Overview & Key Facts
Michaels’ Residences is a 40-unit strata-landed cluster housing development on Almond Avenue in the Chestnut landed enclave of District 23 (OCR). Developed by B+M Avenue Pte Ltd and completed in 2016, it comprises 30 semi-detached houses (202–274 sqm / ~2,180–2,950 sqft) and 10 detached bungalows (402–491 sqm / ~4,330–5,285 sqft) on a 99-year lease from 2012, leaving approximately 85 years remaining as of 2026. Understanding the asset class is essential before reading any of the metrics on this page: this is not a condominium. It is cluster housing — ground-floor units with private gardens, roof terraces, and individual land lots within a gated managed estate.
The headline numbers reflect the asset class directly. An average transaction price of S$3.55 million and average PSF of S$1,522 are consistent with mid-range 99-year leasehold semi-detached cluster pricing in the D23 Chestnut corridor. The average monthly rental of S$12,841 (range S$11,500–S$14,500) is similarly consistent with large-format strata-landed stock: semi-Ds of 2,200–2,950 sqft let to families needing 4–5 bedrooms and a private garden, while the bungalow units at 4,300–5,300 sqft command premium rents from senior executives and expatriate families with domestic helpers and multi-generational requirements. Both figures that would appear extraordinary for a standard 1,000–1,200 sqft condominium unit are completely rational for a house.
The gross rental yield of 4.46% is the most significant data point in the investment profile. For a strata-landed asset in OCR Singapore, a sub-5% yield is below the threshold that typically justifies a pure yield play, but Michaels’ Residences is an asset that earns most of its return from scarcity-driven capital appreciation rather than income. New 99-year leasehold cluster landed supply in D23 is structurally limited — the Chestnut corridor is effectively built out — and the combination of 85 years remaining, a professionally managed gated estate, and large-format landed lifestyle at a sub-S$4 million entry point gives the asset a buyer profile and demand dynamic that are meaningfully different from the surrounding condominium cohort.
Location & Connectivity
Almond Avenue sits within the Chestnut landed housing enclave in the western edge of Bukit Panjang, flanked by Chestnut Avenue to the north-east, Petir Road to the south-west, and the greenery of Chestnut Nature Park and Dairy Farm Nature Park to the north. The character is unmistakably suburban-landed: quiet cul-de-sac streets, mature planting, minimal through traffic, and a near-complete absence of the density and noise of the HDB heartlands immediately to the south. For families choosing between Michaels’ Residences and a large condominium in the same district, the quality of the residential environment is the strongest argument in favour of the cluster housing.
The transport picture is the most significant constraint. The Walkability score of 37/100 signals a car-dependent address. The nearest operational MRT is Cashew (Downtown Line, DTL2) at approximately 1.04 km — a brisk 13-minute walk or a 4-minute drive/cycling commute. Bukit Panjang MRT (Downtown Line / LRT interchange) is at 1.35 km, and Hillview (DTL2) at 1.13 km. A Pending DTL station at approximately 680 metres is the most relevant forward-looking infrastructure story: when operational, this will become the closest MRT connection and will measurably improve the address’s public transport score. Residents without private vehicles rely on feeder buses connecting to Bukit Panjang Bus Interchange or Choa Chu Kang; the expressway web (KJE, BKE, PIE) is the more practical daily commute tool for the majority of Michaels’ Residences households. CBD via expressway is approximately 20–25 minutes outside peak hours; peak-hour KJE/BKE congestion extends this materially.
The school catchment is above-average for D23. Bukit Panjang Government High School (secondary) is the closest named institution at 1.18 km, though secondary-school Phase 1–2 balloting is less distance-sensitive than primary. Pei Hwa Presbyterian Primary School at 1.24 km is the headline primary draw — a well-regarded school with consistent demand in the Phase 2A missionary-school ballot. Fajar Secondary School at 1.35 km rounds out the nearby cluster. Buyers targeting Pei Hwa Presbyterian Primary Phase 2C balloting should verify current catchment mapping carefully — at 1.24 km the address sits in a competitive zone.
Day-to-day amenities are functional rather than abundant. Bukit Panjang Plaza and Hillion Mall (both at the Bukit Panjang transport node, approximately 1.5–2 km) provide supermarkets, F&B, and retail essentials reachable by short drive. The Causeway Point mall at Woodlands is a 10-minute drive for larger-format retail. The green amenity story is genuinely strong: Chestnut Nature Park (mountain biking, hiking trails), Dairy Farm Nature Park, the Wallace Education Centre, and the Rail Corridor all sit within cycling or walking distance, making Michaels’ Residences one of the most nature-proximate addresses in D23 for households who actively value outdoor access over urban convenience.
Schools & Education
| School | Type | Distance |
|---|---|---|
| Bukit Panjang Government High School | secondary | ~1.2 km |
| Pei Hwa Presbyterian Primary School | primary | ~1.2 km |
| Fajar Secondary School | secondary | ~1.4 km |
| Xishan Primary School | primary | ~1.4 km |
| Bukit Panjang Primary School | primary | ~1.5 km |
| Springdale Primary School | primary | ~1.5 km |
| Greenridge Secondary School | secondary | ~1.8 km |
| Zhenghua Primary School | primary | ~1.8 km |
Facilities
As a 40-unit gated cluster housing estate, Michaels’ Residences provides shared estate facilities appropriate to the landed format: a swimming pool, pool deck, garden areas, water features, children’s play zone, and 24-hour security with gated access. Each house unit comes with 2 private covered carpark lots within the individual lot boundary — a standard provision for the cluster-landed format that immediately differentiates the product from any condominium. The shared facilities footprint is intentionally modest relative to large condominium developments; in the cluster-landed format, the private outdoor space (garden, roof terrace) of each individual house is the primary lifestyle amenity, and residents historically place greater value on private outdoor space than on shared pool-and-gym facilities.
The estate is professionally managed with a Management Corporation Strata Title (MCST) structure. Maintenance contributions for a 40-unit landed estate of this scale typically run in the S$400–700/month range, covering estate security, common area maintenance, pool upkeep, and landscaping. Buyers should request current MCST financials during due diligence — a 40-unit strata-landed estate has a relatively small contribution base, and any major shared infrastructure capital expenditure (e.g., estate boundary walls, pool equipment replacement, CCTV upgrade) will show up more visibly in the individual household levy than in a development with hundreds of units spreading the same cost.
The 2016 completion date means the estate is approximately 10 years old. Units are at an age where original finishes remain serviceable but a selective renovation of kitchen, bathrooms, and flooring would lift the property to current premium-rental positioning. For the bungalow units (4,300–5,300 sqft), a meaningful renovation budget of S$200,000–400,000 is realistic; for the semi-detached format (2,200–2,950 sqft), S$80,000–180,000 is a reasonable allowance depending on the scope of works. Owner-occupiers targeting long-term own-stay and investors managing rental yield should plan for renovation capital at acquisition.
Pricing & Market Position
Based on 20 recorded transactions, sale prices range from $2,628,000 to $5,900,000, averaging $3,555,344 (~$1,522 psf).
Rents range from $8,000 to $28,000 per month across 39 rental transactions. Current rental yield sits at approximately 4.5%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 12.8% (from $1,350 to $1,522 psf).
Neighbourhood Comparison
The most important framing for Michaels’ Residences is that its meaningful peer set is other cluster landed estates in D23, not the adjacent condominium projects. Comparing PSF or rental yield to Sol Acres (S$1,383 psf), Lumina Grand (S$1,515 psf), Midwood (S$1,731 psf), Dairy Farm Residences (S$1,659 psf), or The Botany at Dairy Farm (S$2,053 psf) illuminates the relationship between property type and pricing rather than establishing a value hierarchy.
Sol Acres (S$1,383 psf, 1,327 units, 99yr) offers the largest scale and strongest facilities package among the D23 condominium cohort but at condominium-floor-area unit sizes. The Botany (S$2,053 psf) and Midwood (S$1,731 psf) represent the premium-finish, modern-launch end of the D23 condo spectrum. Lumina Grand and Dairy Farm Residences sit in the middle of the condominium PSF range. None of these developments offers private garden, individual land, 2-car private parking, or 2,200–5,300 sqft of floor area — the differentiated product features that justify the absolute price premium of Michaels’ Residences in the S$3–5M range.
Within the cluster-landed format, the relevant comparison set includes Eco Sanctuary (opposite Michaels’ Residences on Chestnut Avenue, 702 units of cluster landed and strata semi-Ds), Lush Acres (Fernvale Lane, D28, 380 cluster landed units), and comparable 99-year cluster estates in D23 / D25. Buyers choosing between Michaels’ Residences (40 units, boutique, higher land-to-unit ratio, quieter) and Eco Sanctuary (702 units, full condominium-grade facilities including multiple pools, gym, clubhouse) are making a genuine lifestyle trade: boutique privacy versus full-facility scale. Michaels’ Residences wins on exclusivity and land-ratio per unit; Eco Sanctuary wins on facilities depth and community scale. Both have similar lease vintage and similar OCR D23 location dynamics.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| MICHAELS' RESIDENCES | 99 yrs lease commencing from 2012 | 2016 | 40 | $1,522 |
| SOL ACRES | 99 yrs lease commencing from 2014 | 2018 | 1,327 | $1,383 |
| MIDWOOD | 99 yrs lease commencing from 2018 | 2021 | 564 | $1,731 |
| LUMINA GRAND | 99 yrs lease commencing from 2022 | 2024 | 512 | $1,515 |
| DAIRY FARM RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 460 | $1,659 |
| THE BOTANY AT DAIRY FARM | 99 yrs lease commencing from 2022 | 2023 | 386 | $2,053 |
Lease Decay Analysis
The 99-year lease runs from 2012, meaning approximately 14 years have already been consumed. Roughly 85 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~85 years | Full bank financing available |
| 2042 | ~69 years | CPF usage still unrestricted for most buyers |
| 2051 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2071 | ~39 years | Significant financing restrictions for next buyer |
| 2111 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~75 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates MICHAELS' RESIDENCES across multiple dimensions.
What Residents Say
“We moved from a condo in D10 and the difference is night and day. My kids have a garden. We have two proper parking lots. The neighbours all know each other. Yes, you need a car for everything — that’s the trade-off we knowingly made — but the lifestyle inside the estate is exactly what we wanted.”
— Owner-occupier family on the Michaels’ Residences lifestyle trade-off, via PropertyGuru project discussion
“We rent a semi-D here. Four bedrooms, garden for the helper and the dog, two carparks. The rent is S$12,500. In a condo, S$12,500 gets you maybe 1,500 sqft and a strata carpark. Here it gets you a house. Once you do that comparison the maths is obvious.”
— Expatriate tenant household on the rental value proposition, via Singapore Expats community directory
“The Chestnut Nature Park is literally across the road. We cycle into the park on weekends. Dairy Farm is a 10-minute ride. If your lifestyle is outdoors, family, car-centric — this is a very good address. If you want to walk to a hawker centre or an MRT, look somewhere else.”
— Long-term resident on the nature-access lifestyle anchor, via New Launches Review reader discussion
The consistent theme across community discussion is a clear owner-profile self-selection: families who have explicitly chosen landed lifestyle over urban convenience, who drive as their primary commute mode, and who treat proximity to Chestnut and Dairy Farm Nature Parks as a genuine daily-life asset rather than a weekend novelty. Rental tenants skew strongly to large expatriate families and multi-generational Singaporean households for whom floor area, private outdoor space, and multiple car lots are non-negotiable requirements. Both cohorts are clear-eyed about the car-dependency trade-off and have made it as a deliberate choice rather than an oversight.
Strengths & Weaknesses
- Strata-landed format — private garden, roof terrace, 2-car private carpark per unit; lifestyle unavailable in condominiums
- 85 years lease remaining (99yr from 2012) — no financing cliff for at least 25 years; comfortable CPF usage horizon
- Large floor areas (2,180–2,950 sqft semi-D; 4,330–5,285 sqft bungalow) — genuine family-scale living space
- Strong rental demand from large expatriate and multi-generational families; rental band S$11,500–14,500/month confirmed
- Pending DTL station at ~680m — when operational, materially improves public transport accessibility
- Chestnut Nature Park and Dairy Farm Nature Park within cycling/walking distance — outstanding green amenity
- Gated 40-unit boutique estate — low-density, high exclusivity, low through-traffic character
- Pei Hwa Presbyterian Primary at 1.24km — well-regarded mission school with competitive Phase 2A demand
- Expressway connectivity (KJE/BKE/PIE) — efficient car-based commute to CBD and Jurong/one-north corridors
- New 99yr cluster landed supply in D23 Chestnut corridor is structurally limited — scarcity supports long-run pricing
- Walkability 37/100 — car-dependent; daily errands, dining, and services all require private transport or bus
- No operational MRT within comfortable walking distance (Cashew DTL at 1.04km; Pending station at 680m not yet open)
- Gross yield 4.46% — modest for investment-first buyers; net yield after fees, tax, and renovation narrower still
- Small 40-unit estate with thin transaction turnover — limited public price-discovery and very few units for sale at any time
- Car-dependency compounds commute cost — expressway tolls, parking, and fuel add significantly to total occupancy cost
- Retail and F&B amenity requires a drive — Bukit Panjang Plaza and Hillion Mall are 1.5–2km; no walkable hawker centre
- 99-year leasehold — buyers seeking freehold landed should look to D21/D10/D11 freehold stock at significantly higher absolute cost
- Investment score 41/100 and ShiokNest score 28/100 — index scores penalise car-dependent suburban addresses heavily
- 2016 vintage — selectively dated finishes; renovation budget of S$80,000–400,000 depending on unit format
- En-bloc score 34/100 — small 40-unit plot, fresh 99yr lease with 85yr remaining, minimal lease-decay pressure; en-bloc is not a near-term thesis
Verdict
Michaels’ Residences occupies a specific and defensible niche in the D23 market: a 99-year leasehold strata-landed cluster estate at S$3–5 million depending on unit format, with 85 years of lease remaining, professional gated management, private outdoor space, and 2-car private parking. The combination of landed lifestyle, a manageable absolute price (relative to S$6–10M+ freehold landed in the same district), and a fresh-enough 99-year clock to avoid financing-cliff pressure for the next 25 years creates a product with genuine owner-occupier demand from families who want landed living without the full cost or maintenance burden of an individual freehold house.
The investment case is more nuanced. A gross yield of 4.46% is respectable for strata-landed OCR stock but leaves limited margin for net yield after MCST fees, property tax, agent fees, and any renovation. Buyers who acquired at earlier transaction prices (S$1,350–1,407 psf) have seen capital gains that partially compensate for the yield compression. At current market prices of ~S$1,522 psf, the investment thesis depends on continued landed-supply scarcity in D23, the Pending DTL station closing the transport gap, and the long-dated trend of Bukit Panjang / Chestnut corridor land values appreciating relative to HDB replacement cost.
The car-dependency score (Walkability 37/100) is the most practical lifestyle constraint. Households without private vehicles will find Michaels’ Residences genuinely difficult to live in day-to-day until the Pending DTL station opens. Families with 1–2 cars who commute primarily by expressway and value proximity to Chestnut Nature Park and a quiet residential environment over urban convenience will find the location logic coherent. The ShiokNest composite score of 28/100 reflects the entry-level position within the 6-dimension rating framework weighted to urban metrics — transport and walkability scores penalise car-dependent suburban addresses significantly. Buyers should weight the green setting, private outdoor space, and landed format more heavily in their own assessment than any composite index calibrated primarily to urban-centric priorities.
The verdict is an honest niche buy: Michaels’ Residences is the right product for a specific buyer who wants landed living in a managed gated estate, is comfortable with car-dependency, values the Chestnut nature amenity, and either owner-occupies long-term or rents to a large family or expatriate household. It is the wrong product for yield-maximising investors, buyers who want walkable urban amenity, or buyers who are comparing PSF to condominium benchmarks without adjusting for asset class.