springleaf, Mayflower, and Caldecott — do not have any completed 99-year leasehold condos within the same distance. However, there are upcoming leasehold condos near Mayflower and Springleaf MRT Stations, which will be discussed below.

An examination of the average resale prices of 99-year leasehold condos near the three MRT stations reveals that the completion of the stations in 2021 gave a boost to condo prices. The highest increase was seen for condos near Lentor MRT Station, which recorded a combined average price growth of 34.7%, followed closely by those near Bright Hill MRT Station, with a combined average price growth of 32.6% (see Table 1).

The majority of leasehold condos within walking distance of Lentor, Bright Hill, and Upper Thomson MRT Stations are located in District 20. From 2021 to this year, the average resale price for 99-year leasehold condos in District 20 rose by 31.6% to $1,905 psf; higher than the growth of 27.1% recorded in the previous five years from 2016 to 2020 (see Chart 1).

Notably, the resale volume of leasehold condos in District 20 also peaked in 2021. That year, 405 units changed hands in the resale market. From 2022 to last year, resale volume remained steady at approximately 300 units per year. Thus far this year, resale volume has reached 190 units.

Deep dive into Bishan Point and The Gardens at Bishan

Bright Hill MRT Station has more nearby leasehold condos compared to Lentor and Upper Thomson MRT Stations. Among the five condos near Bright Hill MRT Station, Bishan Point and The Gardens at Bishan stand out for achieving price growth of over 40% since the completion of the MRT station.

Read also: Lessons from the most successful condo launches in 2025

The Gardens at Bishan is located adjacent to the MRT station, while Bishan Point is further away (see Map 2). Other nearby amenities include Bishan-Ang Mo Kio Park, the Kallang River, Ai Tong School and Peirce Secondary School.

The Gardens at Bishan (756 units) is significantly larger than Bishan Point (164 units). Having obtained its temporary occupation permit (TOP) in 2004, The Gardens at Bishan is also a year older than Bishan Point, which received its TOP in 2005. However, the land lease for both developments commenced in 1997, leaving each with a remaining lease of 71 years.

Since 2021, the average resale price of Bishan Point has increased by 41.5% to $1,803 psf; representing the highest price and price growth among the five leasehold condos within walking distance of Bright Hill MRT Station (see Table 1). This could have contributed to the 200 profitable transactions recorded for the condo since its launch in 2002. Profits from these transactions range from approximately $3,100 to $1.434 million. So far, there have been seven transactions that yielded million-dollar profits (see Table 2).

In comparison, Bishan Point has recorded only 11 unprofitable transactions, with losses ranging from approximately $200 to $91,600. Notably, all losses were under $100,000. Additionally, the most recent unprofitable transaction occurred in 2017; four years before the completion of Bright Hill MRT Station.

The record-high profit of $1.434 million came from a transaction concluded in March, when a three-bedroom unit was sold for $2.08 million ($1,757 psf). The seller had purchased the 1,184-sq ft unit from the developer in October 2002 for $646,500 ($546 psf).

The long holding period of 23 years benefitted the seller because the average price of Bishan Point more than doubled over those years. The condo's average price surged from $499 psf in 2002 to $1,803 psf this year (see Chart 2).

Read also: GuocoLand opens Lentor Modern mall

Bishan Point also saw an increase in demand in 2021, when Bright Hill MRT Station was completed. That year, resale volume at the condo jumped to 14 units, before easing to seven units in 2022. This marked an increase from five units in 2019 and four units in 2020. So far, two units have been sold this year.

Since its launch in 2000, The Gardens at Bishan has recorded 760 profitable transactions, with profits ranging from approximately $100 to $2.27 million. At the time of writing, there have been four transactions that yielded profits above $1.5 million (see Table 3).

In contrast, only 26 unprofitable transactions have been recorded for The Gardens at Bishan. Losses ranged from breakeven to approximately $235,000. Not only are all losses under $300,000, but the most recent unprofitable transaction took place in 2019 which is more than five years ago.

Thus far, the transaction that yielded the record-high profit of $2.27 million is the only one with a profit exceeding $2 million. The long holding period of 24 years likely contributed to the eye-watering gain. The seller purchased the 2,336-sq ft unit from the developer in October 2000 for $1.25 million ($535 psf) and sold it in January last year for $3.52 million ($1,507 psf).

From 2000 to 2024, the average price of The Gardens at Bishan increased from $606 psf to $1,619 psf. This year, the average price has risen further to $1,721 psf (see Chart 3).

Similar to Bishan Point, The Gardens at Bishan also experienced an increase in demand in 2021. Resale volume for The Gardens at Bishan rose from 28 units in 2020 to 49 units in 2021, before moderating to 33 units in 2022. Thus far this year, 11 units have changed hands.

The increase in resale volume for Bishan Point and The Gardens at Bishan in 2021, along with their subsequent price growth, attests to the desirability of leasehold condos near MRT stations along the TEL.

Upcoming condo near Mayflower MRT Station

AMO Residence is the only condo within a 500m radius of Mayflower MRT Station. The 99-year leasehold development is still under construction but is expected to receive its TOP next year.

The condo was very popular with homebuyers, achieving a take-up rate of 98.1% at an average price of $2,100 psf on the first day of launch in July 2022. Based on caveats lodged, the 372-unit development is fully sold.

When it was launched, AMO Residence was the first private residential development in Ang Mo Kio in more than eight years. This could have contributed to its strong demand.

Another reason for its popularity could be the wide array of nearby amenities. In addition to Mayflower MRT Station, CHIJ St. Nicholas Girls’ School (Primary and Secondary), Mayflower Secondary School, Peirce Secondary School and Bishan-Ang Mo Kio Park are all within walking distance of the upcoming condo (see Map 3).

New township near Lentor MRT Station

A new township is taking shape near Lentor MRT Station, driven by upcoming developments on government land sales (GLS) sites awarded in recent years. To date, six developments have been launched for sale (see Map 4) and have been met with strong demand from homebuyers.

When Lentor Modern was launched in September 2022, the 605-unit condo achieved a take-up rate of 84%. The condo is now fully sold. Its popularity could be attributed to it being an integrated development with a 90,000 sq ft mall and a direct linkage to Lentor MRT Station.

During their launches in 2023, Lentor Hill Residences and Hillock Green achieved take-up rates of 50% and 23%, respectively. Based on caveats lodged at the time of writing, the 598-unit Lentor Hill Residences is almost sold out, while the take-up rate for the 474-unit Hillock Green has improved to 92.6%.

Last year saw the launches of Lentor Mansion and Lentoria. During its launch, 75% of the 533 units at Lentor Mansion were sold, while the 267-unit Lentoria achieved a lower take-up rate of 18.7%. Since then, the take-up rate for Lentor Mansion has increased to 98.5%, while that for Lentoria has improved to 78.3%.

Lentor Central Residences is the most recent condo launched in the Lentor neighbourhood. During its launch in March, the condo achieved a take-up rate of 93%. At the time of writing, 475 caveats have been lodged for the 477-unit development, indicating that it is almost fully sold.

Combined, the six upcoming condos offer a total of 2,954 units. At the time of writing, 2,849 units are sold; indicating that only 105 units are still available in this new township (see Table 4).

However, buyers keen to live in Lentor will be glad to know that a seventh GLS site was awarded in April. The site is expected to yield an estimated 500 housing units, which are likely to be launched for sale next year. Additionally, the tender for an eighth GLS site is slated to be launched in December. An estimated 580 housing units can be built on the GLS site. Combined, all eight developments are expected to have approximately 4,000 new housing units.

Launching soon in Springleaf

Meanwhile, another condo in nearby Springleaf is expected to be launched soon. Springleaf Residence is located a short walk from Springleaf MRT Station, which is only one MRT stop away from Lentor. The 941-unit condo is near the Central Catchment Nature Reserve, Springleaf Nature Park, and Sungei Seletar (see Map 5). The upcoming condo’s proximity to nature and the MRT station will allow future residents to enjoy the tranquillity of nature while retaining easy connectivity to the rest of the island.

Additionally, the Upper Thomson Road (Parcel A) GLS was recently relaunched for tender. The GLS site, whose tender will close in October, is expected to yield an estimated 595 housing units. If successfully awarded, the future condo is likely to be launched for sale next year.

Conclusion

To sum up, MRT stations not only uplift the prices of nearby condos but can also spur new developments in previously underdeveloped neighbourhoods.

Our analysis revealed that 99-year leasehold condos near Lentor, Bright Hill, and Upper Thomson MRT Stations saw increased demand and price growth following the completion of the stations in 2021. Since then, Bishan Point and The Gardens at Bishan have experienced price growths of over 40%, along with a jump in resale volume during the same year the MRT stations were completed.

Meanwhile, several new developments are being constructed near Lentor MRT Station. One integrated development and five condos are currently under construction. These six developments will yield a combined total of 2,954 condos units, with only 105 units are still available for sale. Additionally, one GLS site has been awarded, and the tender for another is expected to be launched in December. The successful transformation of Lentor is expected to spill over to nearby Springleaf, with the upcoming launch of Springleaf Residence.

Check out the latest listings for Springleaf Residence, Lentor Central Residences, The Gardens At Bishan, Lentor Modern, Lentor Mansion, Bishan Point properties