Treasure Gardens
Overview & Key Facts
Treasure Gardens is a boutique freehold condominium tucked along Teow Hock Avenue in District 19 — a quiet residential street wedged between the Kovan and Hougang neighbourhoods. With just 22 units, it sits firmly in the category of intimate low-rise developments that have become increasingly rare in Singapore’s land-scarce landscape. The developer is not publicly listed in available records, which is common among small boutique projects of this era that were built by private contractors rather than named branded developers.
The development’s defining characteristic is simplicity: no resort-scale facilities, no grand clubhouse, no marketing tagline. What it does offer — and what a small but loyal cohort of owners and tenants clearly values — is a freehold title, a quiet residential address, and proximity to the Kovan corridor’s well-established amenities. For buyers who have lived through the era of overcrowded mega-developments, the idea of 22 neighbours, low maintenance fees, and a neighbourhood that hasn’t changed much in 30 years holds genuine appeal.
Transaction data paints a picture of a tightly held development. With only 5 sales recorded and a median price of S$1,100,000, Treasure Gardens rarely changes hands — owners tend to hold. The rental market tells a different story: 22 rental transactions suggest the development is popular with tenants, delivering a gross yield of 3.82% that many larger leasehold condos in the vicinity cannot match.
Location & Connectivity
Teow Hock Avenue sits in the heart of the Kovan sub-market, an established residential enclave that has long been one of District 19’s most liveable corners. The street is bookended by private landed homes and low-rise walk-ups, with the Serangoon Garden Estate to the north and the broader Hougang network to the east. It is not a glamorous address, but it is a genuinely functional one: quiet, well-shaded, and free of the expressway noise that plagues comparable developments near the PIE or CTE.
Kovan MRT station on the North-East Line is approximately 0.59 km from Treasure Gardens — a roughly 7-to-8 minute walk under Singapore conditions. At this distance, it is genuinely walkable for most residents, not just a developer’s optimistic measurement. The NEL connects directly to Dhoby Ghaut, Outram Park, and HarbourFront without requiring a transfer, making the commute to the CBD or Orchard corridor more straightforward than it looks on a map. Serangoon MRT interchange (NEL + Circle Line) is two stops north, adding further network reach.
For drivers, the Kovan corridor feeds comfortably onto the CTE via Tampines Road and Bartley Road. The CBD is achievable in 20–25 minutes in off-peak conditions. Orchard Road is roughly 20 minutes by car. The Pan-Island Expressway is accessible via Upper Serangoon Road for east-bound trips toward Tampines and Changi.
Everyday amenities are well within reach. Heartland Mall Kovan is a short walk from the MRT, housing a FairPrice supermarket, food court, and retail outlets. The Kovan Hougang coffee shop cluster along Upper Serangoon Road is a long-standing neighbourhood institution for affordable hawker meals. For larger grocery runs, NEX shopping mall at Serangoon — one of the largest suburban malls in Singapore — is two MRT stops north, with a FairPrice Xtra, cineplex, and extensive food options.
Schools & Education
8 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Xinmin Secondary School | secondary | Within 1 km |
| Xinmin Primary School | primary | Within 1 km |
| Yangzheng Primary School | primary | Within 1 km |
| Holy Innocents' High School | secondary | Within 1 km |
| Holy Innocents' Primary School | primary | Within 1 km |
| St. Gabriel's Primary School | primary | Within 1 km |
| Cedar Primary School | primary | Within 1 km |
| Zhonghua Primary School | primary | Within 1 km |
Facilities
Treasure Gardens is a 22-unit boutique development and facilities reflect that reality. Residents should expect the fundamentals — a swimming pool and basic recreational space — rather than the resort-scale amenity suite that defines larger District 19 contemporaries like The Florence Residences or Affinity at Serangoon. This is a trade-off, not a flaw: in a 22-unit development, maintenance fees are distributed across far fewer households, and a lean facilities profile keeps those fees manageable. For buyers who already have gym memberships, work from home, or primarily use the neighbourhood’s own parks and coffee shops for recreation, the limited amenity list is a non-issue.
The surrounding neighbourhood partially compensates. The Serangoon Park Connector runs through the broader Kovan area, providing a linear green corridor for jogging and cycling without needing to leave the neighbourhood. Residents report that the intimate scale of the development creates a strong sense of community — all 22 units means residents tend to know their neighbours, which is a qualitative benefit that no amount of club facilities can replicate.
Unit Sizes & Layout
With a median transaction price of S$1,100,000 and an average of S$1,208,600, Treasure Gardens units are priced at levels typical for mid-size two- or three-bedroom configurations in this sub-market. The limited number of transactions makes precise floor area analysis difficult, but the pricing profile is consistent with units in the 800–1,300 sqft range — practical sizes that attract both young families and rental tenants seeking more space than a typical new-launch unit provides. District 19 freehold developments at this price point increasingly stand out as the leasehold new launches around them ask S$1,600–$2,600 psf.
Teow Hock Avenue is a quiet, low-traffic street. Units facing the street benefit from natural light without significant noise exposure. Given the boutique scale, buyers should request specific unit floor plans and orientation details from the agent — in a 22-unit development, the distinction between facing the street, the pool, or a neighbouring property can meaningfully affect daily livability. Renovation budgets should account for finishings that may reflect the development’s age; buyers planning to rent out should factor in a light refresh to command the upper end of the S$3,319–$3,500 average rental range.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 1 | $1,329 | $758,000 |
| 2 BR | 1 | $1,265 | $1,035,000 |
| 3 BR | 2 | $1,142 | $1,180,000 |
| 5 BR | 1 | $891 | $1,890,000 |
Pricing & Market Position
Based on 5 recorded transactions, sale prices range from $758,000 to $1,890,000, averaging $1,208,600.
Rents range from $1,800 to $4,600 per month across 22 rental transactions. Current rental yield sits at approximately 3.8%.
Price Appreciation
From 2022 to 2024, the average PSF has appreciated by 24.7% (from $978 to $1,219 psf).
Neighbourhood Comparison
The key comparisons in this sub-market sit at very different points on the value spectrum. Chuan Park (99-year, 2024 launch, 916 units) asks approximately S$2,596 psf — a 166% premium over Treasure Gardens’ current PSF range. It offers Kovan MRT adjacency, a fresh 99-year lease, and full resort amenities, but buyers pay a significant premium that compresses yield and extends the payback horizon. Affinity at Serangoon (99-year, 2018, 1,012 units) at S$1,698 psf and The Florence Residences (99-year, 2018, 1,410 units) at S$1,745 psf are more direct comparisons in terms of quantum — but both are leasehold mega-developments with lease clocks running since 2018.
The more precise peer group for Treasure Gardens is Serangoon Garden Estate and other freehold low-rise developments in the Kovan corridor. These share the same thesis: permanent title, neighbourhood character, and community scale in exchange for fewer shared amenities and lower liquidity. Buyers choosing between Treasure Gardens and a leasehold mega-development are not making a like-for-like comparison — they are choosing between two fundamentally different ownership propositions, and the right answer depends entirely on the buyer’s holding period, lifestyle preferences, and tolerance for limited facilities.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| TREASURE GARDENS | Freehold | — | 22 | — |
| CHUAN PARK | 99 yrs lease commencing from 2024 | 2024 | 916 | $2,596 |
| THE FLORENCE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,410 | $1,745 |
| RIVERFRONT RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,451 | $1,588 |
| AFFINITY AT SERANGOON | 99 yrs lease commencing from 2018 | 2021 | 1,012 | $1,698 |
| SERANGOON GARDEN ESTATE | Freehold | 2021 | — | $1,736 |
ShiokNest Scores
Our proprietary scoring system evaluates TREASURE GARDENS across multiple dimensions.
What Residents Say
“Very peaceful and private. Knowing all your neighbours by name is something you don’t get in a 500-unit condo. The Kovan area has everything you need within walking distance and the MRT is close enough that I don’t always need to drive.”
— Resident review via PropertyGuru
“Facilities are minimal — just a pool — but honestly that suits me. I’m not paying for a gym I never use. The freehold title and the school choices nearby were the main reasons we bought here. With three kids, the P1 options are unbeatable.”
— Owner-occupier review via EdgeProp
“Good rental yield for a freehold condo. My tenant has been here two years already. The quiet street and the school catchment keep tenants long-term, which is what you want as a landlord. Only downside is it’s a bit hard to find comparable sales data for valuations.”
— Investor review via 99.co
The pattern across owner and tenant feedback is consistent: residents prize the community intimacy, neighbourhood walkability, and school catchment depth, while acknowledging that anyone expecting condominium-grade leisure facilities will be disappointed. The development attracts buyers who have consciously chosen neighbourhood quality over amenity breadth — a different but equally valid calculus from the one that drives mega-development purchases.
Strengths & Weaknesses
- Freehold tenure — permanent title at S$978–$1,297 psf, vs 99yr new launches at S$1,588–$2,596 psf nearby
- Kovan MRT (NEL) 0.59 km — genuinely walkable, direct line to CBD and Orchard
- Exceptional school catchment: 6 primary schools within 1 km, including Xinmin Primary at 0.30 km
- 3.82% gross yield — strong for a freehold condo in an established OCR neighbourhood
- Boutique 22-unit scale: low maintenance fees, genuine community feel, low noise and foot traffic
- Quiet residential street with no expressway or arterial road noise exposure
- No en-bloc pressure: 22-unit site too small to attract collective sale, ownership stability assured
- Heartland Mall Kovan, NEX at Serangoon, and Kovan hawker cluster all within 10-minute radius
- 30–53% PSF discount to leasehold new launches in same sub-market
- Minimal facilities — boutique development; no gym, function rooms, or resort amenities
- Only 5 recorded sales — thin transaction data makes price benchmarking and valuation difficult
- Developer unknown — no brand premium or after-sales service track record
- Low ShiokNest score (24/100) and investment score (N/A) reflect data scarcity and boutique limitations
- PSF data shows volatility (S$978–$1,297 across limited transactions) — exit pricing harder to predict
- Low en-bloc probability (34/100) — no collective sale windfall upside for speculative buyers
- Limited resale liquidity vs larger developments; may require longer marketing time on exit
- No TOP year on record — age and remaining useful life of building fabric harder to assess without valuation
Verdict
Treasure Gardens rewards a specific type of buyer: one who values freehold permanence, a genuine neighbourhood character, and a school catchment that requires planning, over resort-scale facilities and brand-name developer cachet. At median S$1.1 million with 3.82% gross yield and Kovan MRT 0.59 km away, the investment fundamentals are quietly compelling in a market where freehold stock at this quantum is becoming harder to find. The PSF discount to nearby leasehold new launches — 30%–53% cheaper than Chuan Park, Florence Residences, and Affinity at Serangoon — is not incidental; it is the value thesis.
The development’s low en-bloc score of 34/100 reflects the reality that 22-unit sites are often too small to attract the collective sale premiums that drive en-bloc outcomes. That is, paradoxically, a stability signal: there is little risk of a forced sale disrupting long-term ownership or tenancy plans. For landlords, the 22-unit scale means lower maintenance fee drag and a tenant profile that tends toward longer-stay families rather than transient short-term occupants.
The honest caveat is facilities. Buyers moving from a large development with resort amenities will feel the adjustment. And with only 5 recorded sales, price discovery is genuinely limited — the PSF data has wide variance and limited statistical depth. Buyers should commission an independent valuation before committing, and sellers should be prepared for longer marketing periods than a larger development would require. But for the right buyer, Treasure Gardens is precisely the kind of understated freehold asset that becomes harder to access with each passing year.