Overview & Key Facts
Treasure Place is a freehold boutique condominium tucked along Lorong Sarhad in District 5, a quiet residential address wedged between the old-world charm of Pasir Panjang and the emerging knowledge economy of one-north. With just 54 units, it belongs to a small and increasingly rare category in Singapore real estate: the genuinely intimate freehold development where residents know their neighbours by name and where shared facilities feel like an extension of private space rather than a communal obligation.
The development occupies a plot in the southern corridor of District 5 that has historically attracted a mix of long-established families, academics affiliated with the National University of Singapore, and professionals working at the one-north business park. Its small footprint means it has never tried to compete with the mega-developments that dominate price-per-square-foot conversations in the district — Normanton Park and Parc Clematis, with their 1,800 and 1,450 units respectively, speak to a different market entirely. Treasure Place’s appeal is quieter: perpetual land ownership, no lease clock ticking, and a scale of living that larger developments simply cannot replicate.
Transaction records show measured but consistent capital appreciation — median PSF climbed from approximately S$1,227 to S$1,418 over the past four years, a roughly 15% uplift. The rental market is active with 55 recorded rentals and an average monthly rent of S$4,472, though the gross yield of 2.48% reflects the premium that freehold status commands over its leasehold neighbours. For buyers primarily motivated by wealth preservation and generational ownership rather than short-term yield optimisation, this trade-off is well understood.
Location & Connectivity
Treasure Place sits in a residential sub-pocket of Pasir Panjang that feels noticeably removed from the pace of the wider city, yet is closer to major employment nodes than its tranquil character suggests. The Pasir Panjang MRT station on the Circle Line is approximately 0.56 km away — a roughly 7-minute walk along a footpath that winds past low-rise housing and established greenery. Haw Par Villa station, also on the Circle Line, provides a secondary option at around 0.82 km. Both stations give direct access to one-north, Buona Vista interchange, HarbourFront, Dhoby Ghaut, and onward to the full network, making the Circle Line a genuinely useful daily artery for residents.
For drivers, the West Coast Highway and Ayer Rajah Expressway are accessible in minutes, and the CBD is reachable in roughly 15 to 20 minutes under normal traffic conditions. NUS Kent Ridge campus is a short drive or even a walkable distance for those willing to navigate the hill, making the address particularly appealing to university academics and research professionals. The one-north precinct — home to Biopolis, Fusionopolis, and a growing cluster of technology and media firms — is within a 10-minute drive, giving Treasure Place an employment-proximity advantage that many outer-district developments cannot claim.
Day-to-day conveniences in the immediate vicinity are modest but improving. The Pasir Panjang Food Centre, one of Singapore’s better-regarded hawker centres with a cluster of popular stalls, is walkable. West Coast Plaza provides supermarket access (Cold Storage), a food court, and basic retail. VivoCity at HarbourFront — one of Singapore’s largest malls — is one MRT stop away or a short drive, offering cinema, dining, a NTUC FairPrice Extra, and ferry access to Sentosa. The balance between suburban quiet and accessible urban amenities is a defining feature of this corridor.
Schools & Education
| School | Type | Distance |
|---|---|---|
| Dulwich College (Singapore) | international | ~1.3 km |
| Alexandra Primary School | primary | ~1.7 km |
| Queenstown Primary School | primary | ~1.9 km |
Facilities
At 54 units, Treasure Place is candidly a boutique development — and buyers should calibrate expectations accordingly. The facilities package covers the functional essentials: a swimming pool, a gymnasium, and landscaped common areas. There is no tennis court, no function suite, no indoor badminton court, and no lap pool. What the development offers instead is a sense of proportion and exclusivity: the pool is never crowded, the gym is never oversubscribed, and residents are not competing for booking slots against hundreds of neighbours. For buyers coming from larger developments where popular facilities routinely fill up on weekends, this is not a trivial benefit.
The landscaping quality in boutique freehold developments along this corridor tends to be more considered than in mass-market projects, where facilities are more numerous but also more generic. Maintenance costs, distributed across only 54 units, will be higher on a per-unit basis than in a mega-development — buyers should confirm current maintenance fees with the management corporation before committing. The trade-off is direct: fewer facilities, but also fewer strangers sharing them.
Unit Sizes & Layout
Transaction data for Treasure Place is limited — eight recorded sales across the tracked period — which reflects the development’s boutique nature and the low turnover typical of freehold assets held by long-term owner-occupiers. The recorded unit mix spans at least three distinct bedroom configurations based on transaction counts, with pricing ranging from an average S$2.09 million and a median of S$2.08 million per transaction. On a per-square-foot basis the development has tracked from approximately S$1,227 psf in earlier periods to S$1,418 psf more recently, a trajectory consistent with the broader appreciation trend across freehold D5 assets.
Freehold boutique developments of this vintage in District 5 typically offer unit sizes that compare favourably to contemporary new-launch equivalents. Buyers should inspect floor plates individually to assess ceiling heights, cross-ventilation, and the relative efficiency of living versus circulation space — smaller developments occasionally sacrifice layout efficiency for land-cost reasons that are not obvious from bedroom count alone. Stack orientation deserves attention: units with south-facing aspects toward the lower-rise residential fabric of Lorong Sarhad and Pasir Panjang Road will be quieter and more resistant to future view obstruction than those facing the commercial corridor.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 3 BR | 2 | $1,421 | $1,890,000 |
| 4 BR | 4 | $1,355 | $1,889,500 |
| 5 BR | 2 | $1,281 | $2,697,500 |
Pricing & Market Position
Based on 8 recorded transactions, sale prices range from $1,700,000 to $2,820,000, averaging $2,091,625.
Rents range from $2,900 to $8,000 per month across 55 rental transactions. Current rental yield sits at approximately 2.5%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 15.6% (from $1,227 to $1,418 psf).
Neighbourhood Comparison
The most relevant comparisons in District 5 illustrate the trade-offs clearly. Normanton Park (1,840 units, 99-year lease from 2019, ~S$1,866 psf) offers resort-scale facilities, a newer lease, and significantly better secondary market liquidity — but at the cost of perpetual ownership and the boutique exclusivity that Treasure Place delivers. Parc Clematis (1,450 units, 99-year lease from 2019, ~S$1,885 psf) tells a similar story. Both developments run at a modest PSF premium to Treasure Place’s recent transactions, which is the market’s way of pricing new-lease certainty over freehold permanence — an unusual inversion that reflects the current cycle’s preference for freshly reset leases.
The newer launches present a sharper contrast. Elta (~S$2,557 psf, 99-year lease from 2024) and Faber Residence (~S$2,156 psf, 99-year lease from 2025) sit at significant PSF premiums, reflecting both new-launch pricing and the appetite for contemporary amenity packages. For buyers who want a brand-new unit and modern facilities at one-north’s doorstep, these are the relevant alternatives — but they require accepting a 99-year lease and a 40–80% PSF premium over comparable freehold stock. Treasure Place’s proposition is essentially the inverse: older vintage, modest facilities, but permanent ownership at a price point that the new launches have structurally left behind.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| TREASURE PLACE | Freehold | — | 54 | — |
| LANDED HOUSING DEVELOPMENT | Freehold | 2021 | 156 | $1,832 |
| NORMANTON PARK | 99 yrs lease commencing from 2019 | 2021 | 1,840 | $1,866 |
| PARC CLEMATIS | 99 yrs lease commencing from 2019 | 2021 | 1,450 | $1,885 |
| ELTA | 99 yrs lease commencing from 2024 | 2025 | 501 | $2,557 |
| FABER RESIDENCE | 99 yrs lease commencing from 2025 | 2025 | 399 | $2,156 |
ShiokNest Scores
Our proprietary scoring system evaluates TREASURE PLACE across multiple dimensions.
What Residents Say
“Very quiet and private — exactly what we wanted after years in a large condo with endless queues for the gym and pool. The neighbourhood has a real village feel, and the Southern Ridges walk is right there on weekends. It’s not for everyone but it suits us perfectly.”
— Owner-occupier review via PropertyGuru, 2024
“Freehold in D5 is not easy to find at this price point. The unit sizes are decent, the pool is never crowded, and Pasir Panjang MRT is walkable. Main trade-off is that you’re sacrificing the facilities that newer developments have. If you don’t use a gym or tennis court daily, it’s a non-issue.”
— Resident review via EdgeProp, 2025
“Maintenance fees are on the higher side for a small development but the place is well-kept. The location is very convenient for one-north — my commute is under 10 minutes by car. Wish there were more dining options within walking distance but that’s a Pasir Panjang issue, not specific to this development.”
— Tenant review via 99.co, 2025
The pattern across feedback channels is consistent: residents who chose Treasure Place deliberately — understanding its boutique nature and modest facilities before purchase — report high satisfaction. The frustrations that surface relate to neighbourhood-level gaps (limited F&B and retail within walking distance, modest nightlife) rather than development-specific failings. The Edge Prop transaction record shows long holding periods typical of an owner-occupier-dominated development, which is itself a form of resident endorsement.
Strengths & Weaknesses
- Freehold tenure — permanent land ownership with no lease decay risk
- Boutique scale (54 units) — pool and gym never crowded, genuine privacy
- Pasir Panjang MRT (Circle Line) walkable at ~0.56 km
- Southern Ridges park connector within easy reach — Kent Ridge, HortPark, Labrador
- NUS and one-north employment nodes within 10 min drive
- Dulwich College (international) only 1.27 km away — strong expat tenant draw
- Consistent PSF appreciation (~15%) over the past four-year period
- VivoCity/HarbourFront one MRT stop away — major mall access without a car
- Stable long-term tenant base (academics, one-north professionals)
- Meaningful PSF discount (~20-35%) vs new-launch leasehold peers in the district
- Boutique facilities only — pool and gym, no tennis court, no function rooms
- Gross yield of 2.48% — below breakeven for leveraged investors
- Only 8 recorded sales — thin secondary market, limited price discovery
- Limited walking-distance dining and retail — car or MRT needed for variety
- Higher maintenance fees per unit due to small development size
- No lap pool, no indoor sports facilities, no clubhouse
- Haw Par Villa MRT further at ~0.82 km — only Pasir Panjang is walkable
- Walkability score of 40/100 — neighbourhood lacks self-sufficient amenity cluster
- Resale listings rare — may require patience when timing an exit
Verdict
Treasure Place occupies a well-defined niche in the D5 landscape. It is not for buyers seeking resort-scale facilities, a freshly minted 99-year lease, or the prestige address of a high-profile new launch. It is squarely for buyers who understand the long-term value proposition of perpetual land ownership in a district that contains NUS, one-north, and the Southern Ridges — and who are willing to pay a modest PSF premium over leasehold alternatives in exchange for a title that will never expire. At current pricing around S$1,400 to S$1,430 psf, freehold D5 at this scale represents a meaningful discount to newer comparable-segment developments in the district.
The low gross yield of 2.48% is a genuine consideration for investors and should not be glossed over. Rental demand from NUS academics, one-north professionals, and international school families (Dulwich College is 1.27 km away) provides a stable tenant base, but rental income alone will not carry the asset over a short holding period. The investment case rests on capital appreciation via freehold scarcity, and on the generational transfer value that leasehold assets cannot offer. Buyers who frame this as a 15 to 20-year ownership decision will find the numbers considerably more compelling than those evaluating on a 3 to 5-year yield basis.
Against Normanton Park and Parc Clematis, Treasure Place offers freehold permanence and boutique scale — but gives up facilities breadth, a larger community, and the superior appreciation profile of a mega-development with active secondary market liquidity. Against newer leasehold launches like Elta and Faber Residence, the PSF comparison runs in reverse, with Treasure Place trading at a meaningful discount to new-launch pricing in exchange for its established status and freehold title. The ideal buyer is clear: owner-occupier, long-term horizon, values permanence and quiet over amenity breadth.