Cashew Heights Condominium

Overview & Key Facts

Cashew Heights Condominium is a massive 596-unit estate on Cashew Road in District 23, completed in 1992 on a 999-year lease from 1882 — effectively freehold in all but name. Developed by City Developments Limited (CDL), Singapore’s most prolific private developer, Cashew Heights was built in three phases across 11 low-rise blocks on an expansive 88,563-square-metre site. The sheer scale of the land — nearly 953,000 square feet — is extraordinary by modern standards and gives the estate a sprawling, garden-suburb character that no new launch in D23 can replicate.

At 33 years old, Cashew Heights shows its age in facade and common-area finishes, but the fundamentals that drew buyers in the early 1990s remain its strongest cards: exceptionally generous unit sizes (the most common layout is a 1,227–1,658 sqft three-bedroom with three bathrooms), mature landscaping with towering rain trees and pocket gardens, and a 999-year tenure that eliminates lease decay from the investment equation entirely. CDL’s construction quality from this era — solid concrete frames, proper cross-ventilation design, and durable tile finishes — has aged better than many of its contemporaries.

At a current median price of $2,332,888 ($1,649 psf over the trailing twelve months) with a gross rental yield of 2.06%, Cashew Heights is not a yield play. The value proposition is different: you are buying a quasi-freehold, CDL-built, generously sized family home in a nature-adjacent location for a quantum that, while substantial at $2.3 million, delivers significantly more liveable space per dollar than any new launch in the Bukit Panjang–Dairy Farm corridor. The steady PSF appreciation from $1,411 to $1,671 over recent years — a 18.4% gain — confirms that the market values this combination of space, tenure, and location.

Location & Connectivity

Cashew Heights sits in the green heart of Singapore’s northwestern corridor, where the urban grid gives way to nature reserves and low-density landed housing. The estate’s Cashew Road address places it roughly 600 metres from Cashew MRT station (DT2) on the Downtown Line — approximately a 7-minute walk. This is functional but not exceptional MRT access; there is no sheltered walkway, and the route involves navigating residential streets. The Downtown Line does, however, provide direct connectivity to Newton, Stevens, Botanic Gardens, and the entire CBD stretch through Bugis, Promenade, and Bayfront without any line changes — a significant advantage over the older Bukit Panjang LRT connection.

Bukit Panjang MRT (DT1) and the Bukit Panjang LRT interchange are roughly 1.2 km away, accessible via bus or a longer walk. Hillview MRT (DT3) is a similar distance in the opposite direction. For drivers, the estate benefits from proximity to the Bukit Timah Expressway (BKE) via Dairy Farm Road, providing quick access to the Pan Island Expressway (PIE) and onward to the city or Jurong.

Daily convenience has historically been a weakness, but has improved. Hillion Mall (integrated with Bukit Panjang MRT) is the nearest major retail destination, roughly 1.2 km away, with a FairPrice Finest supermarket, food court, and essential retail. Bukit Panjang Plaza is adjacent. Within the estate itself, Cashew Heights uniquely includes a small commercial ecosystem: a Hao Mart convenience store, a hair salon, a childcare centre, and a medical clinic — amenities that most condominiums this age lack entirely. For comprehensive shopping, The Rail Mall on Upper Bukit Timah Road is a short drive away, offering a cluster of cafes, restaurants, and specialty shops in a charming shophouse-style strip.

The school catchment is adequate without being outstanding. Cashew Primary School and CHIJ Our Lady Queen of Peace are within the 1–2 km band. The area is better served for secondary and tertiary education, with Hwa Chong Institution and National Junior College accessible via the Downtown Line. For families with younger children, the on-site childcare centre is a genuine convenience rarely found in private condominiums.

Schools & Education

1 primary school within the 1 km Priority Phase balloting radius.

Facilities

For a 1992-vintage estate, Cashew Heights offers a remarkably comprehensive facilities roster — a product of its enormous site and CDL’s ambition to create a self-contained residential township rather than a simple condominium. The centrepiece is an Olympic-length swimming pool complemented by a wading pool for children, both with dedicated changing rooms. Four tennis courts and two squash courts provide sporting options that far exceed what any modern 596-unit development would deliver; contemporary projects typically offer one tennis court at best. A basketball court, badminton court, gymnasium, and multi-purpose hall with games area round out the active recreation facilities.

The lifestyle amenities reflect the era’s focus on communal living: separate male and female sauna baths, a creche (childcare facility), a jogging track that weaves through the landscaped grounds, a children’s playground, and BBQ areas. The clubhouse serves as the social hub. Beyond the standard condominium facilities, Cashew Heights uniquely hosts commercial tenants within the estate — a grocery store, a hair salon, a learning centre, and a medical clinic — creating a village-within-a-village atmosphere that most condominiums cannot offer.

“The facilities here are from a different era — four tennis courts, two squash courts, a huge pool, basketball court. You simply cannot get this in any new condo with only 596 units. The grounds are massive with beautiful old trees everywhere. It feels more like living in a resort estate than a condo. Yes, the buildings look dated, but the management keeps things maintained and the blocks are regularly repainted.”

— Long-term resident, 3-bedroom maisonette (Stacked Homes)

The honest assessment of condition: the facilities are extensive but ageing. The gymnasium equipment is basic compared to modern developments. The pool, while large, shows wear consistent with 33 years of use. Common-area finishes — corridors, lift lobbies, facade tiles — have the weathered look that comes with tropical exposure over three decades, though the management corporation conducts regular repainting cycles. The landscaping, paradoxically, has improved with age: the mature rain trees, tropical plants, and established gardens create a lush, park-like environment that new developments with their freshly planted saplings cannot match. Maintenance fees are reasonable for the estate’s scale and facilities portfolio — a function of spreading costs across 596 units on a development with no extravagant water features or energy-intensive amenities to maintain.

Unit Sizes & Layout

Cashew Heights was designed in an era when generous proportions were the norm, and this remains its most compelling differentiator. The estate consists predominantly of three-bedroom, three-bathroom apartments ranging from 1,227 to 1,658 square feet — sizes that would command “premium” or “luxury” labels in any new launch today. Select units include maisonettes ranging from 1,700 to 1,905 square feet, offering double-storey living with split-level layouts that are virtually impossible to find in new private developments at this price point. Two-bedroom units (925–1,141 sqft) complete the mix, themselves larger than many modern three-bedroom apartments.

CDL’s layout philosophy from this period prioritised liveability over efficiency ratios. The signature floor plans feature split-level living and dining areas — a design element that creates spatial drama and natural zoning between entertaining and daily living spaces. The Type A1 layout places the living room and all three bedrooms facing the central garden, with the dining room overlooking a sunken living area. The Type A2 offers an especially spacious living-dining configuration where the split-level design creates room for a bar area or second sitting nook. The Type B1 separates bedrooms from living areas for acoustic privacy — a thoughtful touch that modern “efficient” layouts rarely achieve.

Every unit benefits from proper utility areas, storage rooms, and dedicated drying yards — practical spaces that have been engineered out of modern apartments in the pursuit of sellable square footage. The kitchens open to service yards with utility rooms and separate WC access, reflecting an era when household help was accommodated as standard. Cross-ventilation is excellent across most stacks, with windows on opposite walls creating natural airflow that reduces air-conditioning dependency — the 11-block, low-rise layout ensures no unit is deeply recessed or corridor-locked.

Ceiling heights are standard for the era (approximately 2.7 metres) but the generous room widths create a sense of spaciousness that square footage alone does not capture. Master bedrooms comfortably accommodate king-sized beds with side tables and a wardrobe wall; common bedrooms can fit queen beds without the “squeeze” that characterises sub-100-sqft bedrooms in new launches. The three-bathroom configuration in three-bedroom units — one en-suite master bath plus two common baths — is a genuine luxury that most modern three-bedders sacrifice.

Pricing & Market Position

Across 43 recorded transactions (all-time), sale prices range from $1,628,000 to $2,770,000, averaging $2,243,013.

Over the last 12 months, transactions averaged $1,659 psf.

Rents range from $2,050 to $6,600 per month across 350 rental transactions. Current rental yield sits at approximately 2.1%.

Price Appreciation

From 2021 to 2026, the average PSF has appreciated by 27.1% (from $1,288 to $1,637 psf).

Neighbourhood Comparison

In the Bukit Panjang–Dairy Farm corridor (District 23), Cashew Heights Condominium ($1,649 psf, 999-year from 1882) occupies a unique position as the only effectively freehold large-scale development in the area. The competitive landscape is dominated by newer 99-year leasehold projects that offer modern finishes and MRT-integrated locations at comparable or lower PSF, but with fundamentally different tenure economics.

Midwood ($1,729 psf, 99-year from 2018) on Hillview Rise is the most direct new-launch competitor. At a 5% PSF premium to Cashew Heights, Midwood delivers contemporary finishes, smart-home features, and proximity to Hillview MRT (DT3), but with units averaging 650–1,100 sqft — significantly smaller than Cashew Heights’ 1,227–1,658 sqft three-bedders. The critical difference: Midwood’s 99-year lease will cross the 60-year CPF restriction threshold decades before Cashew Heights ever faces tenure concerns. For buyers comparing total liveable space per dollar, Cashew Heights delivers 30–50% more floor area at a lower PSF, with permanent tenure as a bonus.

Dairy Farm Residences ($1,659 psf, 99-year from 2019) on Dairy Farm Lane is another close comparison. Positioned at nearly identical PSF, Dairy Farm Residences offers newer facilities (including an 84-metre infinity pool), integrated retail with 40,000 sqft of commercial space, and proximity to the upcoming Dairy Farm MRT station on the Cross Island Line. It is the more “turnkey” option for buyers who prioritise modern finishes and convenience. Cashew Heights counters with 999-year tenure, substantially larger units, and the established nature-adjacent lifestyle that Dairy Farm Residences aspires to but cannot fully replicate as a new build.

Sol Acres ($1,380 psf, 99-year from 2014) is the value alternative — Singapore’s largest EC-turned-private at 1,327 units on Choa Chu Kang Grove. At a 16% PSF discount to Cashew Heights, Sol Acres offers younger facilities and direct Bukit Panjang LRT access, but the 99-year lease, smaller units, and mega-development density present a very different living experience. For pure value buyers who are less concerned about tenure permanence, Sol Acres is the rational choice. For those who see property as a multi-generational store of value, Cashew Heights’ 999-year lease and CDL construction quality represent a fundamentally different proposition — one that no 99-year competitor in D23 can replicate at any price.

ShiokNest Scores

Our proprietary scoring system evaluates CASHEW HEIGHTS CONDOMINIUM across multiple dimensions.

What Residents Say

“We’ve been living here for over 20 years. What keeps us is the space — our maisonette is over 1,700 sqft with a proper split-level layout, three full bathrooms, utility room, and a huge balcony. You cannot find this in any new condo in the area. The estate is full of old trees — huge rain trees, palms, even fruit trees. We see hornbills and woodpeckers regularly because Bukit Timah Nature Reserve is right there. The kids grew up playing in the basketball courts and swimming in the Olympic pool. It’s a different lifestyle from a modern condo — more estate living than apartment living.”

— Mrs Tan, long-term owner-occupier, maisonette (Stacked Homes)

“Cashew Heights is one of the best condos around the area, a beautiful resort-style residential development in a big garden. Quiet, low density in a huge site, and near Cashew MRT. The facilities are fantastic — four tennis courts, two squash courts, full-size pool. The on-site grocery shop and clinic are really convenient for daily needs. Only downside is the facade looks quite old and inevitably gets dirty from rain and sun, but the management does a fair job maintaining everything and the blocks are regularly repainted.”

— Resident, 3-bedroom (SingaporeExpats, 7.9/10 rating)

“Spacious, bright and airy. Tranquil location, yet only a few minutes from shops, restaurants, and the MRT. The grounds are incredible — there are so many huge trees, interesting plants and even sometimes unique birds that can be spotted within the condo itself. The units are generous by today’s standards. My three-bedder is 1,400-plus sqft with real rooms, not the shoebox bedrooms you see in new launches. We did a full renovation when we moved in and the solid construction made it easy to work with.”

— Owner-occupier, 3-bedroom (PropertyGuru)

“I rent out a three-bedder here at around $3,900 a month. The tenant profile tends to be families — the generous space and greenery attract expat families who want a house-like feel without the landed house price tag. Yield is not great at around 2%, but I bought here for the 999-year lease as a long-term family asset. The capital appreciation has been steady and I never worry about lease decay. The location near Bukit Timah Nature Reserve is a genuine lifestyle bonus — weekend hikes are literally five minutes away.”

— Investor-owner, 3-bedroom (EdgeProp)

Strengths & Weaknesses

Verdict

Cashew Heights Condominium is a development whose appeal is built on scarcity. You cannot buy a 999-year-lease, CDL-built, 1,400-square-foot three-bedroom apartment with four tennis courts, a full-sized pool, and a nature-reserve backdrop in District 23 for $2.3 million anywhere else — because developments like this simply are not being built anymore. The 88,563 sqm site, the 596-unit low-density layout across 11 blocks, the mature landscape canopy, and the in-estate commercial conveniences all belong to an era of land economics that Singapore has moved past. This scarcity is Cashew Heights’ enduring moat.

The 999-year lease is the anchor of the investment case. While the 2.06% gross yield will not excite income-focused investors, the lease structure eliminates the single largest risk factor in Singapore property: decay depreciation. A 99-year leasehold property loses roughly 0.5–1.0% of its value per year as lease shortens below the 60-year mark, accelerating sharply as CPF and bank loan restrictions kick in below 30 years. Cashew Heights will never face this cliff. For buyers with a multi-generational wealth perspective — or those simply unwilling to gamble on en-bloc timelines — the 999-year tenure is worth its premium over 99-year competitors like Sol Acres ($1,380 psf), Midwood ($1,729 psf), and Dairy Farm Residences ($1,659 psf).

The capital appreciation trajectory supports this thesis. PSF has climbed steadily from $1,411 to $1,671 over recent years — an 18.4% gain that tracks closely with the broader OCR market while maintaining the 999-year tenure premium. The $1,649 average PSF positions Cashew Heights below newer 99-year developments like Midwood, which is a remarkable pricing anomaly: buyers are paying less per square foot for effectively freehold tenure than for 99-year leasehold. This suggests either that the market is under-pricing the tenure premium (an opportunity) or that the estate’s age and condition are creating a discount that exceeds the tenure advantage (a risk for those unwilling to renovate).

The bear case is straightforward. At $2.3 million median quantum, Cashew Heights requires substantial capital for a D23 OCR address that lacks MRT-adjacent convenience, walkable retail density, or the finish quality of a new build. The 7-minute unsheltered walk to Cashew MRT is functional but unglamorous. Rental yield at 2.06% is well below the D16 and D19 competitors that routinely deliver 3.0–3.5%. And every unit will need $80,000–$150,000 in renovation to bring it to contemporary standards, effectively adding $50–$100 psf to the true acquisition cost. Cashew Heights rewards patient, space-prioritising owner-occupiers who value greenery and tenure permanence — it does not reward yield hunters or buyers seeking turnkey convenience.