The Topiary stands as one of Sengkang’s most quietly accomplished Executive Condominiums — a 700-unit development by MCC Land that reached its five-year Minimum Occupation Period (MOP) in 2021 and has since posted some of the most impressive capital-appreciation numbers of any EC cohort in Singapore. Situated on Fernvale Lane in District 28, it occupies a leafy pocket of the North-East Region where LRT connectivity, abundant green space, and a growing constellation of retail and community amenities converge at a price point that still sits comfortably below the mass-market private condominium benchmark for comparable units nearby.
Launched in 2012 under the then-prevailing HDB Executive Condominium scheme, The Topiary was priced at a discount to private condos in exchange for purchase eligibility restrictions and an occupation lock-in. By 2026 that bargain has aged spectacularly: average resale prices have grown roughly 94.8 percent since launch, reaching approximately S$1,514 psf in recent transactions, with the highest recorded deal touching S$1,717 psf in March 2026 for a 1,292 sq ft unit. For buyers who entered at the original launch price, the wealth uplift has been substantial. For those entering the resale market today, the question is more nuanced — and this review explores it in full.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Understanding The Topiary requires understanding what an Executive Condominium is and how its unique lifecycle shapes both eligibility and investment thesis. An EC is a hybrid public-private housing form created by the Singapore government to bridge the gap between HDB flats and full private condominiums. At launch, only Singapore Citizens and Permanent Residents meeting a gross monthly household income ceiling (S$16,000 as of 2026) may purchase a new EC, and buyers must form an eligible family nucleus, typically meaning they cannot own other private property. The development is built and sold by a private developer but is regulated by HDB.
The Topiary was launched before the income ceiling was raised from S$12,000 to its current level, which means its original buyer cohort was drawn largely from HDB upgraders and dual-income Singaporean families in the middle-income band — exactly the demographic for whom Sengkang, with its mature LRT network and strong primary school options, is most appealing. The 99-year leasehold commenced in 2012, placing the development in the critical first quarter of its lease at the time of this review. With approximately 86 years of lease remaining, decay considerations are not yet pressing, though buyers on a 30-year horizon should model eventual lease-decay impact against expected capital appreciation.
Fernvale is a sub-town within Sengkang, positioned in the north-eastern corner of the island. The Topiary’s address at 15 Fernvale Lane places it roughly 600 metres from Layar LRT Station (SW6) on the Sengkang LRT West Loop, which in turn connects to Fernvale LRT Station (SW5) and eventually to Sengkang MRT (NE16) on the North-East Line. The North-East Line provides one-transfer access to Dhoby Ghaut and City Hall interchange stations, placing the CBD within about 35 minutes door-to-door on public transport. While this commute time is not exceptional by Singapore standards, it is entirely workable for resident families, and the ongoing expansion of the Punggol Digital District — accessible via Punggol MRT (NE17) one stop from Sengkang — is steadily shifting the employment catchment northward, which could materially compress effective commute times for the growing tech-sector workforce by the late 2020s.
The surrounding Fernvale neighbourhood includes The Seletar Mall (opened 2014), the Fernvale Community Club with its hawker centre and wet market (opened 2022), Fernvale Primary School (within a five-minute walk of Layar LRT), and Compassvale Secondary School within the broader Sengkang precinct. The URA Master Plan has earmarked Fernvale North for approximately 10,000 new homes, signalling long-term population-led demand that should support ancillary retail and service expansion over the next decade.
We track 397 sales and 184 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the THE TOPIARY dashboard.
- Average sale price: $1,356,288 across 397 transactions
- Estimated gross rental yield: 3.5%
- District 28 PSF ranking: Mid-range (top 71%)
- 99 yrs lease commencing from 2012 · OCR · D28 · 700 units
About THE TOPIARY
THE TOPIARY is a 99 yrs lease commencing from 2012 condominium, located at FERNVALE LANE in District 28 (Seletar) (Outside Central Region), comprising 700 residential units.
Unit Mix Distribution
Transaction data breakdown by bedroom type at THE TOPIARY:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 140 | $1,218 psf | $1,068,923 |
| 3 BR | 203 | $1,237 psf | $1,442,711 |
| 4 BR | 45 | $1,165 psf | $1,647,647 |
| 5+ BR | 9 | $1,109 psf | $2,420,308 |
Sales Market Overview
THE TOPIARY has recorded 397 sale transactions with an average transaction price of $1,356,288, ranging from $760,000 to $2,955,888.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 160 | $1,045 psf | $1,160,065 | — |
| 2022 | 74 | $1,169 psf | $1,289,203 | ↑ 11.8% |
| 2023 | 41 | $1,265 psf | $1,465,236 | ↑ 8.3% |
| 2024 | 40 | $1,402 psf | $1,527,269 | ↑ 10.8% |
| 2025 | 66 | $1,484 psf | $1,639,028 | ↑ 5.8% |
| 2026 | 16 | $1,532 psf | $1,755,861 | ↑ 3.3% |
THE TOPIARY ranks in the top 71% of condos in District 28 by average PSF.
Compared to the OCR average of $1,550 psf, THE TOPIARY trades 21.3% below the segment benchmark.
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Rental Market Overview
THE TOPIARY has recorded 184 rental transactions with monthly rents averaging $3,933/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 2 BR | 13 | $3,073/mo | $2,200/mo | $3,400/mo |
| 3 BR | 111 | $3,822/mo | $1,316/mo | $5,000/mo |
| 4 BR | 57 | $4,334/mo | $1,600/mo | $6,300/mo |
| 5+ BR | 3 | $4,117/mo | $3,850/mo | $4,250/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 27 | $3,247/mo |
| 2022 | 39 | $3,768/mo |
| 2023 | 37 | $4,350/mo |
| 2024 | 40 | $4,128/mo |
| 2025 | 33 | $3,985/mo |
| 2026 | 8 | $3,925/mo |
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Investment Analysis
Based on average rents and sale prices, THE TOPIARY delivers an estimated gross rental yield of 3.5%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 28
Side-by-side comparison against the most actively traded condos in District 28 (Seletar):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| PARC GREENWICH | 99 yrs lease commencing from 2020 | 496 | $1,234 psf | 496 |
| HIGH PARK RESIDENCES | 99 yrs lease commencing from 2014 | 1376 | $1,481 psf | 406 |
| PARC BOTANNIA | 99 yrs lease commencing from 2016 | 735 | $1,592 psf | 206 |
| SELETAR HILLS ESTATE | 999 yrs lease commencing from 1879 | — | $1,494 psf | 194 |
| RIVERBANK @ FERNVALE | 99 yrs lease commencing from 2013 | 555 | $1,311 psf | 167 |
Location Map
Map shows THE TOPIARY (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- THE TOPIARY
- Fernvale MRT
- Layar MRT
- Thanggam MRT
- Fernvale Primary School
- North Vista Primary School
- North Vista Secondary School
Nearby MRT Stations
THE TOPIARY is 590m from Fernvale MRT (Sengkang LRT), with 3 stations within 1.5 km.
Nearby Schools
There are 6 schools within 2 km of THE TOPIARY, including 1 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| Fernvale Primary School | Primary | 780m |
| North Vista Primary School | Primary | 1.1 km |
| North Vista Secondary School | Secondary | 1.1 km |
| Chongfu School | Primary | 1.3 km |
| Presbyterian High School | Secondary | 1.7 km |
| Townsville Primary School | Primary | 2.0 km |
The Topiary’s investment and lifestyle case rests on several well-substantiated strengths that distinguish it within the D28 resale landscape.
- Proven capital appreciation. A 94.8 percent price gain since its 2012 launch is not an outlier driven by a single outlier transaction — the development recorded the highest price growth among 11 ECs that crossed the 10-year privatisation milestone around 2026, and the second-highest average PSF (approximately S$1,459 psf on a trailing basis) in that cohort. This track record reflects genuine demand depth rather than speculative noise.
- Full privatisation achieved. The Topiary obtained its Temporary Occupation Permit (TOP) in 2016 and crossed the 10-year mark in 2026, meaning the prohibition on foreigners purchasing resale units has been lifted. This expands the buyer pool to include Singapore Permanent Residents, foreigners, and corporate entities, typically widening the addressable demand base and lending additional price support at the margin.
- Generous unit mix and scale. At 700 units spread across multiple residential blocks, The Topiary offers the economies of scale that keep maintenance fees manageable while delivering EC-tier facilities: swimming pools, a clubhouse, landscaped gardens, a gym, and tennis courts. Large-scale ECs tend to have stronger Management Corporation Strata Title (MCST) cost coverage than smaller boutique projects, which benefits long-term owners through more sustainable sinking-fund adequacy.
- Fernvale LRT connectivity. The Sengkang LRT network, while sometimes underestimated, provides genuinely useful last-mile connectivity to the MRT and reduces car-dependency for daily errands and school runs. Fernvale Primary School’s proximity to Layar LRT creates a highly practical school-route arrangement that resonates strongly with families at the point of purchase decision.
- Punggol Digital District tailwind. The Singapore Institute of Technology (SIT) campus at Punggol Digital District is now open, and JTC business park developments in the area are attracting technology and advanced manufacturing tenants. Analysts broadly expect this to translate into sustained rental demand from young professionals in the NE8–NE17 corridor, which encompasses both Sengkang and Punggol — a structural positive for The Topiary’s rental yield and capital value over the medium term.
- Competitive PSF entry relative to newer private condos. At S$1,317–S$1,717 psf in recent trades, The Topiary occupies a price band that remains meaningfully below newly launched private condominiums in comparable OCR locations. For buyers comparing value-for-space, the quantum advantage on a per-square-foot basis is real, especially given the larger unit sizes typical of EC developments.
Buyers considering use of CPF savings should note that the CPF Housing Grant framework for ECs, while primarily applicable to new-launch purchases, supports the broader ecosystem of EC demand that underpins The Topiary’s resale market. Use the mortgage calculator and affordability calculator to stress-test your financing assumptions before making an offer.
No property investment is without risk, and The Topiary presents a set of considerations that prospective buyers should weigh carefully alongside the compelling appreciation story.
- Lease decay over a 25–30 year horizon. With approximately 86 years of lease remaining, The Topiary is not yet at the inflection point where lease decay begins to suppress HDB loan financing eligibility (which becomes a concern below 60 years for CPF usage). However, buyers with a very long holding horizon — say, purchasing for children who will inherit in the 2050s — should model the lease-decay trajectory explicitly. The 99-year lease structure means the terminal value of the property will approach zero unless en-bloc redevelopment occurs before expiry.
- Post-privatisation competition. The expansion of the buyer pool to foreigners and corporate entities is a double-edged sword: while it broadens demand, it also makes The Topiary directly comparable to private condominiums on a PSF basis without the original EC price discount. Buyers who entered post-MOP at S$1,200–S$1,400 psf are now competing with established private addresses in D19 and D20 when targeting future buyers, which could limit further price compression upside.
- LRT dependency without direct MRT access. Fernvale Lane is not within walking distance of an MRT station. The two-leg journey (LRT to Sengkang MRT) adds 10–15 minutes compared to a direct MRT-adjacent property. For renters and buyers who prioritise direct MRT access, this is a genuine drawback that limits the top of the rental market achievable at The Topiary.
- Supply pipeline in Fernvale North. URA’s announcement of approximately 10,000 new homes in Fernvale North is a long-term demand positive, but the near-term construction phase will add competing new-launch inventory to the area. Prospective landlords should monitor the new-launch pipeline closely via URA property data to calibrate rental-rate expectations during the absorption period.
- Gross yield compression. Recent rental yield estimates place The Topiary at approximately 3.1 percent gross, which is below the typical investor benchmark of 3.5–4.0 percent for resale condominiums in OCR locations. Buyers purchasing primarily for rental income should run a full cash-flow analysis inclusive of mortgage servicing, maintenance fees, property tax, and vacancy allowance before committing.
[
{
"persona": "HDB upgrader family (SC/SC household, first private purchase)",
"fit_color": "green",
"reason": "The Topiary is fully privatised and now accessible without EC eligibility restrictions on the resale market, making it an attractive upgrade from a 4-room or 5-room HDB flat. Large unit formats, generous facilities, and Fernvale Primary School proximity are strong family draws. Run the stamp-duty calculator to confirm ABSD liability does not apply if you sell your HDB before purchase."
},
{
"persona": "Long-term investor seeking capital appreciation in D28",
"fit_color": "green",
"reason": "The 94.8% appreciation since launch and confirmed 10-year privatisation make The Topiary a well-evidenced capital-gain play. Remaining lease runway (approx. 86 years) is sufficient for another full investment cycle without material lease-decay risk. Pair with the ROI and total-cost calculators to build your full holding-period model."
},
{
"persona": "Young professional couple (single income or early dual-income)",
"fit_color": "amber",
"reason": "Resale EC units have no income ceiling restriction, so eligibility is not a barrier. However, the LRT-dependent commute adds friction for CBD-bound professionals, and gross yield compression limits the exit optionality of sub-letting one bedroom. The Topiary suits this profile best if at least one partner works in the NE corridor (Serangoon, Punggol, Ang Mo Kio)."
},
{
"persona": "Foreign national buyer (post-privatisation eligibility)",
"fit_color": "amber",
"reason": "Foreigners may now purchase resale units at The Topiary, but the 60% Additional Buyer’s Stamp Duty applicable to foreign buyers substantially raises the acquisition cost. The gross yield of approximately 3.1% does not comfortably absorb this cost. Only suitable for a foreign buyer with a very long hold horizon or specific family connectivity to the Sengkang precinct."
},
{
"persona": "Retiree downsizing from a larger private property",
"fit_color": "amber",
"reason": "The Topiary’s community facilities and established estate amenities are positives. However, car-lite retirees may find the LRT transfers less convenient than an MRT-adjacent address, and the resale liquidity at The Topiary, while solid, is lower than that of larger private condominium developments in D19. Consider the full TDSR impact using the TDSR calculator before committing."
},
{
"persona": "Short-term speculative buyer (hold under 3 years)",
"fit_color": "red",
"reason": "The Seller’s Stamp Duty regime applies to all residential properties sold within 3 years of purchase, with rates of 12% (year 1), 8% (year 2), and 4% (year 3). At current PSF levels, the margin for short-term gains after transaction costs, ABSD where applicable, and SSD is negligible. The Topiary is best held for 5+ years to capture meaningful appreciation net of entry and exit friction."
}
]
The Topiary is a compelling resale proposition for the right buyer — specifically, the HDB upgrader family or long-horizon investor who values proven capital performance, established estate facilities, and proximity to Fernvale’s family-friendly ecosystem over raw commute efficiency. It is not a property for yield-hunters or short-term traders, and foreign buyers should model ABSD costs carefully before proceeding.
The development’s full privatisation in 2026 marks a genuine inflection point: the buyer pool has widened, the stigma of “EC rules” no longer applies, and the asset is now directly benchmarked against private condominium comparables in the District 28 and broader North-East market. At S$1,317–S$1,717 psf, it remains competitively priced against newer launches nearby, and the structural tailwind from Punggol Digital District employment growth argues for sustained rental and resale demand over the next five to seven years.
Use the stamp-duty, mortgage, affordability, and total-cost calculators on ShiokNest to stress-test your specific scenario before engaging an agent. Compare District 28 against neighbouring D27 and D19 on the District 28 analytics page to validate the relative value proposition, and review the price heatmap to see how recent transactions cluster across the Sengkang submarket.
Overall rating: Strong Buy for the long-term family owner-occupier; Hold/Accumulate for the patient investor; Neutral for yield-driven buyers at current PSF levels.
FAQ
What is the average price for THE TOPIARY?
What is the rental yield for THE TOPIARY?
Is THE TOPIARY freehold or leasehold?
Can foreigners buy The Topiary in 2026?
Yes. The Topiary obtained its TOP in 2016, meaning it crossed the 10-year privatisation threshold in 2026. From that point, resale units may be purchased by foreigners, Singapore Permanent Residents, and corporate entities — the same buyer pool eligible for full private condominiums. However, foreign buyers remain subject to a 60% Additional Buyer’s Stamp Duty (ABSD), which significantly increases the acquisition cost and should be factored into any return-on-investment calculation. Singapore Citizens purchasing their first residential property pay 0% ABSD; those buying a second property pay 20%.
What is the Minimum Occupation Period (MOP) for The Topiary, and does it still apply?
The five-year MOP applied to the first buyers of The Topiary units when they collected their keys from the developer. Those first owners were required to physically occupy their units for five years before selling on the open market. The Topiary’s MOP expired in 2021 (five years after its 2016 TOP), and units have been freely tradeable in the resale market since then. If you are buying a resale unit today, the MOP obligation falls on the original owner and has already been fulfilled — you are purchasing a fully unrestricted private property and do not face any new MOP restriction on your subsequent resale.
How does The Topiary’s lease affect CPF usage and bank loan eligibility?
The Topiary’s 99-year lease commenced in 2012, leaving approximately 86 years as of 2026. CPF rules require that the remaining lease of a property must cover the youngest buyer to age 95 for full CPF usage. For a 35-year-old buyer in 2026, 86 years of remaining lease comfortably satisfies this requirement. Bank loan eligibility begins to tighten when remaining lease falls below 30 years, and HDB loan eligibility (not available for private resale) would require at least 20 years of remaining lease. In practical terms, the lease position at The Topiary does not currently restrict financing, but buyers planning to hold for 25–30 years and then sell should use the lease-decay calculator to model the impact on future buyer eligibility at the time of their intended exit.
What is the public transport connection from The Topiary to the MRT and CBD?
The nearest LRT station is Layar (SW6) on the Sengkang LRT West Loop, approximately 600 metres from 15 Fernvale Lane. From Layar, the LRT runs to Sengkang MRT (NE16) on the North-East Line, adding roughly 10–15 minutes compared to a direct MRT-adjacent address. From Sengkang MRT, the North-East Line provides one-transfer access to Dhoby Ghaut (NE6/CC1) in approximately 25–30 minutes, and direct service to HarbourFront (NE1) in the south. Total door-to-door journey time to Raffles Place is approximately 45–55 minutes depending on LRT frequency and transfer timing. Residents relying heavily on public transport to the CBD should factor this commute into their quality-of-life assessment.
Are there good primary schools within 1 km of The Topiary for Phase 2C priority balloting?
Fernvale Primary School, located at 1 Fernvale Lane, is within very close proximity of The Topiary — within a short walk of Layar LRT Station and likely within the 1 km radius that confers Phase 2C (Other) priority in the Primary 1 registration exercise. Prospective parents should verify the exact distance measurement using the Ministry of Education’s official school-search tool and check current school registration phases, as proximity boundaries are confirmed by MOE annually. Sengkang Secondary School and Compassvale Secondary School are also accessible within the broader estate via LRT for older students.
What total purchase cost should I budget for a typical 3-bedroom unit at The Topiary?
Based on recent transactions, a 3-bedroom unit at The Topiary (typically 1,100–1,300 sq ft) trades at approximately S$1.4–S$2.0 million. On top of the purchase price, buyers should budget for: Buyer’s Stamp Duty (BSD) of approximately 3–4% on the first S$2 million; ABSD where applicable (0% for first-time Singapore Citizens, 20% for Singapore Citizens purchasing a second property, 60% for foreign nationals); legal fees of S$2,500–S$4,000; valuation fee of S$300–S$500; and agent commission if engaging a buyer’s agent (typically 1% of purchase price). Use the total-cost calculator and stamp-duty calculator on ShiokNest to generate a precise cost breakdown for your specific profile and purchase price.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 397 transactions analysed
- Rental data: 184 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 THE TOPIARY
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.