Deep Property Dossier
Principal Garden
Prince Charles Crescent · District D03 (Alexandra / Commonwealth)
Tenure 99-year LeaseholdType CondominiumMRT EW18 Redhill MRT Station · 1020mDeveloper UOL Group Limited
Livability
6.0/10
Own-stay
Investment
6.8/10
Invest fit
Overall
6.4/10
Live + Invest
Bottom line: Principal Garden is a high-liquidity, moderately priced 99-year leasehold condo with good school links but weak MRT and amenity convenience, best suited to buyers prioritising resale ease and future Southern Waterfront exposure over immediate yield or capital upside.
1
Overview
- Project
- Principal Garden
- Address / District
- Prince Charles Crescent · D03
- Positioning
- Alexandra / Commonwealth
- Developer
- UOL Group Limited
- Type
- Condominium
- Units
- ~663
- Tenure
- 99-year Leasehold
- Nearest MRT
- EW18 Redhill MRT Station · 1020m
- On-market
- ~45 listings
- Avg asking PSF
- ~$2191.0
- Historical txns
- ~906 txns
- District avg PSF
- D03 ~$2416
| Bed | Area sqft | On-sale | Txns | Avg PSF | Price range |
|---|---|---|---|---|---|
| 1-BR | 484–506 | 22 | 265 | $1767 | $0.93M–$1.10M |
| 2-BR | 764–861 | 22 | 461 | $1768 | $1.72M–$2.07M |
| 3-BR | 1076–1238 | 1 | 120 | $1792 | $2.98M–$2.98M |
| 4-BR | 1571–2002 | — | 53 | $1758 | — |
| 5-BR | 2346–2347 | — | 7 | $1723 | — |
Avg PSF is the per-bedroom historical transaction mean. Source: open-market transaction records.
2
Livability · 6.0
Transport 4 · Amenities 4 · Green 4 · Schools 8 · Quiet 8 · Layout 8
- Transport：At 1,020m to EW18 Redhill MRT, the walk takes about 12–15 minutes; this is beyond the 1km MRT sweet spot, so daily rail reliance is weaker than ideal.
- Amenities：The supplied data only lists Redhill MRT 1,020m away; no mall or market distances are provided, so we cannot confirm convenient daily-needs amenities within short walking distance.
- Green：No park or greenery distances are provided; without a nearby green space of less than 200m, this category cannot be scored highly.
- Schools：Multiple schools are within 1km, including Alexandra Primary at 0.2km and top secondary Crescent Girls' School at 0.6km; primary choices are present but not categorised as top-tier, so the score is 8 rather than 9+.
- Quiet：The project is not indicated as roadside mixed-use; as a residential condo on Prince Charles Crescent, it should offer a relatively quiet environment, though this is assumed from location context.
- Layout：Unit sizes are typical for a city-fringe condo: 1BR 484–506 sqft, 2BR 764–861 sqft and 3BR 1,076–1,238 sqft are efficient; no floor plans are provided, so efficiency is assumed from size bands.
🚇 MRTEW18 Redhill MRT Station 1020m
🎓 SchoolsAlexandra Primary School (Primary 0.2km) · Gan Eng Seng School (SECONDARY (S1-S5) 0.4km) · Crescent Girls' School (SECONDARY (S1-S4) ·top 0.6km) · Zhangde Primary School (Primary 1.0km) · Queenstown Secondary School (SECONDARY (S1-S5) 1.1km) · Gan Eng Seng Primary School (Primary 1.1km)
Location · Prince Charles Crescent (map: OneMap / SLA)
3
Investment · 6.8
- Price Trend：The project's own psf rose from $1,622 in 2016 to $2,248 in 2026, a CAGR of about 3.0% per year; this is modest but steady.
- Liquidity：With 906 recorded transactions across all unit types, the project trades frequently, averaging well above 15 transactions per year, supporting decent resale liquidity.
- Listing Premium：The current listing average is about $2,191 psf, which is above the D03 resale average of $1,872 but below the overall D03 URA average of $2,416; it sits between resale and new-launch pricing.
- vs-District：At $2,191 psf versus D03's 2026 URA average of $2,416 psf, the project is pricing about 9% below the district average, giving a slight relative discount.
- Summary：The investment case is supported by high liquidity and a modest discount to district averages, but capped by a low 3.0% CAGR, leasehold tenure, and stamp-duty break-even of up to 16.6 years for foreigners; it is a tradeable but not high-appreciation asset.
Upside 7 · Rental 6 · Liquidity 9 · Resilience 5 · Entry 7
Source: open-market records · per-bedroom deep history. *Last year partial.
Yearly avg PSF by bedroom; ≥4 txns/point. Source: open-market records.
Source: open-market records + URA. *Last year partial.
| Project | TOP | Asking PSF | — |
|---|---|---|---|
| Zyon Grand | 2029 | $3,249 | |
| Riviere | 2023 | $3,107 | |
| Promenade Peak | 2031 | $3,031 | |
| PENRITH | 2029 | $2,907 | |
| Hudson Place Residences | 2029 | $2,657 | |
| One Pearl Bank | 2024 | $2,648 |
Same-district comparables · avg asking PSF. Source: open-market listings.
4
Entry Cost & Return
Price is only part of it — stamp duty (BSD + ABSD), monthly repayment, net yield and break-even decide whether it is worth it. Figures below use a representative 2-BR · $1.89M.
| Buyer | BSD | ABSD | Total duty | All-in price | % of price | Break-even* |
|---|---|---|---|---|---|---|
| Citizen · 1st | $0.06M | — | $0.06M | $1.95M | 3.4% | ~1.1 yr |
| Citizen · 2nd | $0.06M | $0.38M | $0.44M | $2.33M | 23.4% | ~7.1 yr |
| PR · 1st | $0.06M | $0.09M | $0.16M | $2.05M | 8.4% | ~2.7 yr |
| Foreigner | $0.06M | $1.13M | $1.20M | $3.09M | 63.4% | ~16.6 yr |
*Break-even = years of appreciation to offset stamp duty, at the project ~3%/yr historical growth; ABSD varies with policy.
Dark = at project ~3%/yr, light = district ~5%/yr (optimistic).
Repayment & down-payment (LTV 75% · 3.5% · 25 yr):
| Bed | Ref price | Down 25% | Min cash 5% | Loan 75% | Monthly |
|---|---|---|---|---|---|
| 1-BR | $0.93M | $0.23M | $0.05M | $0.70M | ~$3,492 |
| 2-BR | $1.72M | $0.43M | $0.09M | $1.29M | ~$6,443 |
| 3-BR | $2.98M | $0.74M | $0.15M | $2.23M | ~$11,189 |
Indicative only; subject to bank approval.
Recent transactions (negotiation basis):
| Month | Bed | Floor | Area | Price | PSF |
|---|---|---|---|---|---|
| 2026-06 | 2-BR | 10 | 807 | $1.82M | $2,261 |
| 2026-06 | 2-BR | 04 | 861 | $1.83M | $2,125 |
| 2026-06 | 1-BR | 13 | 495 | $0.98M | $1,980 |
| 2026-05 | 2-BR | 13 | 807 | $1.88M | $2,330 |
| 2026-03 | 3-BR | 17 | 1,076 | $2.90M | $2,700 |
| 2026-03 | 2-BR | 11 | 807 | $1.80M | $2,230 |
| 2026-03 | 2-BR | 11 | 764 | $1.61M | $2,105 |
| 2026-02 | 2-BR | 1 | 861 | $1.89M | $2,193 |
| 2026-02 | 1-BR | 14 | 484 | $0.94M | $1,952 |
| 2026-01 | 3-BR | 13 | 1,077 | $2.80M | $2,600 |
| 2025-12 | 2-BR | 0 | 764 | $1.70M | $2,225 |
| 2025-12 | 1-BR | 22 | 484 | $0.95M | $1,963 |
Source: open-market transaction records (per-bedroom · with floor).
5
Supply · Demand · Planning
- Planning Outlook：The Greater Southern Waterfront plan, with 10,000 new homes and increased commercial office supply, should enhance Alexandra's long-term profile and rental demand.
- Future Supply：Four upcoming projects—Zyon Grand (706 units), Promenade Peak (596), PENRITH (462) and Hudson Place Residen (327)—will add about 2,091 units by 2029–2031, concentrated supply that may pressure resale pricing.
- Future Demand：Planned commercial office growth and waterfront transformation should support incremental rental and buyer demand, but this is several years away and not guaranteed.
- Tenure & Holding：As a 99-year leasehold with about 88 years remaining (estimated from 2015 launch), holding beyond 10–15 years will see lease decay become a more visible resale constraint.
- Impact on Current Investment Value：Near-term value may be capped by incoming supply and a new-launch psf ceiling of $3,152; current pricing at $2,191 leaves limited upside unless repositioning or district uplift occurs.
Future supply pipeline (District D03 upcoming launches):
| Upcoming | Units | Est. TOP | Status |
|---|---|---|---|
| Zyon Grand | 706 | 2029 | U/C |
| Promenade Peak | 596 | 2031 | U/C |
| PENRITH | 462 | 2029 | U/C |
| Hudson Place Residences | 327 | 2029 | U/C |
| Total | ~2091 | completing |
Around 2025 new launches set the ceiling; resale here is the value entry. Source: URA (split by sale type).
Planning & supply timeline. Source: URA Master Plan 2025 + open-market listings.
Tenure & holding period: For a 99-yr lease, the future depends on how long you hold — below: remaining lease and CPF/loan impact by holding period.
| Hold | Lease left | Bala value* | CPF / loan |
|---|---|---|---|
| After 5 yr | ~87 yr | ~92% | Full access |
| After 10 yr | ~82 yr | ~91% | Full access |
| After 20 yr | ~72 yr | ~87% | Full access |
| After 30 yr | ~62 yr | ~81% | Near 60-yr limit |
*Bala curve is a lease-valuation rule of thumb; indicative only.
*Outlook is based on URA Master Plan 2025 and nearby public planning information, not an official forecast; launch unit counts/TOP are subject to official and developer announcements.
6
Risks & Fit
Who it suits
- HDB upgraders or first-time buyers needing a large, liquid condo near Alexandra
- Families with school-going children who value proximity to Alexandra Primary and Crescent Girls'
- Investors who prioritise resale liquidity over rental yield or high appreciation
Caution / not for
- Buyers who want MRT within 500m; 1,020m is a daily inconvenience
- Landlords targeting high gross rental yield; yield likely moderate and not disclosed here
- Long-term holders worried about 99-year lease decay and future supply competition
- Those needing confirmed malls, markets or parks within walking distance; data is absent
Verify before buying
Verify actual walkability and bus/MRT route to Redhill, plus any shuttle service · Check current rental rates and gross yield for specific unit type before buying for income · Confirm remaining lease years and any recent en-bloc or maintenance issues · Inspect the exact unit layout, orientation and noise levels, e.g. facing Alexandra Road or communal facilities
7
Summary · Pros & Cons
| ✅ Pros | ⚠️ Cons · Risks |
|---|---|
| High transaction volume: 906 deals across all sizes, supporting resale liquidity | MRT 1,020m is beyond comfortable walking distance; transport score low |
| Good school proximity: Alexandra Primary 0.2km and elite Crescent Girls' 0.6km | No confirmed nearby mall, market or green space in supplied data |
| Modest discount to D03 average: $2,191 vs $2,416 psf | 99-year leasehold with estimated 88 years remaining; lease decay risk |
| Future uplift from Greater Southern Waterfront and commercial office growth | Concentrated future supply of ~2,091 units by 2031 could cap price growth |
| Reasonable unit efficiency for 1–3 bedders | Own CAGR only 3.0%; rental yield not disclosed, likely average |
Overall · 6.4/10: Principal Garden offers strong liquidity, a selection of efficient unit sizes and good school proximity, especially to Crescent Girls' School, plus a slight discount to the district average. However, the 1,020m MRT distance, lack of confirmed amenities and greenery, 99-year leasehold with roughly 88 years left and upcoming supply of over 2,000 units mean it is not a standout for convenience or yield. It is best suited to buyers or investors who value resale ease and are willing to hold through the Great Southern Waterfront transformation, accepting modest capital growth and moderate rental returns.
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