Casuarina Cove
Overview & Key Facts
Casuarina Cove is a 160-unit mid-rise condominium at 120–124 Tanjong Rhu Road in District 15, completed in 1996 on a 99-year leasehold from October 1993. With approximately 66 years remaining on the lease (expiring 2092), the development occupies one of Singapore’s most sought-after waterfront residential addresses — the Tanjong Rhu enclave, a low-density precinct fronting Kallang Basin with direct views across the water toward the city skyline.
Developed by Steadfast Development Pte Ltd, the project spans three blocks of ten storeys each — a height that is sufficient to deliver Kallang Basin and cityscape views from mid and upper floors, while keeping the overall scale intimate relative to the mass-market towers of the wider District 15 market. The result is a 160-unit community that punches well above its physical presence: the waterfront address, the unobstructed basin views, and the leafy, low-traffic character of Tanjong Rhu Road combine to create a living environment that is materially different from most D15 condominiums.
The unit mix covers studios to three-bedroom configurations and penthouse variants, with sizes ranging from approximately 753 sqft for studios through 1,098–1,464 sqft for two-bedders and 1,464–1,776 sqft for three-bedders. Penthouse units extend from approximately 1,378 to 1,572 sqft. These are generous proportions by contemporary standards, particularly for a development at a waterfront address where new-launch equivalents in the area now command materially higher PSF levels. With recorded resale transactions averaging $1,981,280 (approximately $1,478 PSF) and rental transactions averaging $4,962 per month, the development’s data profile confirms steady occupancy and genuine owner-occupier and expatriate tenant demand.
The central financial consideration at Casuarina Cove is the 66-year remaining lease. This falls below the 75-year CPF usage threshold, meaning buyers cannot use CPF Ordinary Account funds to service the mortgage. Bank financing is also subject to tighter LTV and tenure restrictions under MAS guidelines for sub-75-year properties. For cash buyers and purchasers without CPF dependency, however, the Tanjong Rhu waterfront address premium is intact — and $1,478 PSF for a direct Kallang Basin waterfront D15 address with a now-operational TEL station at the doorstep is a structurally interesting proposition relative to what comparable freehold D15 addresses command.
Location & Connectivity
Casuarina Cove sits at 120–124 Tanjong Rhu Road, a quiet low-traffic road that traces the Kallang Basin waterfront between the Tanjong Rhu and Mountbatten districts. The address is defined by its waterfront character: the development fronts the basin directly, with upper-floor units enjoying unobstructed views of the water and, in the distance, the Singapore skyline and Sports Hub complex. Tanjong Rhu Road is a private-residential precinct with minimal commercial intrusion — the land use zoning preserves the low-density waterfront character that makes the area genuinely distinctive within D15.
MRT connectivity underwent a fundamental upgrade on 23 June 2024 when Tanjong Rhu MRT (TE23) opened as part of Thomson-East Coast Line Stage 4. The station is directly adjacent to Tanjong Rhu Road, serving the Casuarina Cove cluster and the surrounding condominium enclave (Water Place, Pebble Bay, Camelot By-The-Water) at walking distance. For a development that previously relied on a 10–15 minute walk to Stadium MRT (CC6) on the Circle Line or Kallang MRT (EWL) on the East West Line, the TEL station at the doorstep is a transformative connectivity upgrade. From Tanjong Rhu MRT, residents can reach Gardens by the Bay (1 stop), Founders’ Memorial (1 stop toward Bayshore), and interchange to the Circle Line at Caldecott or the North South Line at Woodlands via the TEL mainline. Stadium MRT (CC6) on the Circle Line remains approximately 600–700 metres away — a secondary option for commuters preferring the CCL corridor to Dhoby Ghaut, Paya Lebar, or the western districts. Kallang MRT (EW10) on the East West Line is approximately 1.5 km north — a viable cycling or driving option for CBD-bound commuters on the green line.
The lifestyle geography is waterfront-led but surprisingly convenient. The Singapore Sports Hub — comprising the National Stadium, OCBC Arena, and Singapore Indoor Stadium — is a 10-minute walk along the Tanjong Rhu Footbridge, making Casuarina Cove residents among the most naturally positioned for major events. Katong Shopping Centre, Parkway Parade (Marine Parade), and the F&B-rich East Coast Road corridor are 5–10 minutes by car. The Kallang Wave Mall and Singapore Sports Hub precinct offer grocery, dining, and lifestyle options within 15 minutes on foot. Schools in the catchment include Dunman High School (within 2 km), Tanjong Katong Primary School, Geylang Methodist School (Primary), and Haig Girls’ School, alongside international options including Canadian International School (Tanjong Katong Campus) at approximately 1.6 km and Chatsworth International School (East) at 1.7 km.
Schools & Education
| School | Type | Distance |
|---|---|---|
| One World International School (Mountbatten) | international | ~1.6 km |
| St. Andrew's Junior School | primary | ~1.9 km |
| St. Andrew's Secondary School | secondary | ~1.9 km |
| St. Andrew's Junior College | jc | ~1.9 km |
Facilities
As a 160-unit mid-rise completed in 1996, Casuarina Cove offers a well-rounded facilities deck appropriate to its scale and era. The core offering includes a swimming pool, gymnasium, sauna, squash courts, BBQ pits, a putting green, a clubhouse, a children’s playground, and covered car parking with 24-hour guarded security. The squash courts and putting green are unusual inclusions for a 160-unit development of this vintage and reflect the original developer’s intent to deliver a lifestyle-grade waterfront product.
The pool is the development’s centrepiece amenity — consistently praised in resident feedback as well-maintained and never crowded, a function of the 160-unit scale that keeps shared facilities genuinely accessible without booking friction. The squash courts in particular are an asset that larger developments struggle to maintain in usable condition due to demand overload; at Casuarina Cove, they remain a practical facility rather than a decorative one. The putting green is a niche but genuine differentiator, appealing to the golf-playing segment of the expatriate and Singaporean professional tenant base that characterises the Tanjong Rhu corridor.
“The pool is a real highlight — never crowded, well-maintained, and the view across the water is something you just don’t get at most condos. The squash courts are also great; at our building size there’s never any wait.”
— Resident review via EdgeProp
The development’s three-block, ten-storey format creates a manageable common-area footprint with mature landscaping that has had 28 years to establish. The soft landscaping and BBQ areas benefit from the waterfront orientation, with the basin views providing a backdrop to outdoor amenity use that no landlocked development can replicate. The 24-hour guarded security is consistent with the expatriate-heavy, owner-occupier profile of the Tanjong Rhu enclave.
Unit Sizes & Layout
Casuarina Cove’s 160 units span four configuration tiers: studios at approximately 753–926 sqft, two-bedroom units at 1,098–1,464 sqft, three-bedroom units at 1,464–1,776 sqft, and penthouse variants at 1,378–1,572 sqft. The three-block, ten-storey format means that a meaningful proportion of units sit at heights sufficient to deliver unobstructed Kallang Basin views — a view corridor that is preserved by the low-density waterfront zoning on the basin side.
The two- and three-bedroom configurations are the development’s commercial core. A 1,464 sqft two-bedder at Casuarina Cove provides proportions that a similarly priced new launch in the East Coast or Kallang market in 2025 simply cannot deliver — contemporary two-bedders in comparable D15 projects typically range from 650 to 900 sqft. The unit sizes reflect the 1996 design philosophy of the Tanjong Rhu waterfront corridor, where a combination of relatively affordable land costs, generous GFA guidelines, and expatriate-oriented demand from the early 1990s boom years resulted in substantially larger apartments than the efficiency-optimised products that dominate Singapore’s post-2010 condominium landscape.
The orientation of upper-floor units facing the Kallang Basin is a key differentiator. Units on the water-facing aspect enjoy a view corridor across the basin toward the city skyline and Sports Hub precinct — a view that is unlikely to be blocked in the foreseeable future given the water frontage and the recreational zoning of the basin banks. Internally, the 1996-vintage units retain their original fitments, meaning buyers should budget for kitchen and bathroom renovation. The structural bones — ceiling heights, room proportions, and balcony dimensions — are generous in ways that renovation can unlock.
The studio tier (753–926 sqft) at Casuarina Cove is unusually large for the designation — at the upper end these are effectively large one-bedders by contemporary sizing conventions. They represent the development’s entry point and are typically positioned as investment or single-occupier units. The penthouse tier (1,378–1,572 sqft) is modest by penthouse standards but occupies the uppermost floor of the development, where the Kallang Basin views are at their clearest and the unit enjoys no overhead neighbours.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 6 | $1,458 | $1,165,500 |
| 3 BR | 5 | $1,412 | $1,691,800 |
| 4 BR | 18 | $1,519 | $2,285,355 |
| 5 BR | 1 | $1,177 | $2,850,000 |
Pricing & Market Position
Based on 30 recorded transactions, sale prices range from $1,000,000 to $2,850,000, averaging $1,981,280 (~$1,603 psf).
Rents range from $2,000 to $8,800 per month across 189 rental transactions. Current rental yield sits at approximately 2.8%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 22.9% (from $1,306 to $1,606 psf).
Neighbourhood Comparison
The most directly comparable developments are those within the immediate Tanjong Rhu waterfront cluster. Pebble Bay at 95–97 Tanjong Rhu Road is the enclave’s largest and most prominent development: 510 units, freehold, developer-grade amenities including a 50-metre lap pool. Its freehold title removes the CPF restriction entirely and eliminates the lease-decay trajectory. Pebble Bay transacts at a meaningful PSF premium over Casuarina Cove — the price gap represents exactly what the market charges for freehold versus a 66-year remaining leasehold on the same waterfront road. For buyers who can access that premium and want maximum tenure certainty, Pebble Bay is the natural destination.
Water Place at Tanjong Rhu Road is a 99-year leasehold development completed in 2001, offering a younger vintage (25 years vs 30 years) and a longer remaining lease of approximately 74 years — still approaching the 75-year CPF threshold. At the time of writing, Water Place sits just above the CPF restriction line, which gives it a marginally larger buyer pool than Casuarina Cove. As Water Place approaches the 75-year threshold over the next few years, its market dynamics will begin to mirror Casuarina Cove’s current position. Buyers choosing between the two should weigh the lease differential against the price differential and the facilities comparison.
Camelot By-The-Water on Amber Road is a 99-year leasehold development (1997) with approximately 65–66 years remaining — effectively the same lease profile as Casuarina Cove, and subject to the same CPF restriction. The two developments serve as natural pricing anchors for each other within the sub-75-year leasehold waterfront segment. Camelot’s unit mix and facilities differ; buyers comparing the two should evaluate unit orientation, view quality, and proximity to the respective MRT station.
In the broader D15 freehold market, comparisons to developments along Meyer Road, Amber Road, and the East Coast Road corridor are informative for benchmarking the lease discount. Freehold D15 condos with comparable waterfront or near-waterfront orientations transact at $1,700–$2,200 PSF depending on age and specification, implying a discount of approximately 20–35% for Casuarina Cove’s 66-year leasehold position. This is wider than the theoretical 15–25% leasehold-freehold gap, incorporating the CPF restriction premium, which confirms that the market is accurately — if sometimes pessimistically — pricing the constraint.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| CASUARINA COVE | 99 yrs lease commencing from 1993 | 1996 | 160 | $1,603 |
| GRAND DUNMAN | 99 yrs lease commencing from 2022 | 2023 | 1,008 | $2,537 |
| EMERALD OF KATONG | 99 yrs lease commencing from 2023 | 2024 | 846 | $2,640 |
| THE CONTINUUM | Freehold | 2023 | 816 | $2,790 |
| TEMBUSU GRAND | 99 yrs lease commencing from 2022 | 2023 | 638 | $2,462 |
| AMBER PARK | Freehold | 2021 | 592 | $2,544 |
Lease Decay Analysis
The 99-year lease runs from 1993, meaning approximately 33 years have already been consumed. Roughly 66 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~66 years | Full bank financing available |
| 2032 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2052 | ~39 years | Significant financing restrictions for next buyer |
| 2092 | 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 ~56 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates CASUARINA COVE across multiple dimensions.
What Residents Say
“We’ve lived here for seven years and the main draw is still the view. Waking up to the Kallang Basin every morning is something special — it’s hard to put a price on that. The TEL station opening nearby in 2024 was a genuine bonus; connectivity is now much better than when we first moved in.”
— Owner review via EdgeProp
“Spacious units with great light and ventilation — higher floors get river and city views that you simply don’t find at this price anywhere in D15. The squash courts are a bonus. Just be clear-eyed about the lease; check with your banker about the loan terms before committing.”
— Resident comment via 99.co
“We rent here as an expat family. The unit is enormous compared to anything else at this rent, the pool is lovely and never crowded, and Stadium MRT is walkable. The neighbourhood is very quiet for a city-fringe location — Tanjong Rhu Road is one of those streets that feels like it’s hiding in plain sight.”
— Tenant review via SRX
“Mostly expat community here, great vibe, and the bay views are stunning. Close to the Sports Hub for events. The condo is showing its age in the common areas but the bones are solid and our renovated unit feels very fresh.”
— Resident review via PropertyGuru
The resident and tenant feedback pattern at Casuarina Cove is consistent: strong satisfaction with unit size, Kallang Basin views, the quiet Tanjong Rhu Road character, and the post-2024 TEL connectivity upgrade; clear awareness of the lease and CPF constraints among buyers; and broad appreciation for the uncrowded facilities and the waterfront lifestyle that a landlocked D15 condo cannot replicate. Some reviews note that the common areas reflect the 1996 vintage and would benefit from MCST-funded upgrading, which is a typical pattern for first-generation waterfront condominiums in this corridor. The tenant profile skews heavily toward expatriate professionals and corporate lettings, reflecting the development’s proximity to the Sports Hub and Tanjong Rhu’s historically strong expat community.
Strengths & Weaknesses
- Direct Kallang Basin waterfront address — unobstructed basin and city skyline views from mid and upper floors; view corridor protected by basin-side zoning
- Tanjong Rhu MRT (TE23) opened June 2024 at walking distance — TEL provides direct access to Gardens by the Bay, Orchard, Marina Bay, and the eastern seaboard
- Large unit sizes: 2BR from 1,098 sqft, 3BR from 1,464 sqft — far more generous than comparably priced new launches in D15
- Boutique scale (160 units, 3 blocks) with well-maintained facilities — pool, squash courts, putting green, sauna, and gym genuinely uncrowded
- Quiet low-traffic Tanjong Rhu Road — established waterfront enclave with minimal commercial intrusion
- $1,478 PSF for a direct waterfront D15 address — meaningful discount to freehold peers; lease discount plus CPF restriction creates a real entry-price advantage for eligible buyers
- ~3.0% gross yield with strong expatriate tenant base — $4,962/month average rent reflects corporate letting demand from Sports Hub precinct proximity
- Singapore Sports Hub at 10-minute walk via Tanjong Rhu Footbridge — major events, concerts, and sports facilities at the doorstep
- Stadium MRT (CC6) on Circle Line approximately 600 m away as secondary connectivity option
- International school access: Canadian International School (Tanjong Katong) at ~1.6 km, Chatsworth International School (East) at ~1.7 km
- 66-year remaining lease falls below 75-year CPF usage threshold — CPF Ordinary Account cannot be used to service the mortgage
- Bank financing tightened: loan tenure capped at remaining lease minus buyer age under MAS rules; effective maximum loan tenure reduces annually
- Lease decay trajectory: 66 years remaining means the constraint window is already active and tightening each year
- 1996 vintage: kitchens, bathrooms, and common areas show their age — buyers should budget for full renovation of internal fittings
- Resale liquidity limited by CPF restriction — sub-75-year leasehold properties attract a structurally narrower buyer pool
- Management reviews mixed — some residents have flagged concerns about building management quality; MCST common-area maintenance warrants inspection before purchase
- Limited retail and dining directly on Tanjong Rhu Road — nearest malls (Kallang Wave Mall, Parkway Parade) require a short drive or MRT
- No large-format supermarket within walking distance — residents typically rely on Cold Storage at Parkway Parade or FairPrice at Kallang Wave
Verdict
Casuarina Cove’s investment case sits at the intersection of a genuinely outstanding waterfront address and a lease that has crossed below the structural financing threshold. At 66 years remaining, the development is below the 75-year CPF usage line, which removes CPF-assisted buyers from the eligible purchasing pool entirely and tightens bank financing for all mortgage-dependent buyers. This constraint is not new: it has been priced into the market for several years, and the current $1,478 PSF average reflects the combined effect of the leasehold discount, the CPF restriction premium, and the underlying waterfront address demand.
For buyers who are unaffected by the CPF restriction — cash buyers, foreign nationals for whom CPF is irrelevant, and high-net-worth purchasers who do not rely on OA funds — Casuarina Cove represents a structurally interesting case. The waterfront address on Tanjong Rhu Road is low-density, quiet, and defined by the Kallang Basin views that cannot be replicated at any price at a landlocked D15 address. The opening of Tanjong Rhu MRT (TE23) in June 2024 has permanently upgraded the connectivity profile of this enclave at zero cost to existing residents — a genuine value event for holders. Gross yield at approximately 3.0% (based on $4,962 monthly rent and $1,981,280 average sale price) is characteristic of waterfront D15 condos and reflects stable expatriate demand rather than pure yield play.
Against direct comparables, the lease-and-CPF discount is clearly visible. Waterfront freehold condos on the Tanjong Rhu corridor — notably Pebble Bay (freehold, 510 units) and Water Place (99-year, 2001) — have transacted at meaningful PSF premiums. The discount at Casuarina Cove relative to freehold Tanjong Rhu peers is wider than the standard 15–25% leasehold gap, incorporating the CPF restriction and the shorter remaining term. For buyers comfortable with the constraints and financially positioned to manage them, that incremental discount is the value proposition.
Casuarina Cove is the right answer for cash buyers and foreign nationals who want a genuine waterfront D15 address at a material discount to freehold peers — with large unit sizes, a now-operational TEL station, and Kallang Basin views — and who have no CPF dependency that makes the 66-year lease a structural obstacle.
The development’s en-bloc potential is a background consideration worth noting. As the lease shortens, the economic motivation for collective sale strengthens among owners seeking to realise land value before further decay — particularly given the high land value of a Tanjong Rhu waterfront site. Whether this translates to an actual collective sale is impossible to predict, but the structural incentive exists and will become more pronounced over the next decade. En-bloc should not be relied upon as a primary investment thesis, but it is a plausible long-term catalyst at a site of this nature.