Cashew Park Condominium
Overview & Key Facts
Cashew Park Condominium occupies a generous 17,389 sqm plot along Cashew Road in District 23, just metres from the Bukit Timah Nature Reserve corridor. Completed in 1983 and developed by Hong Leong Holdings Limited (through Oriental Credit & Realty Pte Ltd), the project represents an era of low-density, resort-styled residential planning that Singapore largely no longer builds at OCR price points. Its 148 units spread across 8 blocks deliver a plot ratio that contemporary developers would struggle to match, translating into spacious grounds, mature greenery, and a genuine sense of seclusion within the suburban fringe of Bukit Panjang.
The development’s most consequential characteristic is its tenure: a 999-year leasehold commencing 1882, which sounds reassuringly long-dated but leaves only approximately 56 years remaining as of 2026. This is the central fact any buyer or investor must anchor every other consideration around. CPF usage will be restricted within 16 years; standard bank financing windows are already contracting; and without a successful en-bloc, the asset will trend toward structural devaluation as the lease compresses below 60 years.
For a particular buyer profile — one seeking nature-edge living, generous unit sizes, and a quiet community atmosphere at a PSF that the newer Dairy Farm and Bukit Panjang launches cannot match — Cashew Park remains a compelling proposition on a short to medium holding horizon. EdgeProp transaction records show resale trades at S$1,268–S$1,342 psf in recent years, a meaningful discount to the S$1,659–S$2,053 psf commanded by newer 99-year peers in the same district.
Location & Connectivity
Location is quietly excellent for a development of Cashew Park’s vintage. Cashew MRT on the Downtown Line sits approximately 370 metres from the development — a comfortable 5-minute walk, placing the station well within the “walkable” threshold. From Cashew station, residents reach Botanic Gardens in 8 minutes, Rochor in 18 minutes, and Bayfront in 22 minutes without transfer. The Pending LRT station (Bukit Panjang LRT) is at 0.69 km, providing an additional routing option to the Bukit Panjang MRT interchange and onward connections to Choa Chu Kang and the Jurong corridor.
For drivers, the Bukit Timah Expressway (BKE) and Kranji Expressway (KJE) are immediately accessible, and the Pan Island Expressway (PIE) is reachable in under 10 minutes. CBD is roughly a 20-minute drive outside peak hours. The neighbourhood is well-served by bus routes along Cashew Road and Upper Bukit Timah Road, reducing car dependency for daily errands. PropertyGuru listings consistently highlight this multi-modal accessibility as a core selling point.
The neighbourhood context distinguishes Cashew Park from most OCR condos. Dairy Farm Nature Park, Bukit Timah Nature Reserve, Zhenghua Park, and Chestnut Nature Park are all within cycling or short-driving distance, making the development a rare option for buyers who prioritise nature access without sacrificing urban connectivity. Retail needs are met by HillV2 (0.9 km, Cold Storage, restaurants), Bukit Panjang Plaza and Hillion Mall (1.5–2 km, FairPrice, F&B, enrichment centres), and the cluster of neighbourhood shops along Upper Bukit Timah Road.
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 |
| Fajar Secondary School | secondary | ~1.2 km |
| Springdale Primary School | primary | ~1.2 km |
| Bukit Panjang Government High School | secondary | ~1.2 km |
| Bukit Panjang Primary School | primary | ~1.3 km |
| Xishan Primary School | primary | ~1.4 km |
| Greenridge Secondary School | secondary | ~1.5 km |
| West Spring Secondary School | secondary | ~1.7 km |
Facilities
Cashew Park Condominium offers a respectable but unfussy amenity set for a 1983-vintage development: a swimming pool, tennis court, squash court, clubhouse, children’s playground, covered carpark, and 24-hour security. The facilities footprint reflects the era in which the development was built — an age when a pool and a pair of sports courts were considered premium provision, before mega-developments normalised wave pools, sky gyms, and social kitchens. Residents who have lived in newer mega-condos in the district will feel the difference immediately.
The counter-argument is straightforward: the spaciousness of the grounds compensates for the modest facility count. With 148 units spread across 17,389 sqm, Cashew Park has one of the more generous land-to-unit ratios among District 23 condos, meaning residents rarely queue for the pool or fight for a tennis court booking. Maintenance fees are correspondingly lower than resort-scale developments, which benefits landlords calculating net yield and owner-occupiers keeping holding costs lean.
“The pool is clean and rarely crowded — never more than a handful of people even on weekends. The greenery and open space make it feel very different from newer, denser condos. Very serene.”
— Resident review via PropertyGuru
Unit Sizes & Layout
Cashew Park’s units reflect 1983 planning norms — which in practice means generously proportioned layouts by current standards. The development offers 2-bedroom (2-bath) and 3-bedroom (2-bath and 3-bath) configurations, with floor areas that would comfortably exceed what newer 99-year leasehold launches in the same district deliver at comparable price points. Buyers upgrading from HDB typically find the floor-area step-up meaningful, with living-dining proportions and bedroom sizes that allow proper furniture without compromise. Stacked’s directory listing notes the development’s 8 low-rise blocks, which contribute to an airy, non-claustrophobic layout with natural ventilation and cross-breezes.
Interior specifications are a mixed picture. Un-renovated units retain original bathrooms and kitchens that feel dated against 2026 expectations; budget S$40–70k for a full mid-range renovation on an un-renovated resale unit. Many units have been refreshed by prior owners, and the resale market increasingly bifurcates between renovated and un-renovated stock. Stack selection deserves attention: units facing the landscaped interior gardens and mature trees are noticeably quieter and more private; those fronting Cashew Road carry some ambient road noise on lower floors.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 1 | $1,330 | $1,188,000 |
| 3 BR | 4 | $1,339 | $1,618,750 |
| 4 BR | 5 | $1,216 | $1,796,600 |
Pricing & Market Position
Based on 10 recorded transactions, sale prices range from $1,188,000 to $2,120,000, averaging $1,664,600.
Rents range from $2,000 to $5,100 per month across 126 rental transactions. Current rental yield sits at approximately 2.5%.
Price Appreciation
From 2021 to 2024, the average PSF has appreciated by 18.7% (from $1,115 to $1,324 psf).
Neighbourhood Comparison
Within District 23, Cashew Park’s S$1,268–S$1,342 psf sits well below its 99-year leasehold neighbours. Midwood (99-year, 2018, 564 units) trades at ~S$1,729 psf with a full resort facilities suite and 93 remaining lease years. Dairy Farm Residences (99-year, 2018, 460 units) is at ~S$1,659 psf with a similarly modern spec. The Botany at Dairy Farm (99-year, 2022, 386 units) commands ~S$2,053 psf on the back of a new launch premium and lush landscaping. Each of these offers 30–40 more years of lease life and significantly better facilities at meaningfully higher entry psf.
The honest comparison framing: Cashew Park’s ~S$300–$700 psf discount to peers is the market’s pricing of its lease decay. Buyers who believe in the en-bloc thesis, or who are targeting a short hold and rental yield, can extract value from that discount. Those comparing on a like-for-like lifestyle basis — facilities, lease certainty, exit liquidity — should expect to pay the premium that Midwood and Dairy Farm Residences command. Stacked’s directory lists Cashew Heights (a freehold sibling in the immediate vicinity) as the most direct comparison for buyers who want the same neighbourhood character with no lease concern.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| CASHEW PARK CONDOMINIUM | 999 yrs lease commencing from 1882 | 1983 | 148 | — |
| SOL ACRES | 99 yrs lease commencing from 2014 | 2018 | 1,327 | $1,381 |
| MIDWOOD | 99 yrs lease commencing from 2018 | 2021 | 564 | $1,729 |
| 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 1983, meaning approximately 43 years have already been consumed. Roughly 56 years remain.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~56 years | CPF restrictions may apply |
| 2042 | ~39 years | Significant financing restrictions for next buyer |
| 2082 | Expiry | Lease reverts to state |
ShiokNest Scores
Our proprietary scoring system evaluates CASHEW PARK CONDOMINIUM across multiple dimensions.
What Residents Say
“It’s a very lovely condo to live in — serene, private, and surrounded by greenery. The low density means you actually know your neighbours. Not for people who want resort facilities, but if you want space and quiet, it’s hard to beat.”
— Resident review via PropertyGuru, 2024
“Cashew MRT opened and transformed this place. What used to feel like a bit of a drive-only estate is now genuinely walkable. The Downtown Line to town is fast and direct. Great for professionals who like the nature belt but need city access.”
— Resident review via EdgeProp, 2023
“The lease is the elephant in the room. Units are priced at a discount, and rightly so. Good for a medium-term hold or for living in, but you have to go in knowing you’re not leaving a legacy asset for your children. Renovation costs also add up if you buy un-renovated stock.”
— Owner comment via 99.co, 2025
Strengths & Weaknesses
- Cashew MRT (DT2) at 370m — comfortable 5-min walk, direct Downtown Line to CBD
- Hong Leong Holdings developer pedigree (major SGX-listed developer)
- 999-year leasehold — meaningful en-bloc optionality (score 58/100)
- Low-density grounds: 148 units on 17,389 sqm, rare for OCR
- Immediate proximity to Dairy Farm Nature Park and Bukit Timah Nature Reserve
- Entry PSF (~$1,268–$1,342) is $300–$700 below newer 99-year D23 peers
- Spacious 2BR and 3BR layouts well above new-launch equivalents in size
- Uncrowded facilities and lower maintenance fees than resort mega-developments
- Pei Hwa Presbyterian Primary School at 0.70km (within 1km priority registration)
- Nearby malls: HillV2, Bukit Panjang Plaza, Hillion Mall within 2km
- Only ~56 years remaining on lease — CPF restrictions kick in within 16 years
- Lease drops below 40yr in 26 years (no CPF, max 20yr loan) — buyer pool thins sharply
- Low investment score (40/100) and profitability score (17/100) reflect lease drag
- Gross yield of 2.47% is below district average for newer-lease peers
- Modest facilities — no gym, no function room, no sky deck vs newer condos
- Dated interior specifications in un-renovated units; renovation budget S$40–70k
- Very low transaction liquidity — only 10 recorded sales in past 12 months
- Walkability score 55/100 — some errands still require a car
- Lower floors fronting Cashew Road can experience road noise
Verdict
Cashew Park Condominium is a development where the investment thesis lives or dies on holding-period discipline. The nature-edge location, Cashew MRT walkability, spacious low-density grounds, and Hong Leong developer pedigree are genuine strengths — and the PSF entry point of S$1,268–S$1,342 represents a real discount to newer District 23 launches. For a buyer executing a 5–10 year hold, reselling before the lease compression meaningfully impacts financing, the risk-reward calculus is defensible. En-bloc potential (score 58/100) provides an optionality upside that long-lease new launches cannot offer.
The case weakens materially for longer holds. Buyers planning a 15+ year horizon will face an asset with under 45 years remaining on the lease — a threshold at which buyer pools thin, bank valuations discount, and CPF ineligibility removes a significant cohort of local buyers from the secondary market. The 2.47% gross yield, while positive, does not adequately compensate for the lease decay risk over long periods compared to newer-lease peers like Midwood or Dairy Farm Residences.
For the right buyer — nature-lovers, owner-occupiers wanting generous space at a fair price, or short-to-medium-horizon investors playing an en-bloc thesis — Cashew Park offers an uncommon combination of serenity, green access, and MRT convenience. Just enter with clear eyes on the clock.