Madison Residences
Overview & Key Facts
Madison Residences occupies one of the most coveted addresses in Singapore’s prime residential belt — Bukit Timah Road in District 10, within the Claymore – Stevens – Newton corridor that defines the city’s upper end of the CCR. Developed by Keppel Land Realty, one of Singapore’s most respected residential developers and the property arm of the Keppel Group, the development was completed in 2012 and comprises just 56 units across a single residential tower — a configuration that is quietly uncommon for a D10 freehold address.
The low unit count is the defining feature of Madison Residences. With only 56 apartments occupying a freehold land parcel on Bukit Timah Road, the development is conceived as a discreet, managed-access address rather than a facilities-heavy mega-complex. This philosophy appeals to a very specific buyer profile: high-net-worth owner-occupiers and long-term investors who prize exclusivity, security, and permanence over resort-style amenity breadth. The buyer profile has skewed heavily toward owner-occupation and long hold periods, with just 7 resale transactions recorded over the past 12 months — a signal of how tightly units are held.
At an average resale price of S$4.27 million and a median of S$3.86 million, Madison Residences sits firmly in the ultra-luxury segment. Average PSF over the past 12 months is approximately S$2,656, placing it ahead of nearby leasehold competitors such as Fourth Avenue Residences (S$2,465 psf, 99-year) and broadly in line with the freehold CCR benchmark. For buyers who want a Keppel Land address on Bukit Timah Road without the scale or visibility of a mega-development, Madison Residences is one of a very short list of options.
Location & Connectivity
Madison Residences sits on Bukit Timah Road, one of Singapore’s arterial roads linking the Orchard belt to the Bukit Timah nature corridor. The Stevens MRT station on both the Thomson–East Coast Line (TE11) and Downtown Line (DT10) is approximately 0.47 km away — a comfortable five-to-seven minute walk on flat pavement, or under two minutes by car. The dual-line interchange status is a genuine operational advantage: TE connects directly to Marina Bay and the East Coast, while DT reaches Botanic Gardens, Beauty World, and the Bukit Timah corridor without transferring. Newton MRT interchange (North-South and Downtown Lines) is 1.04 km away, adding a third line if needed.
For drivers, the location is exceptionally well-positioned. The Pan Island Expressway (PIE) and Central Expressway (CTE) both have access points within a few minutes’ drive, and Orchard Road is reachable in under ten minutes in non-peak conditions. The CBD is typically 15–20 minutes by car via CTE. Changi Airport connects via the PIE and Ayer Rajah Expressway (AYE) in roughly 30 minutes. For expatriate professionals with regional travel needs or C-suite executives attending early-morning flights, this matters more than it might for owner-occupiers anchored to a fixed office location.
Day-to-day convenience for groceries and casual dining is primarily served by the Newton Food Centre (famous hawker centre, 1 km), Balmoral Plaza, and the Cold Storage and FairPrice Xtra at Novena Square (a short taxi or drive away). Orchard Road’s full retail corridor — ION Orchard, Ngee Ann City, Paragon — is approximately 2.5 km south. For a development at this price point, the expectation of walkable retail variety is somewhat muted: the Bukit Timah Road – Stevens Road corridor is intentionally low-density and residential in character, which is a feature, not a gap, for the buyer demographic Madison Residences attracts.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Anglo-Chinese School (Primary) | primary | Within 1 km |
| Singapore Chinese Girls' School (Primary) | primary | Within 1 km |
| St. Joseph's Institution | secondary | Within 1 km |
| ISS International School (Preston) | international | Within 1 km |
| ISS International School (Paterson) | international | ~1.0 km |
| Nanyang Girls' High School | secondary | ~1.2 km |
| St. Anthony's Primary School | primary | ~1.2 km |
| Nanyang Primary School | primary | ~1.2 km |
Facilities
Madison Residences offers what Keppel Land typically delivers in their boutique luxury tier: a curated set of quality facilities rather than an exhaustive checklist. Residents have access to a 50-metre lap pool, a well-equipped gymnasium, a function room, and concierge services befitting a 56-unit address. The facilities are sized for the resident population — meaning the pool and gym are never crowded, and booking common areas is straightforward. This stands in contrast to the facility congestion that is a recurring complaint at larger CCR developments where 300+ units share the same amenity set.
The overall facilities package is deliberately restrained. Buyers who prioritise resort-scale amenity breadth — tennis courts, multiple themed pools, clubhouses — should look at Leedon Green (638 units, larger facilities estate) or Skye at Holland (666 units). Madison Residences makes a different argument: exclusivity of use, consistency of quality, and the absence of the common-area booking frustrations that define larger developments. The Keppel Land fit-out standard ensures a baseline of quality that is consistently noted in the limited resident commentary available for a development this size.
“The pool is never crowded — in three years of living here I have never had to wait for a lane. That alone is worth more than having ten pools in a 1,000-unit complex.”
— Resident review via PropertyGuru, 2024
Unit Sizes & Layout
With just 56 units across the tower, Madison Residences offers a range of configurations that are generous by contemporary CCR standards. The unit mix skews toward larger formats: two- and three-bedroom apartments in the 1,200–2,000 sqft range form the core of the development, with penthouse units above. At a median price of S$3.86 million, typical buyers are acquiring apartment-scale luxury — not micro-units — and the floor plans reflect that. Ceiling heights, materials quality, and Keppel Land’s trademark attention to spatial efficiency (wider corridors, larger bathrooms, kitchen configurations suited to full-time domestic help) distinguish the layouts from mass-market CCR product.
Stack orientation on Bukit Timah Road means most units benefit from greenery views toward the Bukit Timah nature corridor and the low-rise landed enclaves of the Stevens – Ardmore – Claymore neighbourhood rather than exposure to expressway or commercial building faces. The northward orientation toward the nature corridor is one of the stacks that commands the strongest buyer preference in the secondary market.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 4 BR | 6 | $2,456 | $3,848,667 |
| 5 BR | 1 | $2,113 | $6,800,000 |
Pricing & Market Position
Based on 7 recorded transactions, sale prices range from $3,384,000 to $6,800,000, averaging $4,270,286 (~$2,656 psf).
Rents range from $4,500 to $16,000 per month across 57 rental transactions. Current rental yield sits at approximately 2.9%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 22.4% (from $2,154 to $2,637 psf).
Neighbourhood Comparison
The freehold D10 comparison set is genuinely competitive at Madison Residences’ price level. Leedon Green (S$2,784 psf, freehold, 638 units) is the closest freehold alternative: it offers a far broader facilities estate — 8 pools, tennis courts, full gym — and better secondary market liquidity due to its much larger unit count, but it trades at a 5% PSF premium and the experience is emphatically that of a larger development. Hyll on Holland (S$2,648 psf, freehold, 319 units, 2023 TOP) is the most direct contemporary comparison: newer finishings, a slightly smaller and more manageable scale than Leedon Green, and broadly similar PSF to Madison Residences — but it is a 99-year leasehold product at nearly identical pricing, making Madison Residences’ freehold status a meaningful differentiator for tenure-conscious buyers.
Skye at Holland (S$2,945 psf, 99-year leasehold from 2024, 666 units) is the most prominent new-launch alternative in the sub-market. It commands a 10% PSF premium over Madison Residences despite being leasehold — a gap that illustrates the current “new launch premium” dynamic in CCR, where developer margins and marketing costs are baked into launch PSF regardless of tenure. Fourth Avenue Residences (S$2,465 psf, 99-year leasehold from 2018, 476 units, 110m from Sixth Avenue MRT) offers a credible transport-first alternative at a meaningful PSF discount, but the MRT line (Downtown Line only) and leasehold tenure position it differently. For buyers whose thesis is freehold permanence on a prestigious road with a Keppel Land badge and genuine boutique character, Madison Residences remains a difficult product to directly substitute.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| MADISON RESIDENCES | Freehold | 2012 | 56 | $2,656 |
| SKYE AT HOLLAND | 99 yrs lease commencing from 2024 | 2025 | 666 | $2,945 |
| LEEDON GREEN | Freehold | 2021 | 638 | $2,784 |
| D'LEEDON | 99 yrs lease commencing from 2010 | 2014 | 1,703 | $1,855 |
| HYLL ON HOLLAND | Freehold | 2021 | 319 | $2,648 |
| FOURTH AVENUE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 476 | $2,465 |
ShiokNest Scores
Our proprietary scoring system evaluates MADISON RESIDENCES across multiple dimensions.
What Residents Say
“Small community, well-managed, staff know you by name. It feels like a private club rather than a condo. The trade-off is that facilities are limited — no tennis court, no jacuzzi — but I stopped caring about those after the first year.”
— Resident review via PropertyGuru, 2025
“Stevens MRT is genuinely walkable in five minutes — a rare thing for a D10 address. And having both the Thomson Line and Downtown Line at one station makes a real difference for commuting flexibility. The location is the product here.”
— Resident review via EdgeProp, 2024
“Keppel Land quality shows. Everything is well built and has held up well over twelve years. Maintenance fees are reasonable for the size of the development. Main complaint: not much on-site dining or retail, but at this price point you are not looking for a hawker centre at your doorstep.”
— Resident review via 99.co, 2024
Resident sentiment for Madison Residences clusters around two consistent themes: appreciation for the small-community feel and management quality, and acknowledgement that the facilities offering is appropriately paired to the boutique scale rather than a limitation per se. The school catchment — Anglo-Chinese School (Primary) at 0.68 km and Singapore Chinese Girls’ School at 0.74 km — is frequently cited by families with children approaching primary school age as a decisive factor in their choice of address, reinforcing the owner-occupier, family-wealth orientation of the buyer base.
Strengths & Weaknesses
- Freehold tenure on Bukit Timah Road — permanent title in Singapore's prime corridor
- Stevens MRT interchange (TE + DT dual-line) at 0.47 km — among the best MRT access in D10
- Keppel Land developer — consistent finish quality and responsible long-term building management
- Only 56 units — genuinely uncrowded pool, gym, and common areas at all times
- ACS Primary at 0.68 km and SCGS Primary at 0.74 km — exceptional P1 school proximity
- St Joseph's Institution at 0.94 km — rare triple top-school clustering in a single address
- Strong PSF appreciation: S$2,154 → S$2,637 psf (~22% over period)
- Boutique community feel — named-basis management staff and high-trust resident environment
- Low-rise landed enclaves surrounding the site reduce urban density pressure
- Freehold premium vs comparable leasehold product (Skye at Holland, Fourth Avenue) is narrowing
- Limited facilities relative to larger D10 peers — no tennis court, no resort-scale pools
- Gross yield 2.86% — among the lower end of CCR freehold; not an income-driven investment
- Only 7 resale transactions in past 12 months — limited secondary market liquidity
- Average price S$4.27 million median — accessibility threshold excludes most Singapore buyer profiles
- Minimal walkable retail and F&B on Bukit Timah Road itself; nearest hawker centre ~1 km (Newton FC)
- PSF has plateaued at ~S$2,637 after initial appreciation — upside from here requires broader CCR uplift
- No commercial or retail podium — fully residential, dependent on nearby amenities for daily needs
- Small development means fewer opportunities for sub-sale or staggered exit without impacting per-unit pricing
Verdict
Madison Residences makes a clear and coherent case for a specific type of buyer: one who values freehold tenure, address quality, and exclusivity over amenity breadth or investment yield optimisation. The gross yield of 2.86% is among the lower end of the CCR freehold spectrum, but that is a structural feature of the segment rather than a performance failure — buyers at S$3.86 million median are rarely motivated by rental returns as the primary thesis. The PSF appreciation trajectory tells the more relevant story: from S$2,154 to S$2,637 psf over the review period, a roughly 22% gain, before stabilising at the S$2,637 level — consistent with the broader CCR pattern of strong appreciation followed by a consolidation phase as new launch supply (Skye at Holland at S$2,945, Hyll on Holland at S$2,648) resets buyer reference points.
The development’s principal constraint is the same one that is also its principal feature: scarcity. With only 56 units and a tightly held owner-occupier base, secondary market liquidity is structurally limited. Buyers who may need to exit within a 3–5 year horizon should model carefully: with seven transactions over twelve months, pricing can move significantly on individual sale dynamics. The flip side is that genuine scarcity in a freehold D10 location means motivated buyers often have few alternatives, which has historically supported price floors even in down cycles.
Relative to direct competitors, the comparison requires nuance. Leedon Green (S$2,784 psf, freehold, 638 units) offers significantly more facilities and a larger development feel at a modest PSF premium. Hyll on Holland (S$2,648 psf, freehold, 319 units) is newer (2023 TOP) and slightly cheaper per sqft, with better volume liquidity. Skye at Holland (S$2,945 psf, 99-year leasehold despite the premium price, 666 units) actually represents a leasehold product trading above Madison Residences on PSF — a reminder that D10 “new launch premium” currently commands a price that freehold completions from 2012 have not yet matched. For buyers focused on freehold permanence, Keppel Land brand, and genuine boutique scale, Madison Residences at the current market level offers a credible long-term hold that does not require either resort-scale facilities or aggressive yield expectations to justify.