Bullion Park
What does a 472-unit freehold on the Lentor side of the Thomson-East Coast Line actually offer a buyer in 2026, when every other launch within a 1km walk is a 99-year leasehold tower with a marketing suite still smelling of fresh paint? Bullion Park is the question that almost no one is asking in District 26 right now — and that is exactly why it deserves a fresh look (as of 2026-05).
Springleaf MRT opened in November 2022 and Lentor MRT followed in the same TEL Stage 3 wave; between them they re-priced the entire Lentor Loop corridor inside two years. Bullion Park, a 1993-TOP freehold off Lentor Loop, suddenly found itself flanked by Lentor Modern (605 units, TOP 2022), Lentor Mansion (533 units, TOP 2024), Hillock Green (474 units, TOP 2023), and Springleaf Residence (941 units, TOP 2025) — every single one a 99-year leasehold launched at PSF well north of what Bullion Park clears today. The arithmetic in this review is therefore unusual: a freehold trading at a discount to brand-new leasehold neighbours, in a precinct the TEL has structurally re-rated. That gap is the real story, and the rest of this review is about whether it is a gift or a warning (as of 2026-05).
Overview & Key Facts
Bullion Park occupies a sprawling 47,000 sqm site along Lentor Loop in District 26, developed by Bullion Properties Pte Ltd, a subsidiary of Far East Organization — Singapore’s largest private property developer. Completed in 1993, this 472-unit freehold development is a legacy estate that has witnessed the transformation of the Lentor area from a quiet backwater into one of Singapore’s most actively developed new-launch corridors.
The name “Bullion Park” evokes an era of confident, generous development. At 472 units across a site nearly the size of five football fields, the density is remarkably low for a private condominium. The grounds are extensive, with mature trees planted over three decades ago now forming a genuine canopy that gives the estate a park-like character. Far East Organization’s 1990s developments share a common trait: spacious units with layouts that prioritise liveable area over marketing efficiency.
At $1,576 PSF, Bullion Park’s freehold status makes its pricing particularly interesting. Every new launch in the Lentor corridor — Lentor Modern ($2,132), Lentor Hills Residences ($2,116), Lentor Mansion ($2,266), Lentor Central Residences ($2,222), and Springleaf Residence ($2,178) — is 99-year leasehold and trades at a 35–44% PSF premium. Bullion Park offers permanent tenure at a lower price, with the trade-off being a 30-year-old development that requires renovation investment.
Location & Connectivity
The Lentor area has undergone a remarkable transformation since 2021, when the government released multiple sites along Lentor Central and Lentor Hills Road for residential development. The result is a cluster of five new launches that have collectively brought thousands of new residents and, crucially, the infrastructure to serve them. Lentor MRT on the Thomson-East Coast Line sits 820 metres from Bullion Park — a 10-minute walk that is functional but not ideal.
The education angle is surprisingly limited for a D26 address. Singapore American School (1.38 km) is the nearest school of note, with Nanyang Polytechnic (1.93 km) and Mayflower Primary (2.00 km) also in the catchment. This is a notable gap compared to D19 or D20 alternatives with much denser school coverage. The walkability score of 30/100 reflects this sparseness — the Lentor area is still developing its amenity base.
Daily needs are served by Lentor Modern’s integrated retail component (once completed) and the broader Ang Mo Kio Hub, which is accessible via one TEL stop. Thomson Plaza and Upper Thomson’s cafe scene provide dining and lifestyle options to the south. For nature lovers, the nearby Thomson Nature Park and Lower Peirce Reservoir offer genuine rainforest walks within a short drive.
Schools & Education
| School | Type | Distance |
|---|---|---|
| Singapore American School | international | ~1.4 km |
| Nanyang Polytechnic | tertiary | ~1.9 km |
| Mayflower Primary School | primary | ~2.0 km |
Facilities
Bullion Park’s facilities benefit enormously from its sprawling site. The development includes a swimming pool, wading pool, tennis courts (plural — a rarity), a gymnasium, BBQ pits, a children’s playground, function room, and extensive jogging paths weaving through the mature landscaped grounds. The sheer amount of green space is the standout feature — this is a compound where children can play freely and residents can walk or jog without leaving the estate.
“The space is what makes Bullion Park special. My kids grow up running around the grounds — it’s like having a private park. You won’t find this kind of open space in any new condo. The tennis courts are always available and the pool is never crowded.”
— Long-term resident via PropertyGuru
The age of the facilities is the obvious caveat. The gym equipment is dated, the pool deck surface shows wear, and the common areas reflect 1990s design sensibilities. But the bones are sound, and the MCST has maintained the essential infrastructure. What no amount of renovation can replicate in a modern development is the land generosity — Bullion Park’s ground-level openness is a product of its era that would be economically impossible to build today.
Unit Sizes & Layout
Bullion Park’s units embody the 1990s design philosophy: generous proportions, practical layouts, and bedrooms that can actually fit proper furniture. 3-bedroom units typically range from 1,300 to 1,600 sqft, and 4-bedroom configurations can exceed 1,800 sqft. These dimensions are 30–50% larger than equivalent bedroom counts in the neighbouring Lentor new launches, where 3-bedrooms average 900–1,100 sqft. The price-per-bedroom equation strongly favours Bullion Park for space-conscious buyers.
The development comprises low-rise blocks (predominantly 4–5 storeys) arranged across the expansive site, with most units enjoying views of internal gardens and mature trees rather than neighbouring blocks. This low-rise, low-density character creates a living experience that feels closer to landed housing than high-rise condominium living. Natural ventilation is excellent given the generous window sizing and cross-ventilation layouts.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 20 | $1,509 | $1,218,094 |
| 3 BR | 33 | $1,389 | $1,733,981 |
| 4 BR | 4 | $1,426 | $2,432,500 |
Pricing & Market Position
Based on 57 recorded transactions, sale prices range from $950,000 to $2,600,000, averaging $1,601,987 (~$1,576 psf).
Rents range from $1,900 to $6,400 per month across 381 rental transactions. Current rental yield sits at approximately 2.3%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 25.8% (from $1,260 to $1,584 psf).
Neighbourhood Comparison
The Lentor corridor new launches provide the most instructive comparisons. Lentor Modern ($2,132 PSF, 605 units, 99yr from 2021) is the closest new competitor — it offers integrated retail, modern facilities, and direct MRT access, but at a 35% PSF premium with a depreciating lease and units 30–40% smaller. Lentor Mansion ($2,266 PSF) commands the highest premium in the corridor with its CDL pedigree and garden-centric design. Springleaf Residence ($2,178 PSF, 941 units) is the latest and largest launch.
For a freehold-to-freehold comparison, Bullion Park at $1,576 PSF is remarkably affordable by D26 standards. The freehold alternatives in the area are predominantly landed homes trading at significantly higher absolute prices. No other freehold condo in the Lentor corridor offers comparable scale (472 units) or site size (47,000 sqm). This uniqueness is both Bullion Park’s strength and its challenge — there is no direct comparator, making pricing discovery imprecise for both buyers and sellers.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| BULLION PARK | Freehold | 1993 | 472 | $1,576 |
| SPRINGLEAF RESIDENCE | 99 yrs lease commencing from 2024 | 2025 | 941 | $2,178 |
| LENTOR MODERN | 99 yrs lease commencing from 2021 | 2022 | 605 | $2,137 |
| LENTOR HILLS RESIDENCES | 99 yrs lease commencing from 2022 | 2023 | 598 | $2,116 |
| LENTOR MANSION | 99 yrs lease commencing from 2023 | 2024 | 533 | $2,266 |
| LENTOR CENTRAL RESIDENCES | 99 yrs lease commencing from 2023 | 2025 | 477 | $2,222 |
ShiokNest Scores
Our proprietary scoring system evaluates BULLION PARK across multiple dimensions.
What Residents Say
“We’ve been here since 2005 and have no desire to leave. The space is incredible — our 4-bedroom is 1,800 sqft with a proper balcony and views of trees everywhere. The new MRT station has been a game-changer for the area. Property values have finally started to reflect what we always knew — this is a great location.”
— Owner via 99.co
“Renting a 3-bedroom here and the space compared to newer condos is night and day. My kids have a real garden to play in. The downside is everything is old — but the landlord renovated the kitchen and bathrooms so the unit itself is fine.”
— Tenant review via PropertyGuru
“En-bloc has been discussed many times but never reached the threshold. The freehold owners are in no rush — there’s no lease ticking down. With all the new launches around us, maybe a developer will make an offer that changes the calculus.”
— Long-term owner via EdgeProp
Residents consistently describe Bullion Park as a “hidden gem” for space and greenery. The community is family-oriented and stable, with many long-term owners who have lived through the area’s transformation. The Lentor MRT opening (2022) is frequently cited as the most impactful change in the estate’s recent history. En-bloc discussions are ongoing but lack urgency given the freehold tenure.
1. Freehold tenure in a corridor that just went 99-leasehold heavy. Every major new launch within a 1km radius of Bullion Park — Lentor Modern, Lentor Hills Residences, Lentor Mansion, Lentor Central Residences, Hillock Green, Lentoria, Springleaf Residence — is a 99-year leasehold development with lease commencing 2021-2024. Bullion Park is one of only three sizeable freehold condos in District 26 above the 200-unit threshold (alongside Meadows @ Peirce and The Calrose). For a buyer who specifically values freehold over leasehold — estate planning, no lease decay, generational hold — the corridor's freehold supply has effectively been frozen at the existing inventory while leasehold supply has multiplied. Read the structural argument in the freehold vs 99-year leasehold complete analysis before deciding how much that should be worth to you (as of 2026-05).
2. PSF has compounded sensibly without front-running fundamentals. Annual average PSF moved S$1,260 (2021) to S$1,330 (2022) to S$1,448 (2023) to S$1,537 (2024) to S$1,570 (2025) and S$1,584 year-to-date 2026 (as of 2026-05). That is a 26% rise over five years — meaningful but well below the 40-45% runs seen at brand-new TEL leasehold launches in the same period. The 2025-2026 plateau says the resale market has digested the TEL repricing and is now pricing Bullion Park on its own merits rather than on leasehold-launch comparables. Stress-test your entry against the broader district trend on the district-level price heatmap (as of 2026-05).
3. TEL connectivity is real, even if the walk is not headline-short. Lentor MRT sits roughly 750-900m from Lentor Loop depending on which block you exit, and Springleaf MRT is roughly 1.1-1.3km — both meaningful walks rather than the 200m strolls advertised at Lentor Modern or Lentor Mansion. But TEL still delivers Bullion Park residents to Orchard (TE14 Orchard Boulevard) in roughly 13-15 minutes and to Marina Bay (TE20) in around 25 minutes, which is the genuine connectivity upgrade a 1993-TOP freehold could not have priced in for the first 28 years of its life. Door-to-door commute realism can be modelled on the live commute-time map for any office address (as of 2026-05).
4. Built-to-last footprint at 472 units. Bullion Park's 472 units sit on a freehold land parcel large enough to fund a 50m lap pool, sub-pools, tennis courts, gym, function rooms, and substantial through-block landscaping — the kind of facilities depth that Far East Organization specified for early-1990s mid-density blocks and that newer 1990s leasehold stock in the area (Castle Green, Seasons Park) also offers but cannot match for tenure value. Maintenance fees scale with the unit count, and 472 units is the sweet spot — enough to fund deep facilities without the per-unit overhead of a 900-unit mega-development. Compare the surrounding inventory and absorption on the District 26 hub (as of 2026-05).
5. The CCR-priced-out arithmetic works. A 3-bedroom Bullion Park unit at S$1.7M-1.9M (as of 2026-05) replicates roughly 1,200-1,300 sqft of family space at S$1,450-1,580 PSF. The equivalent footprint at a comparable freehold in CCR (D9/D10/D11) sits at S$2,800-3,500 PSF — a 90-130% premium for tenure parity and central location. For a household priced out of Bukit Timah or Newton freehold but unwilling to step down to a leasehold tenure, Bullion Park is one of the most credible mid-OCR alternatives in the corpus. Run the affordability math properly via the affordability calculator with your CPF and income inputs (as of 2026-05).
1. Walking distance to MRT is the polite minimum, not the headline. 750-900m to Lentor MRT and 1.1-1.3km to Springleaf MRT are real walks — in tropical weather, with groceries, with a toddler in tow, those numbers feel longer than they read on a brochure. By contrast, Lentor Modern sits directly above Lentor MRT and Springleaf Residence sits roughly 250m from Springleaf MRT. A buyer who genuinely needs sub-400m MRT proximity will find Bullion Park materially inferior on this dimension, freehold tenure or not (as of 2026-05). If the brief is ‘TEL station-attached living’, this is not the project — cross-check the alternatives on the side-by-side compare tool.
2. Estate age is now 33 years post-TOP. Bullion Park received TOP in 1993, which puts the development well past two cycles of major works (lifts, painting, gardening overhaul) and into the territory where the next round of structural repairs — waterproofing, façade cladding, pipe replacement — becomes material to the sinking fund. The MCST has presumably reserved for these but a buyer should specifically request the sinking-fund balance and any pending levy disclosures before committing. None of this is a deal-breaker, but it is a real cost line that the brand-new leasehold towers nearby do not face for another 10-15 years (as of 2026-05).
3. Rental yield is genuinely modest. 2-bedroom units rent at roughly S$3,170/month and 3-bedroom units at S$4,090/month (as of 2024-2025 rental contracts via URA data). Against 2024-2026 average sale prices of S$1.31M (2BR) and S$1.82M (3BR), gross yield works out to roughly 2.9% (2BR) and 2.7% (3BR) — well below the 3.5-4% threshold most yield-focused investors target. The freehold tenure does protect long-term capital value, but a pure yield buyer is paying a freehold premium they will not recover within a 10-year hold via rental income. Sense-check via the district rental-yield map (as of 2026-05).
4. TEL precinct is still adding supply through 2027. Lentor Central Residences (477 units, TOP 2025), Lentoria (267 units, TOP 2024), Hillock Green (474 units, TOP 2023), Springleaf Residence (941 units, TOP 2025), plus further plots on the URA GLS pipeline along Lentor Hills Road, all add rental and resale inventory in a tight radius of Bullion Park. That headwind compresses both rental rates and resale velocity through 2026-2027. A buyer entering today should expect price growth closer to 2-4% per year in the medium term rather than the 5%+ runs seen 2021-2024 (as of 2026-04 URA flash estimates).
[
{
"persona": "TEL-corridor investor seeking freehold tenure with TEL connectivity",
"fit_color": "green",
"reason": "Bullion Park is the only sizeable freehold inside the Lentor-Springleaf TEL catchment trading at a discount to brand-new 99-leasehold neighbours. The 13-15 minute TEL ride to Orchard plus the freehold tenure handles both yield-light long-hold and estate-planning objectives in one asset. Modest 2.7-2.9% gross yield is the trade-off, but freehold capital preservation is the goal. (as of 2026-05)"
},
{
"persona": "Upper Thomson family upgrader from HDB Yishun/Khatib/Yio Chu Kang",
"fit_color": "green",
"reason": "Sale proceeds from a 4/5-room flat in the adjacent HDB belt typically clears the 25% down payment without bridging stress. The 1km school catchment touches the Ang Mo Kio-Yishun corridor (CHIJ St Nicholas Girls', Anderson Primary further out), TEL puts the kids' future MRT commute on the table, and the 472-unit facilities mix supports daily family use. Freehold tenure removes the 99-year reset anxiety that priced-out HDB upgraders worry about. (as of 2026-05)"
},
{
"persona": "CCR-priced-out buyer seeking freehold tenure at a mid-OCR PSF",
"fit_color": "amber",
"reason": "Bullion Park clears at S$1,450-1,584 PSF (as of 2026-05) versus S$2,800-3,500 PSF for comparable freehold in D9/D10/D11. The 90-130% PSF discount is real but the location trade-off is also real — OCR Lentor is not Newton or Bukit Timah, and lifestyle amenity density is materially thinner. Works if the buyer genuinely values freehold over central-location prestige; less convincing if the CCR aspiration is mostly about lifestyle. (as of 2026-05)"
},
{
"persona": "Yield-focused investor targeting 3.5%+ gross rental yield",
"fit_color": "red",
"reason": "Gross yields of 2.7-2.9% on the achievable 2BR/3BR product (as of 2024-2025 rental data) sit well below the threshold this profile demands. ABSD of 20% on a second Singaporean-name purchase tightens the math further. A yield buyer should look at leasehold projects further out on the NEL/EWL spine where PSF entry is lower, or accept that Bullion Park is a freehold-capital-preservation asset rather than a yield asset. (as of 2026-05)"
},
{
"persona": "Transit-dependent professional wanting station-attached living",
"fit_color": "amber",
"reason": "TEL connectivity to Orchard and Marina Bay is genuinely good once you reach the station, but the 750-1,300m walk to Lentor or Springleaf MRT is not what the buyer of a 2026-launched TEL leasehold tower would call ‘station-attached’. If sub-400m MRT proximity is the firm brief, Lentor Modern or Springleaf Residence wins. Bullion Park works for the professional willing to trade a 10-minute walk for freehold tenure. (as of 2026-05)"
},
{
"persona": "Downsizer or estate-planning buyer prioritising tenure permanence",
"fit_color": "green",
"reason": "Freehold tenure plus a 33-year-old development with deep facilities and an established MCST history is exactly what an estate-planning buyer wants — no lease decay, no 99-year reset clock, no CPF withdrawal-limit anxiety in 30 years. The modest yield is acceptable because the asset is structured for hold-to-pass-down rather than rental income. (as of 2026-05)"
}
]
Bullion Park is a credible freehold-tenure play in a TEL corridor that has structurally re-rated, sensibly priced at today's PSF (as of 2026-05). The combination of freehold tenure in a leasehold-flooded precinct, the genuine TEL connectivity upgrade (13-15 minutes to Orchard, ~25 minutes to Marina Bay), the 472-unit facilities depth, and the 90-130% PSF discount to comparable CCR freehold all make this one of the more honest mid-OCR freehold propositions in the corpus. It is best suited to the TEL-corridor freehold seeker, the Upper Thomson HDB upgrader who can absorb the modest yield, and the estate-planning buyer who values tenure permanence over central-location prestige. Suggested holding period: 10-15 years for own-stay, or generational hold for estate-planning buyers exploiting the freehold tenure fully.
It is a notably weaker pick for the pure yield investor (2.7-2.9% gross yield is the structural ceiling), for the sub-400m-MRT-proximity buyer (the 750-1,300m walks are real), and for the buyer who expects another 30% PSF run between 2026 and 2030 (the easy gains from TEL opening are already in the price). Stress-test the full mortgage math via the mortgage calculator with 2026 rates, and model the all-in tax including ABSD via the stamp duty and ABSD calculator before committing.