Tree House is one of Singapore's most recognisable private residential developments — and for good reason. Perched along Chestnut Avenue in the lush greenery of District 23, this 429-unit condominium by City Developments Limited (CDL) entered the Guinness World Records in 2014 for hosting the world's largest vertical garden: a cascading green wall spanning 2,289 square metres across 24 storeys of its western facade. That landmark achievement is not merely a marketing footnote; it defines the character, microclimate, and livability of this development in ways few suburban condos in Singapore can claim to match. Completed in 2013 on a 99-year leasehold tenure commencing 2009, Tree House occupies a genuinely rare position in the Outside Central Region (OCR) — it is simultaneously a nature retreat, an award-winning green building, and a commuter-accessible home connected to the Downtown Line via Cashew MRT (DT2). For buyers and investors evaluating District 23 in 2026, Tree House warrants serious consideration: its remaining lease of approximately 82 years still provides comfortable tenure headroom, its resale prices have held firm in the S$1,350–S$1,700 psf range, and its green credentials give it a differentiation that no neighbouring project can replicate. This editorial unpacks everything prospective buyers need to know.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
District 23 — broadly encompassing Bukit Panjang, Hillview, Chestnut, and Cashew — has transformed steadily since the Downtown Line (DTL) was progressively opened between 2013 and 2017. Cashew MRT (DT2) sits at the eastern fringe of the estate, while Hillview MRT (DT3) serves the southern reaches, giving the corridor genuine connectivity to the city core via interchanges at Botanic Gardens, Stevens, and Bugis. Travel time from Cashew to Raffles Place via the DTL and East-West Line is approximately 35–40 minutes — competitive with many OCR condos that sit nominally closer to the CBD but face longer bus-dependent last-mile journeys.
The broader Chestnut Avenue enclave benefits from an enviable natural buffer: the Central Catchment Nature Reserve and Upper Peirce Reservoir lie immediately to the east, while the Chestnut Nature Park — Singapore's largest mountain biking and hiking park — is accessible on foot. Residents consistently report that the ambient temperature along Chestnut Avenue runs 3–5 degrees Celsius cooler than more urbanised districts, a tangible quality-of-life advantage in Singapore's equatorial climate. This micro-climate benefit is reinforced at Tree House itself by the green wall, which the Building and Construction Authority (BCA) credited with reducing air-conditioning energy consumption by 15–30% for the 48 west-facing master bedrooms it insulates — a figure validated when CDL was awarded the BCA Green Mark Platinum rating in 2010, among the highest accolades for sustainable construction in Singapore. The development is also projected to generate over S$500,000 in annual energy and water savings, underscoring that green design here is quantifiable, not aspirational. For context on how District 23 pricing sits relative to other OCR districts, our District 23 analytics page provides median PSF trends, transaction volumes, and rental yield benchmarks updated with live URA data.
We track 102 sales and 258 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the TREE HOUSE dashboard.
- Average sale price: $1,515,308 across 102 transactions
- Estimated gross rental yield: 3.2%
- District 23 PSF ranking: Mid-range (top 54%)
- 99 yrs lease commencing from 2009 · OCR · D23 · 429 units
About TREE HOUSE
TREE HOUSE is a 99 yrs lease commencing from 2009 condominium, located at CHESTNUT AVENUE in District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang) (Outside Central Region), comprising 429 residential units.
Unit Mix Distribution
Transaction data breakdown by bedroom type at TREE HOUSE:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 35 | $1,327 psf | $1,080,279 |
| 3 BR | 50 | $1,380 psf | $1,637,416 |
| 4 BR | 15 | $1,395 psf | $2,043,800 |
| 5+ BR | 2 | $1,075 psf | $2,111,944 |
Sales Market Overview
TREE HOUSE has recorded 102 sale transactions with an average transaction price of $1,515,308, ranging from $790,000 to $2,320,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 30 | $1,172 psf | $1,271,989 | — |
| 2022 | 19 | $1,254 psf | $1,492,620 | ↑ 7.0% |
| 2023 | 18 | $1,458 psf | $1,567,861 | ↑ 16.3% |
| 2024 | 17 | $1,509 psf | $1,657,500 | ↑ 3.5% |
| 2025 | 18 | $1,535 psf | $1,757,944 | ↑ 1.7% |
TREE HOUSE ranks in the top 54% of condos in District 23 by average PSF.
Compared to the OCR average of $1,550 psf, TREE HOUSE trades 12.4% below the segment benchmark.
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Rental Market Overview
TREE HOUSE has recorded 258 rental transactions with monthly rents averaging $4,003/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| 2 BR | 110 | $3,258/mo | $2,050/mo | $4,500/mo |
| 3 BR | 115 | $4,470/mo | $2,700/mo | $7,600/mo |
| 4 BR | 33 | $4,862/mo | $3,100/mo | $6,500/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 52 | $3,036/mo |
| 2022 | 49 | $3,573/mo |
| 2023 | 41 | $4,655/mo |
| 2024 | 50 | $4,250/mo |
| 2025 | 54 | $4,441/mo |
| 2026 | 12 | $4,725/mo |
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Investment Analysis
Based on average rents and sale prices, TREE HOUSE delivers an estimated gross rental yield of 3.2%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 23
Side-by-side comparison against the most actively traded condos in District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| SOL ACRES | 99 yrs lease commencing from 2014 | 1327 | $1,385 psf | 555 |
| MIDWOOD | 99 yrs lease commencing from 2018 | 564 | $1,732 psf | 532 |
| LUMINA GRAND | 99 yrs lease commencing from 2022 | 512 | $1,515 psf | 512 |
| DAIRY FARM RESIDENCES | 99 yrs lease commencing from 2018 | 460 | $1,659 psf | 452 |
| THE BOTANY AT DAIRY FARM | 99 yrs lease commencing from 2022 | 386 | $2,053 psf | 388 |
Location Map
Map shows TREE HOUSE (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- TREE HOUSE
- Pending MRT
- Bangkit MRT
- Hillview MRT
- Cashew MRT
- Petir MRT
- Bukit Panjang Government High School
- Pei Hwa Presbyterian Primary School
- Fajar Secondary School
Nearby MRT Stations
TREE HOUSE is 890m from Pending MRT (Bukit Panjang LRT), with 5 stations within 1.5 km.
Nearby Schools
There are 8 schools within 2 km of TREE HOUSE.
| School | Type | Distance |
|---|---|---|
| Bukit Panjang Government High School | Secondary | 1.3 km |
| Pei Hwa Presbyterian Primary School | Primary | 1.5 km |
| Fajar Secondary School | Secondary | 1.6 km |
| Xishan Primary School | Primary | 1.6 km |
| Bukit Panjang Primary School | Primary | 1.7 km |
| Springdale Primary School | Primary | 1.8 km |
| Zhenghua Primary School | Primary | 1.9 km |
| Greenridge Secondary School | Secondary | 2.0 km |
Tree House's most compelling selling point is its Guinness-certified green wall — a 2,289 sq m vertical garden that is not purely decorative. Installed on the western facade of the development's towers, it acts as a living thermal insulator, absorbing solar radiation that would otherwise penetrate west-facing units and drive up air-conditioning loads. CDL's own data, cited in the BCA Green Mark submission, quantifies the energy savings at 15–30% for affected bedrooms, translating into meaningfully lower utility bills for owners of those units. The wall also filters particulate matter and carbon dioxide, improving local air quality — an attribute increasingly valued by health-conscious buyers. Beyond the ecological headline, the wall gives Tree House an unmistakable visual identity that sustains word-of-mouth recall among buyers and tenants browsing listings, supporting occupancy rates.
The facility suite is exceptionally generous for a 429-unit OCR development: multiple swimming pools (main, junior, plunge, jet, and aqua gym), a floating hammock, rain spa, whisper garden, meditation walk, treetop walk, amphitheatre, tennis court, skating rink, jogging track, outdoor fitness stations, reflexology walk, herb parterre, and discovery pond, among others. This breadth rivals mid-range RCR condos and contributes to the lifestyle-resort feel that residents frequently cite in reviews. For families, Bukit Panjang Primary School, CHIJ Our Lady Queen of Peace, and Zhenghua Primary School are all within the 1–2 km primary school registration radius, a practical advantage for parents navigating Phase 2C balloting.
On the price and value axis, Tree House trades at a meaningful discount to newer OCR launches in the Tengah and Bukit Batok corridors, which have opened at S$1,800–S$2,100 psf. Recent URA caveats for Tree House cluster in the S$1,350–S$1,711 psf range (average approximately S$1,512 psf over the past 12 months), placing it among the more affordable ways to enter a well-established, award-winning private estate on the DTL corridor. The current gross rental yield of approximately 3.3% is typical for OCR condos and supports buy-to-let strategies, with 2-bedroom units of 775–850 sq ft commanding rents in the S$3,200–S$3,700/month range based on recent tenancy data. For a fuller yield calculation incorporating stamp duty and financing, the ROI calculator and stamp duty calculator on ShiokNest are useful starting points.
The single most significant risk factor for Tree House is lease decay. With 99 years from 2009, buyers in 2026 are acquiring approximately 82 years of remaining tenure. While this is comfortable in absolute terms — well above the 60-year CPF usage and bank financing thresholds — the lease clock is ticking in a market where freehold and 999-year properties in the same district command a structural premium at resale. As the lease falls below 70 years (circa 2039–2040), CPF usage restrictions begin to apply on a pro-rated basis, and bank loan quantum typically reduces. Buyers with a 10–15 year holding horizon should model their exit carefully: the lease decay calculator on ShiokNest can illustrate how lease shortening affects theoretical valuation under the Differentiated Additional Buyer's Stamp Duty (ABSD) and CPF frameworks.
The distance from Cashew MRT is a recurring friction point. At approximately a 15–19 minute walk (depending on the tower), Tree House is not a walk-to-MRT property in any practical sense — a meaningful gap compared to newer launches along the DTL that have been sited within 5 minutes of a station. Residents typically rely on feeder buses (Bus 922 and 970 from Chestnut Avenue stops) or private cars. The internal road network along Chestnut Avenue can experience congestion during school peak hours due to proximity to several primary schools, adding to commute stress. Buyers who are car-lite by preference or necessity should factor this into their lifestyle assessment.
A third consideration is maintenance of the green wall itself. While CDL designed the system for longevity — and earned the National Parks Board's Skyrise Greenery Award Special Award for Best Design for Maintenance in 2013 — vertical gardens of this scale require specialist horticultural upkeep, irrigation system maintenance, and periodic plant replacement. These costs flow through the management corporation strata title (MCST) budget and may translate into higher-than-average monthly maintenance fees or periodic special levies. Prospective buyers should review the last two years of MCST financial statements and confirm the sinking fund balance before committing.
- ✅ Nature-oriented owner-occupier family: The Chestnut Avenue microclimate, extensive landscaped facilities, proximity to Chestnut Nature Park, and multiple nearby primary schools make Tree House an outstanding long-term family home. The green wall and resort-style grounds deliver a quality of life that is difficult to replicate at this price point in District 23.
- ✅ DTL commuter working in the city centre: Cashew MRT (DT2) provides direct Downtown Line access to Bugis, Rochor, Promenade, and onward to Marina Bay or Raffles Place via interchange. Travel times of 35–40 minutes to the CBD are competitive for OCR pricing. Buyers comfortable with a feeder bus or short drive to the station will find the trade-off worthwhile.
- ✅ Buy-to-let investor targeting expatriate or local tenants: The development's Guinness record status and resort-style facilities drive consistent rental demand from expatriates at the German European School Singapore and local tenants priced out of RCR. At ~3.3% gross yield and S$1,512 psf average entry, the income return is serviceable. Use the cash flow calculator to stress-test financing scenarios.
- ❌ Short-term (under 8 years) capital gains speculator: Tree House is a 2013-vintage leasehold in an OCR micro-market without confirmed MRT station upgrades or government land sales pressure nearby. Capital appreciation over a short horizon is likely to be modest and possibly negative in real terms after transaction costs. The total cost of ownership calculator will show stamp duties and legal fees materially eroding sub-8-year gains.
- ✅ HDB upgrader seeking first private home: For HDB upgraders in Bukit Panjang, Choa Chu Kang, or Hillview who are familiar with the neighbourhood, Tree House offers familiar territory, strong schools, and a genuine lifestyle upgrade at a price below new launch quantum. Use the affordability calculator and ABSD/BSD calculator to confirm the numbers work before proceeding.
- ✅ Sustainability-conscious buyer prioritising green credentials: BCA Green Mark Platinum, Guinness World Record vertical garden, documented energy savings of 15–30% on west-facing units, and quantified carbon filtration benefits make Tree House one of the most credible green residential addresses in Singapore. For buyers who assign intrinsic value to environmental design, no comparable development in District 23 offers an equivalent proposition.
Tree House is a genuinely differentiated asset in the Singapore residential market. Its Guinness-record green wall is not a gimmick — it is a functional, quantified sustainability feature that lowers operating costs, improves liveability, and creates brand recall that persists in the resale market more than a decade after completion. The development's combination of an award-winning green building pedigree, resort-scale facilities, proximity to the Chestnut Nature Park, and access to the Downtown Line via Cashew MRT (DT2) justifies its premium over other OCR condos in District 23 that lack these attributes.
The key risks are structural rather than idiosyncratic: a 99-year leasehold running since 2009 (approximately 82 years remaining in 2026), a walk to Cashew MRT that requires either a feeder bus or car, and maintenance costs that are inherently higher than for a conventional facade. None of these risks is a dealbreaker for the right buyer, but all three demand honest due diligence. Buyers should run a lease decay scenario, review MCST accounts, and stress-test rental assumptions using the cash flow tool before committing at current resale prices of approximately S$1,350–S$1,711 psf.
For owner-occupiers — especially families drawn to nature, green living, and a quieter residential enclave — Tree House earns a strong recommendation. For long-hold investors with a 10–15 year horizon who are comfortable with the OCR yield profile, the entry price today offers reasonable value relative to newer launches. Short-term traders and buyers requiring walk-to-MRT convenience should look elsewhere. Compare Tree House against its DTL neighbours using our property comparison tool to see how it stacks up on price, yield, and lease metrics side by side.
FAQ
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Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA.
- Sales data: 102 transactions analysed
- Rental data: 258 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 TREE HOUSE
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.
New Sale vs Resale Mix
Of the 1,234 condo transactions recorded in District 23 over the last 12 months, 75% resale, 23% new sale, 3% sub sale. A resale-heavy mix points to an established market trading on fundamentals; a new-sale-heavy mix means developer launches are setting the price benchmarks.
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Price Index Check
The ShiokNest Price Index for District 23 reads 128.2 as of June 2026 — up 3.6% year-on-year. The index tracks repeat-sales price movement, so it is less distorted by shifts in what happens to be transacting than a raw average PSF.
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Upcoming Supply Pipeline
1 active Government Land Sales site in District 23 could add roughly 185 new units to local supply. Incoming supply of this scale tends to cap short-term price growth in the immediate area but also signals planning confidence in the location.
| Site | Street | Est. units | List | Status |
|---|---|---|---|---|
| Dairy Farm Walk | — | ~185 | Reserve | Available |
HDB Alternatives Nearby
Weighing TREE HOUSE against staying public? These HDB towns sit within walking or short-drive distance:
- Bukit Panjang — 4-room average $581,903 (240m away), an upgrader gap of about $950,000