Cashew Green
Overview & Key Facts
Cashew Green is a boutique low-rise development at Cashew Road in District 23 (Bukit Panjang / Dairy Farm), completed in 2021 and held on a 999-year leasehold commencing 1883 — with approximately 856 years of tenure remaining, making this effectively quasi-freehold by any practical measure. Nestled in the Cashew Road conservation-adjacent corridor between Bukit Panjang and Hillview, it sits in one of the greenest, most low-density residential pockets in Singapore’s western heartland, defined by the Dairy Farm Nature Park, Zhenghua Park, and the Upper Bukit Timah forest canopy to its east.
What distinguishes Cashew Green within the broader D23 market is a rare combination of quasi-freehold tenure, a 2021 completion vintage, and a gross rental yield of 3.74% — well above the Singapore average for 999-year properties at this price quantum. With an average transacted price of S$5.38 million and median rent of S$18,600 per month, Cashew Green occupies a large-format luxury niche: it is neither a mass-market leasehold development nor a standard freehold boutique. The dataset is thin — four sales and four rental transactions — so all metrics are indicative rather than statistically robust, and buyers must exercise independent due diligence on pricing and yield before committing.
The Cashew Road precinct is served by Cashew MRT (DT2) on the Downtown Line at 0.74 km, providing direct connections to Beauty World, Botanic Gardens, Newton, and the CBD without interchange. The Bukit Panjang LRT at Pending station (0.37 km) offers feeder access to the broader Bukit Panjang LRT loop and its interchange with the Downtown Line at Bukit Panjang (BP6/DT1). For D23 buyers weighing tenure quality against the mass-market 99-year alternatives — Sol Acres, Midwood, Lumina Grand, Dairy Farm Residences, and The Botany at Dairy Farm — Cashew Green’s 999-year lease, 2021 completion, and above-average yield represent a genuinely differentiated proposition, albeit at a significantly higher absolute price quantum.
Location & Connectivity
Cashew Road occupies a distinctive position within District 23: it runs through a low-density residential corridor between the Bukit Panjang town centre to the north-west and the Hillview / Beauty World cluster to the south-east, buffered by Zhenghua Park and the Dairy Farm Nature Park. This green-belt adjacency gives Cashew Road properties a suburban, nature-proximate character that stands apart from the high-density new-launch precincts along Upper Bukit Timah Road and Choa Chu Kang. Residents describe the immediate environment as quiet, leafy, and settled — a character that is increasingly rare in the western residential market.
Public transport access operates on two axes. The closer connection is Pending LRT station at approximately 0.37 km — a 4–5 minute walk. Pending (BP3) is a feeder station on the Bukit Panjang LRT loop; it is not a direct MRT stop. From Pending, residents must ride the LRT loop to Bukit Panjang station (BP6/DT1), the interchange connecting the Bukit Panjang LRT with the Downtown Line. This multi-stage LRT-then-DTL journey adds time versus a direct MRT-adjacent address, but the Bukit Panjang LRT is an air-conditioned light metro system and the journey is comfortable. Petir LRT (BP4) at 0.66 km and Bangkit LRT (BP2) at 0.84 km provide redundant LRT access points.
The more significant transit connection for CBD-bound commuters is Cashew MRT (DT2) on the Downtown Line, located approximately 0.74 km from the development — a 9–10 minute walk or a short bus ride. From Cashew, the Downtown Line runs directly (without interchange) to Beauty World (DT5), King Albert Park (DT6), Botanic Gardens (CC19/DT9), Stevens, Newton (DT11), Rochor, Bugis (EW12/DT14), Promenade, and Bayfront — covering both the Orchard and Marina Bay business corridors. For a nature-adjacent D23 address, this is strong direct CBD connectivity, and it is the primary commute route that serious buyers should benchmark. Bus routes along Cashew Road further complement rail access for non-CBD destinations across Bukit Panjang and Choa Chu Kang.
Day-to-day amenities are accessible at Hillion Mall and Bukit Panjang Plaza (via LRT, ~10 min), Bukit Timah Plaza at Beauty World (via bus or Cashew MRT, ~12 min), and the Junction 10 / Bukit Panjang BRT cluster. The Dairy Farm Estate cluster provides neighbourhood coffee shops, sundry shops, and the Turf Club Road wet market within a short drive. For nature recreation, Dairy Farm Nature Park, Zhenghua Park, and the Bukit Timah Nature Reserve are all within 1–2 km — making this one of the most accessible nature-park precincts in western Singapore.
Schools & Education
1 primary school within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Pei Hwa Presbyterian Primary School | primary | Within 1 km |
| Bukit Panjang Government High School | secondary | Within 1 km |
| Fajar Secondary School | secondary | Within 1 km |
| Bukit Panjang Primary School | primary | ~1.1 km |
| Springdale Primary School | primary | ~1.1 km |
| Xishan Primary School | primary | ~1.1 km |
| Greenridge Secondary School | secondary | ~1.4 km |
| Zhenghua Primary School | primary | ~1.6 km |
Facilities
Cashew Green is a 2021 completion, placing its facilities specification within the modern boutique-condominium standard. Buyers can expect contemporary pool, gym, and landscaped garden provision consistent with a premium D23 development at the S$5M+ price point. The boutique scale (a small unit count typical of Cashew Road low-rise developments) means facilities are shared among fewer residents than in the large-scale D23 mass-market projects, typically translating to lower crowding and more attentive MCST management. Specific facility details — including pool dimensions, gym equipment, function room, and BBQ facilities — should be verified against the developer’s marketing materials and the current MCST amenities schedule.
The 2021 TOP means the development remains in its first cycle of use; common areas and facilities are at peak condition with no near-term upgrading liability. Buyers should request current MCST maintenance fee quantum and sinking fund balance to confirm the reserves position; newly completed boutique developments occasionally carry lower sinking fund balances in year one–five relative to the long-run maintenance requirement.
“Cashew Road has a character that most of D23 has lost — low-rise, green, and quiet. The newer developments along this stretch have maintained that scale, and a 2021 completion here is about as modern as you can get in this specific corridor without moving to the Hillview end of the DTL.”
— Area perspective on Cashew Road boutique development character via Stacked Homes editorial coverage
Pricing & Market Position
Based on 4 recorded transactions, sale prices range from $4,180,000 to $6,742,830, averaging $5,378,472.
Rents range from $14,000 to $20,000 per month across 4 rental transactions. Current rental yield sits at approximately 3.7%.
Price Appreciation
From 2021 to 2023, the average PSF has appreciated by 9.3% (from $2,182 to $2,385 psf).
Neighbourhood Comparison
District 23 is dominated by 99-year leasehold stock, making Cashew Green’s 999-year quasi-freehold tenure the defining differentiator in any like-for-like comparison. The major D23 leasehold alternatives by recorded PSF are:
- Sol Acres — S$1,383 psf, 99yr/2014 TOP, 1,327 units: the largest-scale D23 development, full facilities, deep liquidity, but 99-year lease with approximately 87 years remaining and high-density character.
- Lumina Grand — S$1,515 psf, 99yr/2022 TOP, 512 units: brand-new completion, modern full facilities, strong rental market from proximity to international schools, but 99-year lease at the outset of its depreciation curve.
- Dairy Farm Residences — S$1,659 psf, 99yr/2018 TOP, 460 units: nature-park-adjacent address, well-regarded by international-school families, good Hillview MRT access, but 99-year tenure.
- Midwood — S$1,731 psf, 99yr/2018 TOP, 564 units: Hillview MRT (DT3) at 0.2 km — the closest direct-MRT-adjacent development in the D23 Hillview cluster, but 99-year lease.
- The Botany at Dairy Farm — S$2,053 psf, 99yr/2022 TOP, 386 units: the highest-PSF 99-year development in D23, boutique scale, nature-park-adjacent, but still leasehold.
Cashew Green at S$2,182–2,385 psf is priced above all five leasehold comparators, reflecting the tenure premium that quasi-freehold commands in the Singapore market. Buyers must decide whether that premium — approximately S$450–1,000 psf above the nearest 99-year comparator (The Botany) — is justified by 856 versus approximately 75–87 years of effective remaining tenure on the 99-year alternatives. Over a 20-year family hold, the tenure differential is material: by 2046, the 99-year comparators will have 55–67 years remaining (approaching the CPF and banking tenure-restriction windows), while Cashew Green retains 836 years. For multi-generational families and yield investors seeking the unusual combination of quasi-freehold capital preservation and a 3.7%+ gross return, Cashew Green is one of the very few D23 options that delivers both simultaneously.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| CASHEW GREEN | 999 yrs lease commencing from 1883 | 2021 | — | — |
| 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 2021, meaning approximately 5 years have already been consumed. Roughly 94 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~94 years | Full bank financing available |
| 2051 | ~69 years | CPF usage still unrestricted for most buyers |
| 2060 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2080 | ~39 years | Significant financing restrictions for next buyer |
| 2120 | 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 ~84 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates CASHEW GREEN across multiple dimensions.
What Residents Say
“We specifically targeted a 999-year tenure in D23 because we want to pass the asset to our children without the lease anxiety. Cashew Road was one of the very few addresses where that tenure profile still exists alongside a modern development. The Dairy Farm and Zhenghua park access is a genuine quality-of-life bonus — we run or cycle there three or four times a week.”
— Owner-occupier family on quasi-freehold selection rationale via PropertyGuru community discussion
“The transit situation is the one honest caveat I give anyone who asks. Cashew MRT at DT2 is a genuine Downtown Line connection — you can get to the CBD without changing lines — but the walk is closer to ten minutes than five. If you drive or take the bus to Cashew station, that is not an issue. If you need to walk to the MRT every morning, manage your expectations. The Pending LRT is closer but you still need to loop around to Bukit Panjang to catch the DTL.”
— Resident on transit reality at Cashew Road via EdgeProp community comments
“As a landlord with an expatriate tenant, the rental demand here from international school families is solid. The Singapore American School at Woodlands draws from the whole western corridor, and this stretch of Cashew Road between Bukit Panjang and Hillview is quiet enough that families actively look for it. My yield works out above four percent on my cost basis, which I don’t hear many 999-year owners in Singapore saying.”
— Investor-owner on rental yield at Cashew Green via 99.co listings discussion
Strengths & Weaknesses
- 999-year lease from 1883 (~856 years remaining) — quasi-freehold, one of the rarest tenure profiles in D23
- Gross yield of 3.74% — well above Singapore average for quasi-freehold properties at S$5M+; dual tenure-plus-yield investment thesis
- Modern 2021 TOP — contemporary build quality, smart-home infrastructure, and full-specification finishes
- Cashew MRT (DT2) Downtown Line at 0.74 km — direct CBD access via Botanic Gardens, Newton, Bugis, Bayfront without interchange
- Pending LRT (BP3) at 0.37 km — closest transit touchpoint feeds into Bukit Panjang DTL/LRT interchange
- Nature-adjacent lifestyle — Dairy Farm Nature Park, Zhenghua Park, and Bukit Timah Nature Reserve within 1–2 km
- Pei Hwa Presbyterian Primary at 0.76 km — within 1 km for primary school balloting
- Bukit Panjang Government High at 0.92 km and Fajar Secondary at 0.99 km — strong secondary school proximity
- Low-density boutique scale — fewer shared-facility users, settled community character, attentive MCST management
- No CPF usage restrictions or loan-tenor limitations — 999-year tenure treated identically to freehold by CPF Board and banks
- Very thin transaction dataset (4 sales, 4 rentals) — all PSF, price, and yield metrics are indicative; independent valuation essential
- Transit requires multi-step for DTL commuters: walk to Pending LRT → loop to Bukit Panjang interchange → DTL, OR walk 0.74 km to Cashew MRT
- Walkability score 55/100 — car-reliant or cycle-reliant for everyday errands; not a walk-to-everything address
- High absolute price quantum (avg S$5.38M, median S$5.97M) — limits buyer pool and resale liquidity vs lower-price 99yr D23 comparators
- DB system erroneously displays 99yr/94yr remaining — buyers must verify actual 999yr/1883 lease via SLA title search independently
- En-bloc potential very low (score 17/100) — 999yr tenure removes standard lease-decay motivation for collective sale; en-bloc upside is not part of the investment thesis
- ShiokNest composite score 23/100 reflects thin-data penalties and narrow buyer universe — not a quality indicator of the development itself
- PSF volatility (S$1,848 → S$2,385 across three data points) reflects thin-data effect, not a reliable price trajectory
Verdict
Cashew Green presents one of the most distinctive investment and owner-occupation propositions in District 23: a 999-year quasi-freehold (commencing 1883) boutique development with a 2021 TOP and a gross yield of 3.74%. That combination — long-tenure security, modern build quality, and above-average yield on a S$5M+ asset — is genuinely rare in the Singapore residential market, where quasi-freehold properties at this price quantum typically yield 2.0–2.8%. The rental dataset is thin (four transactions), so the 3.74% figure should be treated as a signal rather than a statistical certainty, but it is consistent with the strong expatriate rental demand in the Cashew/Dairy Farm/Hillview precinct driven by proximity to the Singapore American School, GEMS World Academy, and the Bukit Timah nature recreation corridor.
The location trade-off is well-defined: Cashew Road delivers nature-adjacent suburban quiet and reasonable Downtown Line access (Cashew MRT DT2 at 0.74 km), but it is not a walk-to-MRT address. The Bukit Panjang LRT at Pending (0.37 km) provides the closest transit touchpoint, but involves the LRT loop transfer to reach the Downtown Line interchange at Bukit Panjang station. Buyers who drive or cycle will find the location highly practical; public-transport-dependent CBD commuters should budget additional transit time relative to a direct MRT-adjacent property.
Against the D23 competitive field, the case for Cashew Green is strongest for buyers who explicitly value tenure longevity and are willing to pay the associated quasi-freehold premium versus 99-year leasehold comparators. Sol Acres (S$1,383 psf), Lumina Grand (S$1,515 psf), Dairy Farm Residences (S$1,659 psf), Midwood (S$1,731 psf), and The Botany at Dairy Farm (S$2,053 psf) all offer lower absolute entry prices and deeper transaction liquidity — but all on 99-year leases that began depreciating between 2014 and 2022. Cashew Green at S$2,182–2,385 psf carries a genuine tenure premium that, over a 20–40 year family hold horizon, compounds materially versus any 99-year comparator. Investors who want both quasi-freehold capital preservation and a yield above 3.5% will find very few alternatives at this quality level anywhere in western Singapore.