Leedon Green stands as one of Singapore’s most compelling freehold residential addresses of the 2020s — a 638-unit condominium rising from the storied grounds of the former Tulip Garden, set within the leafy, low-rise enclave of the Leedon – Holland Road corridor in prime District 10. Completed in 2021 and developed under a joint venture between MCL Land and Yanlord Land Group (operating through Asia Radiant Pte Ltd), the project carries a pedigree rarely matched in new Singapore launches: freehold tenure, a Good Class Bungalow belt as its immediate neighbour, and a site that commands genuine land scarcity in one of the island’s most tightly held residential postcodes. With 570 recorded caveats lodged since its 2020 launch, Leedon Green has demonstrated steady, conviction-driven buyer interest from local owner-occupiers, returning expatriates, and high-net-worth investors who understand that freehold land in the Core Central Region (CCR) is, by definition, a finite resource. This article examines the asset’s investment fundamentals, lifestyle proposition, and the structural factors that support — or temper — a long-term hold thesis.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
The Leedon Green story begins with its predecessor: Tulip Garden, a sprawling 1984-vintage condominium that commanded 659,286 sq ft of freehold land straddling Farrer Road and Holland Road. After years of deliberation, residents voted to accept a collective sale price of approximately S$906 million in 2018 — one of the largest en-bloc transactions in Singapore’s history — in a deal brokered at roughly S$1,373 per square foot per plot ratio (psf ppr). The acquisition by the MCL Land – Yanlord JV reflected strong developer conviction in the site’s freehold land bank value, even at a price that required significant development cost management to generate acceptable margins.
The macro setting reinforces the strategic rationale. Leedon Green sits within the District 10 catchment — which encompasses Bukit Timah, Holland Village, and Farrer Road — historically one of the two or three most sought-after residential districts on the island. Within a 500-metre radius, bungalow plots in the adjacent Good Class Bungalow (GCB) Area command land prices consistently above S$2,000 psf, creating a powerful valuation floor for the surrounding high-rise market. URA property data confirms that District 10 consistently records among the highest median transacted prices per square foot for non-landed private residential properties island-wide, a pattern that has held across multiple interest rate cycles. Farrer Road MRT Station on the Circle Line is a nine-minute walk, connecting residents directly to Botanic Gardens (interchange with Downtown Line), Bishan (interchange with North-South Line), and one-transfer access to the Central Business District. Singapore American School, one of the largest international schools on the island, lies within 1.5 kilometres, underpinning perennial expatriate rental demand. The Holland Village lifestyle enclave — with its heritage conservation shophouses, F&B cluster, and Cold Storage — is reachable on foot in approximately 15 minutes, adding organic walkability that new towns simply cannot replicate.
From a supply perspective, the District 10 freehold pipeline has been structurally constrained since the Urban Redevelopment Authority (URA) designates the Leedon – Duchess corridor as low-density residential, preventing the kind of high-density infill development common in the Rest of Central Region. The last major freehold land parcels available for residential redevelopment have largely been exhausted, meaning that new freehold stock in this micro-locality is essentially impossible to create through Government Land Sales. Leedon Green, in this context, is not merely a condo — it is a structural beneficiary of supply inelasticity in Singapore’s most liquid luxury residential sub-market.
We track 570 sales and 517 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the LEEDON GREEN dashboard.
- Average sale price: $2,238,753 across 570 transactions
- Estimated gross rental yield: 2.5%
- District 10 PSF ranking: Premium tier (top 15%)
- Freehold tenure · CCR · D10 · 638 units
About LEEDON GREEN
LEEDON GREEN is a freehold condominium, located at LEEDON HEIGHTS in District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) (Core Central Region), developed by ASIA RADIANT PTE LTD, comprising 638 residential units, completed in 2021.
As a freehold property, LEEDON GREEN does not face lease decay concerns.
Unit Mix Distribution
Transaction data breakdown by bedroom type at LEEDON GREEN:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| Studio | 42 | $2,813 psf | $1,332,026 |
| 1 BR | 206 | $2,802 psf | $1,722,150 |
| 2 BR | 179 | $2,725 psf | $2,028,450 |
| 3 BR | 67 | $2,799 psf | $2,810,813 |
| 4 BR | 76 | $2,853 psf | $4,131,112 |
Sales Market Overview
LEEDON GREEN has recorded 570 sale transactions with an average transaction price of $2,238,753, ranging from $1,218,000 to $5,200,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 211 | $2,658 psf | $2,379,189 | — |
| 2022 | 188 | $2,813 psf | $2,102,607 | ↑ 5.8% |
| 2023 | 132 | $2,891 psf | $2,117,336 | ↑ 2.8% |
| 2024 | 19 | $2,965 psf | $2,297,384 | ↑ 2.6% |
| 2025 | 19 | $2,971 psf | $2,741,247 | ↑ 0.2% |
| 2026 | 1 | $3,417 psf | $3,568,000 | ↑ 15.0% |
LEEDON GREEN ranks in the top 15% of condos in District 10 by average PSF.
Compared to the CCR average of $2,447 psf, LEEDON GREEN trades 13.8% above the segment benchmark.
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Rental Market Overview
LEEDON GREEN has recorded 517 rental transactions with monthly rents averaging $4,704/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| Studio | 177 | $4,909/mo | $3,000/mo | $18,000/mo |
| 1 BR | 111 | $3,711/mo | $3,000/mo | $5,345/mo |
| 2 BR | 197 | $4,407/mo | $3,800/mo | $5,500/mo |
| 3 BR | 22 | $7,684/mo | $6,000/mo | $12,100/mo |
| 4 BR | 10 | $11,390/mo | $8,400/mo | $18,400/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2024 | 319 | $4,711/mo |
| 2025 | 165 | $4,585/mo |
| 2026 | 33 | $5,235/mo |
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Investment Analysis
Based on average rents and sale prices, LEEDON GREEN delivers an estimated gross rental yield of 2.5%. This is below the 3% benchmark, suggesting stronger capital appreciation potential.
Competing Condos in District 10
Side-by-side comparison against the most actively traded condos in District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| SKYE AT HOLLAND | 99 yrs lease commencing from 2024 | 666 | $2,946 psf | 666 |
| D'LEEDON | 99 yrs lease commencing from 2010 | 1703 | $1,858 psf | 433 |
| HYLL ON HOLLAND | Freehold | 319 | $2,648 psf | 327 |
| FOURTH AVENUE RESIDENCES | 99 yrs lease commencing from 2018 | 476 | $2,465 psf | 296 |
| UPPERHOUSE AT ORCHARD BOULEVARD | 99 yrs lease commencing from 2024 | 301 | $3,329 psf | 237 |
Location Map
Map shows LEEDON GREEN (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- LEEDON GREEN
- Farrer Road MRT
- Holland Village MRT
- Commonwealth MRT
- Tan Kah Kee MRT
- Swiss School Singapore
- Raffles Girls'
- German European School Singapore
Nearby MRT Stations
LEEDON GREEN is 650m from Farrer Road MRT (Circle Line), with 4 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Farrer Road | CC20 | Circle Line | 650m |
| Holland Village | CC21 | Circle Line | 850m |
| Commonwealth | EW20 | East-West Line | 1.3 km |
| Tan Kah Kee | DT8 | Downtown Line | 1.5 km |
Nearby Schools
There are 20 schools within 2 km of LEEDON GREEN, including 2 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| Swiss School Singapore | International | 920m |
| Raffles Girls' Primary School | Primary | 960m |
| German European School Singapore | International | 1.3 km |
| Commonwealth Secondary School | Secondary | 1.3 km |
| Hollandse School | International | 1.4 km |
| Lycee Francais de Singapour | International | 1.4 km |
| National Junior College | Secondary | 1.6 km |
| National Junior College | Jc | 1.6 km |
| Tanglin Trust School | International | 1.6 km |
| Hwa Chong Institution | Secondary | 1.8 km |
| Hwa Chong Institution (JC) | Jc | 1.8 km |
| Nanyang Primary School | Primary | 1.8 km |
Leedon Green’s investment case rests on a convergence of factors that are individually compelling and collectively rare in Singapore’s residential market:
- Freehold tenure in CCR: Unlike the majority of new launches — including many flagship CCR projects — which sit on 99-year leasehold land, Leedon Green is freehold. In Singapore, freehold property is subject to no lease decay, no risk of Selective En-Bloc Redevelopment Scheme (SERS) acquisition on depleted-lease terms, and no progressive haircut in MAS Total Debt Servicing Ratio (TDSR) financing as the lease shortens. Over a 30-to-40-year holding horizon, the freehold premium — typically estimated at 10–20% versus equivalent leasehold — tends to widen rather than compress, particularly as the incumbent 99-year stock from the 1990s and 2000s approaches the critical 60–70 year remaining lease threshold where bank financing becomes restricted.
- En-bloc optionality: A freehold site with a large gross floor area and a relatively low plot ratio in an area where land values have risen substantially since the 2018 acquisition creates genuine collective-sale optionality for future owners. If Singapore’s CCR land market continues to appreciate — a reasonable base case given structural supply constraints — a future Leedon Green en-bloc at, say, a 20–30 year horizon could unlock substantial premiums. This optionality is a near-zero-cost embedded call option for freehold buyers, and it is entirely absent from leasehold product.
- GCB neighbourhood effect: Properties abutting or overlapping GCB zones benefit from planning rules that prevent high-density redevelopment on adjacent plots, preserving low-rise streetscapes, tree cover, and a sense of landed-enclave exclusivity that resonates with Singapore’s ultra-high-net-worth buyer pool. Leedon Green’s Leedon Heights frontage directly adjoins the Holland Hill GCB area, a factor that supports premium asking rents from C-suite tenants and senior expatriate families.
- Developer track record: MCL Land, a wholly-owned subsidiary of Hong Leong Group, and Yanlord Land bring complementary strengths — MCL’s decades of Singapore delivery experience (Hallmark Residences, Este Villa, Margaret Ville) and Yanlord’s premium positioning across Asia. The joint venture model also signals that both parties stress-tested the numbers against each other’s due diligence processes before committing S$906 million in acquisition price alone.
- Unit configuration diversity: Leedon Green’s 638 units span one-bedroom-plus-study (549 sq ft) through five-bedroom (2,239 sq ft) and a small collection of garden villas, giving the project liquidity across multiple buyer segments rather than concentrating rental risk in a single unit-type cohort.
- Rental market depth: The combination of Singapore American School proximity, Holland Village F&B access, Farrer Road MRT connectivity, and freehold prestige creates a rental catchment that extends from mid-seniority expatriates to returning Singaporeans and private wealth family offices. This depth reduces vacancy risk and supports rental yield defensiveness even in softer expatriate-assignment cycles.
Investors seeking to model returns can use the ROI calculator to stress-test yield and capital appreciation scenarios, and the stamp duty calculator to quantify BSD and ABSD entry costs at current rates.
No asset is without risk, and intellectual honesty requires acknowledging the headwinds that a prospective Leedon Green buyer must weigh:
- CCR price point and liquidity horizon: Leedon Green transacts at a significant premium to the broader Singapore market — resale prices in 2023–2024 have predominantly ranged from S$2,600 to S$3,100+ psf depending on floor and facing. At these levels, the buyer pool is structurally narrower than for mass-market or Rest of Central Region (RCR) products. In a market correction or a period of elevated ABSD, liquidity can tighten materially: volumes may sustain, but the bid-ask spread widens and time-on-market extends. Buyers with short investment horizons (under five years) face meaningful market-timing risk.
- ABSD burden for additional purchasers: Singapore’s Additional Buyer’s Stamp Duty (ABSD) regime imposes a 20% surcharge on Singapore Citizens purchasing a second residential property and 60% on foreign purchasers (as of the 2023 revision). For investors holding existing properties, the ABSD outlay at Leedon Green’s price quantum is substantial — potentially S$500,000–S$700,000 or more on a typical two-to-three-bedroom unit — and must be factored into the effective cost of entry and the holding-period return required to break even. Use the stamp duty calculator to model your specific scenario.
- Rental yield compression in the CCR: Gross yields on CCR luxury product typically range from 2.0% to 2.8%, below the risk-free rate offered by Singapore Government Securities at many points in the current interest rate cycle. Investors relying on near-term rental income to service mortgage payments may find the mortgage servicing calculation unfavourable unless they are purchasing largely in cash or at very high loan-to-value discipline.
- Concentration risk: Leedon Green is a 638-unit project on a single freehold site. While the GCB belt provides planning protection, any significant change in Singapore’s land-use policy, a deterioration in expatriate assignment volumes to Singapore, or a structural shift in international school enrolment patterns could affect both rental demand and future resale values. These are low-probability risks but non-zero in a 20–30 year holding horizon.
- Maintenance and sinking fund obligations: As a full-facility condominium of this scale (pools, tennis courts, function rooms, concierge), monthly maintenance fees are in the S$700–S$1,200 range depending on unit size. Over a long hold, these recurring costs reduce effective net yield and must be incorporated into any total-return model.
[
{
"persona": "Singaporean upgrader seeking freehold flagship home",
"fit_color": "green",
"reason": "Freehold tenure eliminates lease-decay anxiety; GCB-adjacent address and top-tier school proximity fulfil long-term family lifestyle requirements; capital preservation characteristics align with generational wealth transfer goals."
},
{
"persona": "Expatriate tenant or returning Singaporean permanent resident",
"fit_color": "green",
"reason": "Holland Road address, Singapore American School within 1.5 km, Circle Line access, and freehold prestige tick all boxes for senior corporate assignees. Rental market depth supports competitive yield relative to CCR peers."
},
{
"persona": "High-net-worth investor: first Singapore residential property",
"fit_color": "green",
"reason": "No ABSD on first purchase for Singapore Citizens; freehold land bank at an appreciating CCR address with genuine en-bloc optionality over a 20+ year horizon; developer pedigree and completed status remove execution risk."
},
{
"persona": "Singaporean investor: second property, ABSD payable at 20%",
"fit_color": "amber",
"reason": "ABSD adds materially to entry cost at Leedon Green’s price quantum; yield alone is unlikely to offset cost of capital in the first five years; viable only if the investor has a long-horizon appreciation thesis and can comfortably absorb the stamp duty outlay."
},
{
"persona": "Foreign purchaser subject to 60% ABSD",
"fit_color": "red",
"reason": "At 60% ABSD on a S$3 million+ unit, the all-in acquisition cost is S$4.8 million+. The required capital appreciation to break even on a 10-year horizon exceeds historical CCR appreciation rates. This entry point is structurally unfavourable unless the purchase is purely end-use with no return expectation."
},
{
"persona": "Short-term speculative investor (under 3 years)",
"fit_color": "red",
"reason": "Seller’s Stamp Duty (SSD) applies for disposals within three years; CCR luxury liquidity thins in soft cycles; transaction costs (BSD, agent commissions, legal fees) at this price quantum require meaningful appreciation just to break even."
}
]
Leedon Green is, in our assessment, among the handful of completed Singapore condominiums that can credibly claim to be structurally scarce assets rather than merely premium ones. The convergence of freehold tenure, a GCB-belt address, CCR prime zoning, a pedigreed JV developer, and a supply environment that structurally precludes competitive freehold additions to the micro-locality creates a durable moat around long-term value. For owner-occupiers seeking a forever home in Singapore’s finest residential corridor, and for investors with the financial capacity to absorb ABSD costs and a genuinely long holding horizon, Leedon Green warrants serious consideration.
The caveats are real but bounded. Gross rental yield will not excite income-focused investors accustomed to higher-yield markets; ABSD exposure for additional purchasers is punishing; and CCR luxury assets are notoriously illiquid in downturns. The project is not suitable for short-cycle speculation or yield-maximising rental mandates.
The most intellectually honest framing is this: Leedon Green is a preservation-of-capital asset with asymmetric upside for the patient holder. Singapore’s freehold land stock in the CCR is a genuinely finite resource, and history suggests that finite, high-quality assets in a stable, rule-of-law jurisdiction tend to compound wealth quietly over decades. Prospective buyers are encouraged to use the property comparison tool to benchmark Leedon Green against comparable CCR freehold projects, and to explore the price heatmap to contextualise District 10 pricing trends. Engage a licensed financial adviser and a qualified property professional — including a CEA-registered salesperson — before committing to any transaction at this price quantum.
FAQ
What is the average price for LEEDON GREEN?
What is the rental yield for LEEDON GREEN?
Is LEEDON GREEN freehold or leasehold?
What is the connection between Leedon Green and Tulip Garden?
Leedon Green was built on the site of the former Tulip Garden condominium, a 1984-vintage freehold development that completed a collective sale (en-bloc) in 2018 for approximately S$906 million — one of the largest en-bloc transactions in Singapore’s history. The purchasing joint venture, Asia Radiant Pte Ltd (comprising MCL Land and Yanlord Land Group), demolished Tulip Garden and redeveloped the 659,286 sq ft freehold site into Leedon Green, which obtained Temporary Occupation Permit (TOP) in 2021.
Which MRT station serves Leedon Green, and how far is it?
The nearest MRT station is Farrer Road MRT (Circle Line, CC20), approximately a 9-to-11 minute walk from the development. The Circle Line provides direct connections to Botanic Gardens (interchange with Downtown Line, CC19) and Holland Village (CC21), with one-transfer access to Orchard, Raffles Place, and Marina Bay via the Central Business District loop. For drivers, the Pan Island Expressway (PIE) and Farrer Road arterial road offer efficient access to the CBD and Changi Airport.
What are the ABSD implications for buying Leedon Green?
Additional Buyer’s Stamp Duty (ABSD) rates as at 2024 are: 0% for Singapore Citizens buying their first residential property; 20% for Singapore Citizens buying a second property; 30% for Singapore Citizens buying a third or subsequent property; 5% for Singapore Permanent Residents on their first property; 25% for SPRs on a second property; and 60% for foreigners on any purchase. At Leedon Green’s prevailing resale quantum of S$2.8–S$3.5 million for a two-to-three-bedroom unit, the ABSD liability for a second-purchase Singapore Citizen ranges from approximately S$560,000 to S$700,000 and must be paid in cash (ABSD cannot be funded by CPF). Always verify current rates at IRAS ABSD guidance and model your scenario using the stamp duty calculator.
What unit types and sizes are available at Leedon Green?
Leedon Green comprises 638 units across seven residential towers, offering a range of configurations: one-bedroom plus study (from approximately 549 sq ft), two-bedroom (from approximately 721 sq ft), two-bedroom plus study (from approximately 893 sq ft), three-bedroom (from approximately 1,206 sq ft), four-bedroom (from approximately 1,679 sq ft), five-bedroom (from approximately 2,239 sq ft), and a limited collection of ground-floor garden villa units with private outdoor space. This configuration diversity supports both owner-occupier and investor demand across multiple market segments and reduces concentration risk in the rental portfolio compared to single-typology developments.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 570 transactions analysed
- Rental data: 517 lease records analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for LEEDON GREEN
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